European session: flows were very light

Data:

06:30 France GDP (Q3) revised 0.3%

06:30 France GDP (Q3) revised Y/Y 1.5%

Flows were very light as markets moving down the gears ahead of the elongated Christmas weekend prompting a sharp cut back in liquidity.

Departing European Central Bank Executive Board member Lorenzo Bini Smaghi hinted Thursday that the ECB could take more aggressive action to intervene in Eurozone government bond markets. In his last interview before retiring from the ECB's Executive Board, Bini Smaghi argued that while the "concept of lender of last resort to governments is misplaced" the ECB could intervene more heavily on bond markets for monetary policy reasons. "The mandate of the ECB is to implement the single monetary policy of the euro area, with the objective of price stability," Bini Smaghi told the Financial Times.

EUR/USD: during european session the pair limits in $1,3060-$ 1.3100 area.

GBP/USD: during european session the pair limits in $1,5660-$ 1.5710 area.

USD/JPY: the pair has trading slightly above Y78,00.

US data starts at 1300GMT with the latest Building Permits Revision,

while data at 1330GMT includes durable goods orders and also Personal Income data. Then, at 1500GMT, US New home sales are forecast to rise to a 313,000 annual rate from the 307,000 rate in October. Late US data sees the 2115GMT release of Commercial & Industrial Loans.