Earlier in NY, US equities extended their gains from Friday as investors looked favorably on the Citibank bailout plan as well as the announcing of the new Obama economic team. The stock gains followed through into Asia and profit takers took USD/JPY down from late NY highs of 97.42 to a session low of 96.27. Profit taking was also the key to the EUR/JPY move as well, after a 5% move up yesterday to hit a top of 126.24, the levels were chopped down to lows near 123.40 in thinned volume moves. The Euro lost its steam in Asia as well as an early high of 1.2959 was replaced by levels a full big figure lower by the London early morning. The EUR/USD remains handcuffed to the dynamic EUR/YEN moves that have been predicated on the purchase of risk assets as well as the risk adverse moves.

GBP/USD came off of its early 1.5185 highs, and seemed to maintain some strength near the 1.5100 levels as a British stimulus package seemed to please traders. With all the good news and a two day rally in stocks one can only assume that traders will be looking for the next reason to be bearish.

Upcoming Economic Data Releases (London Session):

11/25/20087:00GEGDP s.a. (QOQ)3Q F-0.50%-0.50%
11/25/20087:00GEGDP nsa (YoY)3Q F1.30%1.30%
11/25/20087:00GEPrivate Consumption3Q F-0.70%0.10%
11/25/20087:00GECapital Investment3Q F-1.90%-1.30%
11/25/20087:00GEImports3Q F-1.30%1.00%
11/25/20087:00GEExports3Q F-0.20%-0.70%
11/25/20087:10GEGfK Consumer Confidence SurveyDEC1.91.5
11/25/20087:45FRBusiness Confidence IndicatorNOV8885
11/25/20087:45FRProduction Outlook IndicatorNOV-66-68
11/25/20087:45FRHousing Starts 3M YOY% ChangeOCT-8.10%-19.00%
11/25/20087:45FRHousing Permits 3M YoY% ChangeOCT-23.30%- -
11/25/20089:30UK Total Business Investment(QoQ)3Q P-1.00%-1.90%
11/25/20089:30UK Total Business Investment(YoY)3Q P1.20%-2.20%
11/25/20089:30UK BBA Loans for House PurchaseOCT23422- -
11/25/20089:45UK BOE's King, Gieve, Bean, Barker, Sentance to testify25-Nov
11/25/200810:00ECOECD November Economic Outlook (Table)7-Nov