- Mayan apocalypse: Not so much
- US personal income rises 0.6%, spending up 0.4%
- US durable goods orders rise 0.7%; core orders jump 2.7%
- Van Rompuy: Huge progress made in stabilizing euro zone
- Spiegel: Schaeuble preparing a tax hike for Germany
- Italian House of Deputies passes 2013 budget; Monti resigns, as expected
- White House and Boehner remain at odds over fiscal cliff; House to return on December 27
Moderate risk aversion was the theme on Friday ahead of the long Christmas week and year-end. We’re no closer to a deal on the fiscal cliff but both sides remain open to negotiations…
EUR/USD slipped through important support at 1.3180 but closes very close to that level, sending mixed signals. A sustained move below 1.3180 signals a top is in place in the near-term.
AUD took a spanking today, as did GBP. Markets got one sided and AUD fell through its 100.day moving average at 1.0404 and fell as low as 1.0395. Cable slipped back to 1.6160 from above 1.6300 earlier in the week.
USD/JPY ends at 84.25 despite risk aversion in other markets and lower US bond yields (10s down 4 bp to 1.76%)
