EUR Trading Outlook (01-12-2014)

EUR/USD opened New York 1.2474, +6 pips vs last night’s close and -31 pips from Wednesday’s NY close. The OPEC meetings inability to agree on production cuts boosted the DXY overseas, it opened NY +0.44% and is closing the session +0.83%. EUR/USD looks set to close c 1.2435/40 having traded a choppy 1.2426/90. No US stats left the market vulnerable to cross influences and USD/CAD buying due to the weak commodity complex and soft oil triggered stops in EUR/CAD which is closing the session +0.70/0.75%. Oil prices – 9.6% WTI & -2.6% Brent forced corrections in other commodity currencies, most notably EUR/NOK +1.0/1.05%, EUR/USD closing 1.2434.