| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.311 | 98.3 | 1.527 | 1.2235 | |
| Resistance | 1.3045 | 97.85 | 1.525 | 1.2115 |
| 1.2945 | 97.4 | 1.519 | 1.203 | |
| 1.282 | 96.2 | 1.507 | 1.189 | |
| Support | 1.275 | 95.65 | 1.495 | 1.1825 |
| 1.257 | 94.95 | 1.484 | 1.1765 |
The Yen recovered after a negative European opening and a decent of US leading indexes futures. Europe leading indexes rallied approximately 10% yesterday on US bailout for the financial giant Citigroup. The move renewed the risk appetite among the carry traders and pushed the currencies higher against the yen. However, investors were quick to take profits against the yen. A gloomy forecast on US prelim GDP that is expected to shrink 0.5% in the third quarter, is burdening on the stock markets diminishing the level of risk appetite in the markets. The yen was trading around the levels of 96.50 against the dollar and 124.35 vs. the euro at 07:45 (GMT).
"The market's direction hasn't changed. Investors wanted to focus on positive factors, but the yen is being bought back, suggesting investors' long-term view on risk remains intact," Amikura said.
"It will take a long time to bring the financial system back to health, as it happened in Japan, and it's hard to believe market sentiment will turn around quickly," he said. Yesterdays data showed sales of U.S. existing homes fell 3.1 percent in October to a 4.98 million-unit annual rate.
German business claimant index underlined the weakness in the European economy and increased speculation for further rate cuts in the EZ.
Traders will look today for the publication of the US third quarter prelim GDP at 13:30 (GMT). The reading is expected to show a 0.5% further decries in the world biggest economy. At 15:00 (GMT) the US consumer confidence is expected to stay at its lowest level of 38.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance |
| 15:00 | Consumer Confidence | USD | Nov | 38 | 37.9 | 3 |
| 15:00 | Richmond Manufacturing Index | USD | Nov | -26 | -26 | 1 |
| 13:30 | Core Retail Sales m/m | CAD | Sep | -0.30% | 0.20% | 3 |
| 13:30 | Retail Sales m/m | CAD | Sep | -0.30% | 0.40% | 3 |
| 13:30 | GDP q/q | USD | Quarterly | -0.30% | -0.50% | 3 |
| 7:00 | GDP q/q | EUR | Quarterly | -0.50% | -0.50% | 1 |
| 6:00 | BOJ Report | JPY | Nov | 2 |
