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Foreign Exchange Daily News Monday 5th November, 2012

As we write this morning we see that the EURO/USD currency has penetrated the key support of 1.2800 after Spanish jobless claims rose 2.7% Month on Month in October, or up from 79.6K in the previous month. The print is also below the forecasted 90.3K. The cross is now trading in the negative territory, losing 0.18% at 1.2792.

The USD/CAD bottomed out in the region of 0.9938 earlier today during Asian trading, the pair pared the majority of its losses to record session highs in the area of 0.9961 during the European session.

The Australian dollar is the best performer against the greenback on Monday, boosted by positive data in the Australian economy: trade deficit has narrowed to AUD 1.45 billion during September from AUD 1.87 billion.

The Government in Greece is still desperately trying to find new ways to cut public spending and will be presenting a new austerity proposal to parliament on Monday.

In the proposal, it will be key to win enough acceptances if the country is to comply with the Troika requirements and not put at risk a still ‘doubtful’ next aid tranche worth over EUR 31.5 billion.

The country faces a new week with tensions in the street escalating fast, with plans of strikes and protests. A 2-day strike against the next austerity bill is expected on Tuesday, with marches through Athens’ city centre taking place.

The number of people who applied for U.S. jobless benefits fell more than expected in the week ended October 27, a sign the labor market is making limited progress, the U.S. Department of Labor said Thursday. Initial applications for unemployment benefits tumbled 9,000 to 363,000, compared to expectations for a decrease of 2,000 to 370,000. The four-week moving average turned lower 1,500 to 367,250.

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