Majors Continuing Move in Tight Channels

Overall, the currency market seems to have started the holiday season a little early in the overnight trading hours. The majors traded in very small channels around the neutral pivot points since the Asian session opened. Liquidity may pick up a little as we enter the U.S. session.
The Euro (Eur/Usd) touched the neutral pivot point (1.3990) during the Asian session, and has since traded in the general vicinity. The pair is trading near the 1.4000 level, which previously acted as an important area in the pair's price actions. Currently, the euro is trading around the 50.0% retracement level of a trend that lasted from July to late November.

The Euro-area current account was released at -6.4B, better than analysts' expectations of -7.3B. The previously released number, for the month of September, was revised from -10.6B to -8.8B. The report shows that the Euro-area had an inflow of direct and portfolio investments in October, while exports and imports were little changed.
The Pound (Gbp/Usd) moved only 60 pips overnight, a small range for the pair during this timeframe. The pound has been sold heavily in the last few weeks, as the Bank of England seems set to follow the Fed into a quantitative easing policy. Earlier this month, the pound reached an all-time low against the euro and the swissy.

In the third quarter, the U.K. economy contracted by 0.6%, slightly more than the revised read. In the second quarter, the U.K. economy posted a 0.0% read. Compared with the third quarter of 2007, the U.K. economy grew 0.3%. The number of mortgages approved by the BBA fell to a record low of 17.8K, lower than analysts' expectations. The previously released number, for the month of October, was revised lower, to 20.8K. U.K. current account deficit reached £7.7 billion in the third quarter of 2008, up from a deficit of £6.4 billion in the second quarter, revised down from £11.0 billion
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