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US Dollar gains ground

As expected, US data came in weak with December Housing Starts dropping to 0.55M from its previous 0.61M figure, Jobless claims rose to 589K from its previous 540K. However the US Dollar is still managing to keep its strength against all the majors as the market has currently got the all positive Obama syndrome. There is no data due out today from the US.

The Euro stocks lost ground yesterday but did not loose much ground as US data came in weak. Industrial Orders came in better at -4.5% than it's forecasted -4.8%. Due out today is the Eurozone PMI along with Manufacturing expected to be lower than its previous.

Sterling continued its weak stance in the market with continued bad data with CBI coming in worse than its expected -39, coming in at -48. The GBP/USD traded a high of 1.3977 high and low of 1.3692 in the New York session.

Due out today is the Q4 GDP which is expected at -1.2% from its previous -0.6%.  Also due out is the retail figures for December, expected at -0.6% from its previous 0.3%.