U.S. Dollar Trading was generally slightly stronger against the majors in the overnight

CURRENCY TRADING SUMMARY
U.S. Dollar Trading (USD) was generally slightly stronger against the majors in the overnight forex session as the Philly Fed survey came in below expectations as well as third quarter GDP in a thin traded market ahead of Christmas holidays. The Philadelphia Fed survey came in at -4.3 compared to an estimate of 4. GDP for the third quarter came in at 2% as opposed to a 2.2% forecast. In other markets, the Dow Jones index slipped 42pts and the NASDAQ gave up 11pts as stocks were driven lower on slower growth concerns after the release of the Philly Fed survey. Crude oil fell US$1.11 to US$62.61 a barrel in thin trading. Looking ahead, durable goods orders and core PCE index are due out tonight.

The Euro (EUR) traded within a low of 1.3142 and a high of 1.3213, before closing at 1.3174 in the New York session. Looking ahead, the French INSEE business confidence and regional CPIs from Germany are due out tonight.

The Japanese Yen (JPY) traded within a low of 117.97 and a high of 118.49 versus the dollar, before closing at 118.32 in the New York session. Looking ahead, BoJ minutes for Nov 16th meeting is due out today.

The Sterling (GBP) traded within a low of 1.9560 and a high of 1.9697, before closing at 1.9615 in the New York session. On the data front, UK GDP came in as expected at 0.7% for the third quarter.

The Australian Dollar (AUD) traded within a low of 0.7825 and a high of 0.7868, before closing at 0.7850 in the New York session. 

Gold (XAU) fell by US$2.70 to US$621.60 an ounce in relatively light trading following the lead from oil.

Euro 1.3180
Initial support at 1.3141 (Dec 21 low) followed by 1.3052 (Dec 18 corrective low). Initial resistance is now located at 1.3247 (61.8% retracement of the 1.3368 to 1.3052 decline) followed by 1.3293 (Dec 12 high & 76.4% ret 1.3368 to 1.3052 decline).

Yen 118.30
Initial support is located at 117.26 (Dec 14 low) followed by 116.65 (Dec 13 low). Initial resistance is now at 118.61 (Nov 9 high & 76.4% ret 119.90 to 114.43) followed by 119.67 (Oct 24 corrective high).

Pound  1.9620
Initial support at 1.9434 (Dec 18 low and Nov 29 reaction low) followed by 1.9342 (50% retracement of the 1.8835 to 1.9849 advance). Initial resistance is now at 1.9751 (Dec 20 corrective high) followed by 1.9849 (Dec 1 trend high).

Australian Dollar  0.7840
Initial support at 0.7774 (50% retracement of the 0.7614 to 0.7933 advance) followed by 0.7769 (Former resistance from Nov 1). Initial resistance is now at 0.788 (Dec 19 high) followed by 0.7897 (Dec 13 corrective high).

Gold  619
Initial support at 612.07 (Dec 18 low) followed by 602.4 (Oct 20 high). Initial resistance is now at 629.1 (Dec 15 high) followed by 638.1 (Dec 8 high).