EURUSD The Euro reversed the course of its monthly trend in November to lower against the Greenback in sympathy with higher U.S. long-term rates – see bonds page 8-- but is still currently above the 50% retracement of the 5-month up-move. The positive correlation between the Euro and asset class markets is still in-place, though direction on the weekly and monthly charts is lower for the Euro, and higher for the S&P 500. The Euro is the whipping post for “global risk” developments, while still benefits from U.S. risk developments – today’s U.S. disappointing non-farm payroll for example. (full story)