MORNING BRIEFING: The IMF and the Euro Group believe that the Euro is overvalued.

[RTFX-Trading]

MORNING BRIEFING: The IMF and the Euro Group believe that the Euro is overvalued.

What’s new:
Gold: new record high at $1'216 per ounce.
EURO: the IMF and the Euro Group believe that the Euro is overvalued.
US: ISM manufacturing index dropped to 53.6 in November.
US: promise of home sales at its highest since March 2006.
Germany: Unemployment is down for the 5th consecutive month.
Euro Area: the recovery of the industry is accelerating, unemployment stable at 9.80% in October.
Japan: Japan's bank provides liquidity and keeps interest rates unchanged.

Today:


Rates in Asia and Indices:
EURUSD: 1.5106 - 1.5065.
USDCHF: 1.0008 - 0.9979.
EURUSD: 1.6624 - 1.6550.
EURJPY: 131.81 - 130.85.
USDJPY: 87.32 - 86.59.
Dow Jones: 10,471 +1.23%.
NASDAQ: 2'175 +1.46%.
S & P 500: 1,108 +1.21%.
Nikkei: 9'608 +0.38%.
Shanghai: 3,272 +1.13%.
Gold: $1'214.
Crude oil: $78.53.

Comments:
Despite the comments from members of the Euro Zone and the International Monetary Fund, which jointly consider that the Euro is now overvalued.  The single currency is always supported close to $1.5100 against the Dollar and at 131.70 against the Yen. However, we would not be surprised by a consequent decline of the Euro if the very important point 1.5150 against the Dollar does not break.

The Dollar and the Yen are under pressure following the return of risk appetite after a rise in the promise of home sales in the US, which surprisingly rose in October to a high for the last three and a half year. The manufacturing sector in the United States has experienced a 4th consecutive month of growth in November, but at a slower pace.

Have a good day.

Nicolas Longchamp
RTFX Ltd
Head Office
The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
Tel:  +356 23 31 00 00
Fax: +356 21 41 24 58
Web: www.rtfx.com

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