Yet another week of consolidation and fidgety investors. Gold hits new historic highs above $1,118 yet EUR/USD cannot hold gains above 1.5000.

The Australian economy gained 2.9K fulltime jobs and 21.5K part-time ones, with the October unemployment rate ticking up to 5.8%. October NAB business confidence improved to 16, business conditions to 12, but November Westpac consumer confidence declined −2.5% m/m. AUD/USD gained 1.6% in the week and posted a new 2009 high of 0.9369, but ultimately respected resistance at 0.9350 and closed at 0.9340.

In the U.S., November Univ Michigan consumer confidence soured to 66.0, the September trade deficit widened to US$36.5Bn, and the October Federal government deficit ballooned by over US$20.0Bn. Initial weekly jobless claims eased but remained above 500K and October import prices rose 0.7% m/m.

Eurozone 3Q2009 GDP disappointed by a whisker at 0.4% q/q but still broke from recession. November Sentix investor confidence index improved slightly to −12.0, but the November ZEW economic sentiment decreased to 51.8. September industrial production printed 0.3% m/m, less than expected, and −14.1 y/y. EUR/USD hammered much of the week at 1.5000 but closed disappointed at 1.4920.

The U.K. in October lost 12.9K jobs, with the claimant rate rising to 5.1%, the ILO rate holding at 7.8%; average earnings with bonuses decreased to a 1.2% rate, while earnings ex-bonuses decreased less to 1.8%. September visible trade deficit widened more than expected and the October BRC retail sales monitor rose 3.8%. GBP/USD gained for a third week on the Kraft-Cadbury dance and the proposed merger between BA and Spain’s Iberia, closing at 1.6692. EUR/GBP also fought for gains but could not hold them, closing at 0.8936, just above strong support.

Canada’s September international merchandise trade deficit was cut by more than half, from CA$2.0Bn previous to CA$0.9Bn current. USD/CAD lost 2.3% in the week but could not break support at 1.0420, closing at 1.0503. AUD/CAD could not hold gains above 0.9900 and sank to close at 0.9810. Parity for both currency pairs could happen during the exuberant holiday trading.

New Zealand’s September retail sales rose 0.2% m/m, 0.0% ex-autos. October house sales are up 36.3% y/y, easing from 43.7% previous, and housing prices rose 0.2% y/y. October PMI manufacturing lost a bit to 50.6. NZD/USD surged 2.5% in the week, turned at 0.7440 resistance, turned again at 0.7310 support, and closed at 0.7441, holding its gains. AUD/NZD rolled in the week between 1.2640 and 1.2500, closing at 1.2544.

Japan’s September balance of payments printed a surplus of ¥599.2Bn, the current account total ¥1567.9Bn. The October Eco Watchers survey sank a bit to 40.9 current, 42.8 outlook, and consumer confidence held at 40.8. September machine orders improved to −22.0% y/y, industrial production to 18.4%, October machine tool orders to −42.6%, and September capacity utilisation gained 1.6% m/m. The yen remained supported by repatriation flows, and USD/JPY could not hold gains above 90.50, closing at 89.65. AUD/JPY could not regain October’s altitude, respecting resistance at 84.15 and closing at 83.75. EUR/JPY traded roughly flat, closing at 133.77. It continues to consolidate within a long-term triangle formation, between resistance at 138.40 and a bullish trendline drawn from 28 April’s reaction low of 124.36, reinforced by the MA-200, as shown on the daily chart, below: