News in 60 Seconds

Biggest % gainers: USD/CAD up 0.55%, EUR/CAD on CAD on mild CAD weakness. Nothing up big-time.

Biggest % losers: This is where the momentum is... AUD/JPY down 1.62%, EUR/JPY down 1.08%, USD/JPY, CHF/JPY on fairly strong yen move. Japan is coming off of a bank holiday and the yen has rallied almost ever since.

Abu Dhabi buys a 10% stake in the UFC (Ultimate Fighting Championship).

Oil $80.88 one of the reasons why CAD is weak this morning...oil (CAD Trade Deficit is the other).
Gold $1,146

Alcoa announced weaker earnings...blamed things like the weaker dollar to euro (stronger EUR/USD) exchange rate as part of the reason for the weaker earnings.

China forces its banks to raise the level of reserves held in the banks...to curb lending so that a bubble doesn't form: China Raises Banks? Reserve Ratio to Cool Economy (Update3) - Bloomberg.com New requirements start Jan. 18th.

Chavez's 50% devaluation of their currency (the bolivar) will hurt some American company's earnings (like Colgate-Palmolive): Venezuelans Rush for TVs on Devaluation, Colgate Hit (Update1) - Bloomberg.com

Obama plans to hit the banks with more fees: Obama Plans to Raise $120 Billion From Banking Fees (Update1) - Bloomberg.com The more you weigh down your financial base (banks/Wall St.) the more you hinder a recovery.

CAD Trade Balance worse than expected at -0.3B vs. +0.8B expected. Trade deficit weighing on the CAD this morning.

The slowing of the U.K. property market is weighing on the pound. Pound Falls Versus Dollar as U.K. Housing Market Loses Momentum - Bloomberg.com

USD Trade Balance worse than expected at -36.4B vs. -34.9B expected. Oil imports supposedly helped to widen the Trade Balance: Trade Deficit in U.S. Increased More Than Forecast (Update2) - Bloomberg.com

KB Homes reports 1st quarterly profit since 2007.
Tiffany's boosts profit forecasts.

More Greece & EU problems weighing on the EUR today: Jan. 12 (Bloomberg) -- Greek bonds fell after the European Commission said there have been “severe irregularities” in the nation’s statistical data, leaving the accuracy of the European Union’s largest budget deficit in doubt.

FSA could become a unit of the central bank (BOE)? It could if the Conservatives win the election: Conservatives Said to Consider Making FSA a Temporary BOE Unit - Bloomberg.com

The Fed just made a chunk of money ($46.1 Billion in 2009): Fed?s District Banks Sent Treasury Record $46.1 Billion in 2009 - Bloomberg.com

Sean Hyman
DailyFX Forum Moderator