The Week in Rewind

USD - This week is full of empty calendar, thanksgiving day holiday
on thursday and major sell off in Dollar and reached multi months low
against majors. On the economic data side Leading Indicator revised
upwards and yet again we heard the hawkish stance from Fed peoples
mainly by Warsh reiterating that inflation remains uncomfortably
elevated. The one takeaway point from the Fed is that they will not be
adjusting rate anytime soon. Minor datas like Weekly Mortgage
applications dropped by 3.7%. Jobless claims ticked higher at 317k
this number is suggesting that November payrolls numbers will come bit
softer. University of Michigan Index was revised downwards to 92.1
from 92.3 and then White House downgraded the US Economic Growth for
2007. And comments from Chinese authorities are upsetting the Dollar
who is calling for Yuan flexibility.

EUR - ECB President Trichet started this week with hawkish stance and
while Garganas saying that ECB maintains extreme vigilance. Meanwhile
both are saying that it was too early to comment about the rate hike
in December. GDP numbers from France came at very flat for the Q# and
annualized growth came down to 1.8% from 2.6%. Data from Italy really
disappointed us, Industrial Ordersfalling more than expected and Trade
Deficit climbed higher for the month of September. After that data from
France disappointed us, French Consumer Spending came in short of
expectation. Euro Zone industrial orders ropped down less that we
expected. The German IFO index was stronger than expected with a rise
to 106.8 in November from 105.3 the previous month and this boosted
confidence over the Euro-zone economy.

GBP - Rightmove House Price Index reported the strongest growth in the
last 2 years or so, even Consumer Credit also raised with mortgage
lending hitting a record high. Money Supply data came in slightly
softer after hitting 16 year high this tells us that central bank's
downgrade to their inflation. CBI Industrial Trends came in far
stronger than expected, analyst pointed that softer data. Export
order managed to hit a 11 year high. London Stock Exchange rejected
the buyout from Nasdaq. The Bank of England minutes recorded a 7-2
vote for an interest rate increase in November. The majority were
concerned over the risks of rising inflation from capacity constraints
while the minority considered that the labour market was weak enough
to prevent a significant increase in inflation. Inflation risks stands
at higher due to strong growth in stronger labor market, higher money
supply and stronger housing market.

JPY - Started with weak note due to lack of comments on Yen at G20
meeting. Japanese government talking down the Yen and they are not
concerned about unwinding the Yen shorts. Japanese government
downgraded the economy growth in 2007.

CHF - Last week nothing in the calender, but this is reaaly good weak
for the Swiss. Trade balance and PPI were came in stronger than
expected as the Swiss Franc weakness booste the exports.

CAD - Wholesale Sales data disappointed and the numbers came as
biggest fall since mid 2005. We saw the sharp drop in Retail Sales
and slight rise in Leading Indicator. Consumer Price came in slightly
worse than expected, fell for a second time in a row, annualized
growth increased to 0.7% below the the expectation of 0.9% while the
Core CPI hit a 3 1/2 yaar high.

AUD - New Motor Vehicle Sales increased by 2.9% and in the previous
month raised by 3%.

NZD - Visitor Arrival increased for the month of October after a
drop in September. Credit Card spending data decreased to 8.9%
from 9.2%.