***Economic data*** - (IN) India Q3 Current Account Balance: -$16.9B v -$17.0Be - (ZA) South Africa Nov Budget Balance (ZAR): -28.6B v -9.9B prior - (RU) Russia Dec Consumer Prices M/M: 0.4% v 0.6%3, Y/Y: 6.1% v 6.3%e - (PL) Poland Central Bank (NBP) Dec Inflation Expectations: 4.8% v 4.2% prior - (PL) Poland Q3 Current Account: -â‚¬4.7B v -â‚¬6.0Be - (RU) Russia Q3 Current Account: $18.4B v $23.8B prior - (US) Dec New York ISM Business Index 51.1 v 47.2 prior - (US) Dec NAPM-Milwaukee: 57.8 v 56.7 prior
- Markets are trading sideways this morning in very light volume. There has been little significant economic data on tap and most traders remain on the sidelines. Hungary's parliament passed a controversial law to rein in its central bank, threatening to derail the country's bid for new financial backing from the EU and the IMF. Spain said its budget deficit would likely be much wider than expected for 2011, and unveiled an â‚¬8.9B austerity package. EUR/JPY tested below the 100 level just as the NY portion of the trading day commenced for the first time since June 2001. EUR/USD is holding steady just off its 2011 lows, setting the pair up to end the year below the 1.30 handle.
***Looking Ahead*** - (CN) China Dec PMI Manufacturing: 49.1e v 49.0 prior
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