Volume will begin to increase slowly to the Forex and broad markets today. The EUR/USD pair will be of interest to watch as traders begin to test its ranges. The GBP and AUD will both follow the EUR, but it should be noted that the U.K. and Australia are celebrating Boxing Day. Many equities markets will open today, being led by Wall Street which investors will use as a barometer. It should be noted however that normal market volumes will not return until perhaps late next week after the New Year’s holiday and until then correlations for traders may appear baffling at times. The U.S. will see the S&P/CS Composite-20 HPI today and it is expected to show yet another decline in home prices. The estimate that the report is anticipated to show is a result of minus -3.2%. The CB Consumer Confidence survey will also be presented and it is forecasted to turn in a figure of 58.5. The States will also release the Richmond Manufacturing Index. Aside from this data things will be quiet from government offices. Tomorrow there will be no major data from Europe or the States.

Because of the holiday season, volumes within all the markets including commodities will remain light. Gold and Crude Oil will trade for the first time in nearly three days and the precious metal should be watched carefully for movements as traders try to interpret what the future holds for the major currencies that could unfold after the New Year. As of this morning Gold is trading around 1595.00 USD. Crude Oil traded slightly higher ending last week and it will be of interest to see if it can sustain its momentum.

The CB Consumer Confidence survey today will get some attention because it serves as a gauge to the mindset of American shoppers. And it is shopping and the consumption of goods by the U.S. public that drives much of the world economy. As a related aside, investors will also pay attention to the amount retail companies in the U.S. are discounting their product lines as they try to close out the year. Some analysts believe the fact that many American retailers are offering steep discounts and keeping their stores open later is a sign of desperation for an economy that is still struggling.

On Thursday the States will publish weekly Unemployment Claims, the Chicago PMI, and Pending Homes Sales figures. Friday will once again be a largely quiet day for data internationally as government offices again get set for another long holiday weekend. Consolidated trading has been prevalent in Forex and a good sign of this is the JPY which remains locked in its known values. Traders essentially have an opportunity to take advantage of very light markets today and follow short term trends.

Many stories will be factors in the weeks to come, particularly the European financial crisis. The American economy is certainly under a spotlight and investors are keen to see signs of growth from the States which could offer some stability for troubled bottom lines globally. But for the next week or so traders will be largely left on their own to examine sentiment and find value in prevailing market gyrations.