US Dollar Benefits From Lower Trading Volumes

US Dollar Benefits from Lower Trading Volumes, Final US GDP Figures Unlikely to Make an Impact

- New Zealand Dollar Could Pull Back as Q3 GDP is Expected to Drop by Most Since 2000

- Euro Holds Near Record Highs Versus British Pound, Both Remain Under Pressure Against US Dollar

- Japanese Yen Strength Has Crippled Trade, as Exports Plunged 26.7% in November

US Dollar Benefits from Lower Trading Volumes, Final US GDP Figures Unlikely to Make an Impact

The US dollar has managed to hold on to last week’s gains, thus far, as lower trading volumes ahead of Thursday’s market closures has seen little in the way of volatility. Indeed, the most exciting price action was during the European trading session, but the US session proved to be subdued. Though we anticipate that this will remain the case throughout the week, there will be a few notable releases on Tuesday.

First, the final round of US GDP readings for the third quarter is not expected to show any revisions upon release at 8:30 ET. Indeed, annualized GDP is forecasted to go unchanged at -0.5 percent, while personal consumption is expected to hold at -3.7 percent. It will likely take a surprisingly low result to illicit any sort of reaction from the markets, as traders are already well aware that economic conditions in the US remain dismal. The Commerce Department's measure of new home sales is expected to fall 4.2% to 415K, the lowest since early 1991, while the National Association of Realtors index of existing home sales is forecasting to fall by 1.0% to 4.93M, holding near the lowest level since record keeping began in 1999. Overall, conditions in the housing sector remain weak, and given recessionary factors such as rising unemployment and contracting consumption, home sales are likely to continue falling in coming months.

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