EU Morning Report - Eurozone GDP out today

The euro (EUR) is strengthening against most of its major counterparts, as Germany released its 3^rd quarter Gross Domestic Product (GDP) at 0.2%, in line with expectations. The eurozone’s GDP is due at 10:00 GMT and any deviation from the anticipated -0.2% contraction, will affect the single currency. Yesterday, the FOMC minutes revealed that the 3^rd round of quantitative easing (QE3) may intensify, as there are members within the committee that believe more assets purchases will be required once the Operation Twists ends. Another point of attention for investors today is US unemployment claims due at 13:30 GMT.

§ The Australian dollar (AUD) is falling across the board this morning, and the same is true for the Japanese yen (JPY) and the British pound (GBP).

§ OIL keeps trading above the 85 US dollars (USD) a barrel level early in the US session. Please keep in mind that Light Crude and Brent Oil expire today, ahead of the Crude Oil Inventories release and this is likely to move the commodities wildly.

§ Gold (XAU) is in need of a catalyst that will push the precious metal higher or lower versus the US dollar (USD). Gold is currently trading below 1725 US dollars an ounce, having started the week yesterday at 1734.39.

Stay in tune throughout the day with foreign exchange bullets!