The lack of top-tier data from the US and the low liquidity after Thanksgiving wasn’t enough to stop the US dollar from rallying against its peers, as risk aversion seemed to take over the financial markets. Only the Chicago PMI and pending home sales data are up for release today, which suggests a potentially quiet trading day ahead.

The euro resumed its slide to the dollar, as most reports from the region missed expectations. German import prices fell 0.3% versus the projected 0.1% decline while French consumer spending decreased 0.7% instead of posting the estimated 0.2% uptick. The Spanish flash CPI was slightly better than expected at -0.3% versus the projected -0.5% reading. German retail sales and CPI are due today, with analysts expecting a 0.3% increase in consumer spending and a 0.1% rise in price levels.

The pound managed to hold its ground on Friday, thanks to upbeat data from the UK. The second GDP estimate didn’t see any revisions from the initial 0.5% growth estimate but the preliminary business investment report showed a 2.2% jump versus the projected 1.5% increase in Q3. Net lending to individuals and mortgage approvals data are due today.

The franc suffered a sharp selloff against its counterparts on SNB intervention speculations. There were no actual reports released from Switzerland then while today has the KOF economic barometer. A rise from 99.8 to 100.3 is expected, possibly giving the franc some room to recover.

The yen took advantage of the run in risk aversion, but it was still no match to dollar strength. Data from Japan came in mixed, as household spending sank by 2.4% while the jobless rate dropped from 3.4% to 3.1%. Price levels in Tokyo stayed flat instead of falling by the estimated 0.1% figure while the national core CPI showed another 0.1% drop. Earlier today, the Japanese retail sales report showed a 1.8% gain while the industrial production reading missed expectations and showed a 1.4% increase.

Commodity Currencies (AUD, NZD, CAD)
The comdolls suffered a bit of a selloff on Friday, following the lead of gold and oil prices. Gold fell to its six-year low below the $1,100/ounce level while WTI crude oil slipped back below $42/barrel. In New Zealand, building consents rebounded by 5.1% while the ANZ business confidence index improved from 10.5 to 14.6.

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