Light Trading Continues; Kiwi Tops Majors, U.S. Dollar LagsDaily FXupdated Dec 28, 2011TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.European Session Summary Trading conditions remained thin on Wednesday, Typically, the weeks leading up to and after Christmas are slow, as many trading desks around the world are closed. Higher yielding currencies had outperformed headed into the North American trading session, but the Euro continued to lag. The short-term Italian bond auction went off without a hitch this morning, actually surprising most market participants to the upside. With the rate at which to borrow for 179-days cut in half, it appears that a combination of heavy European Central Bank bond buying and participation by banks helped bring down the short-term yield. Still, the key auctions to watch for take place in the medium-term portion of the yield curve, most notably the 10-year. NZD/USD 5-min Chart: December 28, 2011 Charts created using Strategy Trader– Prepared by Christopher Vecchio On the news, the commodity currency block received additional bids and pushed towards session highs ahead of the New York session. The New Zealand Dollar was the top performer, up just over 0.5 percent against the U.S. Dollar, at the time this report was written. Similarly, the Canadian Dollar was particularly strong, with more saber rattling out of Iran today. It should be noted that as this report was headed to publishing, there was odd price action observed in the European currencies, particularly the British Pound. Given thin trading conditions, any large moves should be taken with a grain of salt, though if a sell-off gathers pace, it will demand greater attention. 24-Hour Price Action Key Levels: 13:55 GMT Thus far, on Wednesday, the Dow Jones FXCM Dollar Index is slightly higher, trading at 9970.26, at the time this report was written, after opening at 9953.70. The index has traded mostly higher, with the high at 9970.26 and the low at 9930.53. --- Written by Christopher Vecchio, Currency Analyst To contact Christopher Vecchio, e-mail email@example.com. Follow him on Twitter at @CVecchioFX To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to firstname.lastname@example.org.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.