- Bank of Canada holds rates at 1.00%
- Rumors of a Moody’s German downgrade
- Spain hints it will miss 2012 deficit targets
- Fitch and HSBC cut Brazil growth forecasts
- US bank earnings highest since 2006
- Dec 21 fiscal cliff deadline – WSJ
- ISM New York 52.5 vs 45.9 prior
- Bill Gross investment outlook
- Gold down $20 to $1696
- S&P 500 -0.2% to 1407
- JPY leads, CHF lags
No progress worth mentioning on the fiscal cliff and that left markets in limbo.
The euro climbed above 1.31 then pulled back on the downgrade rumor, which didn’t make much sense anyway. Last at 1.3098.
A pullback on the yen crosses is the mode so far this week. Nothing more than position squaring. USD/JPY bids ahead of 81.69 are key, stops below.
The gold drop today was once again a mystery but hedge fund liquidation is getting some of the blame.
USD/CAD sank after the BOC decision but there was nothing surprising in it. Positive signs on the Nexen/Petronas deal also helped.
