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

In Canada, Ivey Purchasing Managers’ Index (PMI), Monthly Survey to rate the business conditions including employment, production, new orders, prices, supplier deliveries, and inventories reduce to 58.6 from 63.5 on the last month and indicates industry expansion.

Pressure is growing on Greece’s politicians to accept harsher measures regarding the labor market and to fully commit to them, also after the elections. Negotiations are at a sensitive point. In the US, the excellent jobs report lowers the chances of QE3 and provided hope for the whole world. It weakened EUR/USD.

In the US, Dennis Lockhart, Federal Reserve Bank of Atlanta President, is about to speak in Atlanta.

Troubles in Unicredit, rumors about issues at Deutsche Bank and the anticipation for a downgrade of France all weigh on the euro, in addition to weak economic figures from all over the continent. Is Draghi ready for QE? On the other side of the Atlantic, the US continues seeing growth in jobs and a drop in unemployment. The IMF has doubts about Greece’s ability to avoid default, and a German politician talks about a need for a bigger haircut. This doesn’t bode well for the euro. The euro was trading in calm waters until Fitch said that the euro-zone is facing a “cataclysmic” collapse if the ECB doesn’t intervene. Positive comments from Merkel regarding the ESM helped. Also a downwards revision of the euro-zone GDP weakened the common currency. All eyes are now on the ECB – see a preview of the highly anticipated decision.

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

A small slide from -21.2 to -21.4 points was expected. This reflects pessimism for the fourth consecutive month.

In the US, The Institute for Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI); Monthly Survey to value the business conditions such as new orders, employment etc., a rise is expected 52.9 points on November up to 53.6 points now.

6 central banks coordinated to cut US dollar swaps by 50 basis points. This provides some relief for the troubled European banks, but doesn’t solve Italy’s big problem: high costs for debt. Many ideas are floating, but there’s only one player that is able to provide a game changing move: the ECB. Will it finally act?

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