New York Session – November 30, 2010 4:06 PM

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The euro continued its descent and the dollar firmed amid elevated levels of risk aversion. EUR/USD dipped below the psychological 1.30 level currently trading around 1.2980 after plummeting from session highs of around 1.3150. Canadian GDP for September disappointed showing negative growth of -0.1% while the market was expecting +.1% (prior +0.3%). Quarterly annualized GDP for Q3 was also worse than forecast at +1.0% (cons. +1.5%, prior +2.3%). USD/CAD rallied as the Loonie weakened but was unable to break above its 200-day sma which capped the highs of around 1.0285. Full text »

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