Here’s an update on technicals, fundamentals and what’s going on in the markets.

In Canada, Leading Index More in Canada, Monthly Index that is based on 10 monetary indicators; is about to decreases from 0.8% on December down to 0.6% now.

After talks about the Greek haircut broke down last week, they resumed and apparently yielded a deal. Also Spain’s auctions distanced it from the danger zone and helped the euro. Yet in Greece’s case, it’s important to remember that a 50% haircut isn’t a 50% reduction of debt, and that only the fragile banks will suffer and not the ECB. Not yet.

Also last month’s figure was revised to the downside quite sharply: from 4.97 to 4.25 million. So, the fresh figure is actually a gain, but coming on top of a weakened number. These figures come after yesterday’s building permits and housing starts exceeded expectations.

Here’s an update on technicals, fundamentals and what’s going on in the markets.

In the US, Existing Home Sales, monthly report to value the inhabited houses that were sold on the last month (the previous month (not including new building), rise from 4.97M on November up to 5.04M is predicted now.

The lack of an immediate remedy from the EU Summit was the main reason out of many why the euro fell. This came despite some positive signs from PMIs and successful bond auctions in Spain. The IFO business climate could provide good news for Germany, but the Italian worries are due to continue, especially with the GDP report.

Here’s a quick update on technicals, fundamentals and what’s going on in the markets.

In the US, Federal Open Market Committee (FOMC) Meeting Minutes, full record of the FOMC’s latest meeting that provides financial conditions visions on interest rates.

Fresh GDP figures have shown that the recession hasn’t arrived to Europe in Q3 although Italy is hiding its figures. The chances are much higher in Q4 as the debt crisis is spilling into the real economy with bond yields screaming in every country apart from Germany. This isn’t only the prices in secondary markets: bond auctions are reflecting the sustainability of the debt. Italy has a new government, but the powers of Mario Monti are limited. Europe is awaiting another Mario: Mario Draghi – the president of the ECB. Will we see European QE? Perhaps via the IMF.