TODAY Nov 1 -2012 FOREX IN REVIEWS

Eurozone unemployment hit a record high 11.60% with youth unemployment continuing its upwards march. Greece has made its way back to the spotlight as the proposed deficit reduction extension has yet to satisfy demands of European lawmakers and lenders. Equities traded lower following the American reopening with the Spanish IBEX and Italian MIB outperforming peers, rising 0.11% and 0.12% respectively. The UK FTSE 100 vastly underperformed mainland European peers, dipping -1.15% while the French CAC 40 fell -0.87%. Although many indices had been positive during the session, the move completely reversed into a sea of red as the morning session meltup turned into an afternoon meltdown. EURUSD faded its entire move above the 1.30 handle, trading now at 1.2961.

The official Chinese Manufacturing PMI figures out earlier showed the first expansion in months as the HSBC flash PMI still sits below the 50 threshold and shows contraction. Coupled with the positive PMI data is a slight rise in home prices which show renewed interest in real estate purchases. Equity indices are trading mixed as the Hang Seng rallies 0.60% on the manufacturing expansion while the Nikkei continues its own winning streak, rising 0.29%. Australian ASX is a different case, experiencing steep losses of -1.18% as commodity prices resume their tumble lower. AUDUSD has only ticked slightly lower while the Yen has weakened dramatically following this week's easing announcement. USDJPY has rebounded overnight, jumping 0.34% to 80.040.

Although futures pointed higher, major American equity indices ended the session lower as New York gradually cleans up from Hurricane Sandy. The damage estimates are still being assessed but trading has resumed. Losses were led by the Nasdaq, declining -0.36% as major component Apple underwent recent management changes and closed below the $600 level. The Dow Jones was also weaker, losing -0.08% while the S&P 500 was able to outperform, gaining a marginal 0.02%. The energy complex is slightly higher, with Natural Gas rising 0.38% and WTI crude futures back above the $86 handle to $86.27 per barrel. Gold has also held onto yesterday's gains, rising an additional 0.12% to $1721.20.

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