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G-20 meetings today through the weekend.

All trading in shares of OTP Bank, Hungary's largest commercial bank, has been halted on the Budapest stock exchange after a plunge greater than 10%.

Biggest % gainers: GBP/AUD up 1.3%, USD/ZAR up 1.05%, USD/CAD on USD strength. Much of that has to do with the Hungarian forint sell-off and many thinking that Austria could be next to crumble. So more troubles in Europe = euro selling...and "dollar buying".

Biggest % losers: AUD/JPY down 2.27%, NZD/JPY down 2.08%, EUR/JPY down 1.69%, CAD/JPY down 1.60% on some SERIOUS yen weakness! Here's where the momentum is this morning!

CAD Employment Change better at 24.7k vs. 16.8k.
...

Biggest % gainers: AUD/JPY up 1%, NZD/JPY, AUD/CAD, AUD/USD, NZD/USD on AUD & NZD strength.

Biggest % losers: GBP/AUD down 0.60%, EUR/AUD, EUR/NZD on AUD and NZD strength.

The U.S.S. Washington is headed to South Korea to join the S. Korean forces in a show of strength against the North Koreans. Watch how this unfolds because China (formerly) has always pledged to protect North Korea and of course, Obama has already pledged support for South Korea. The U.S.S. Washington should be there as soon as next week and will be doing some military exercises with the South Koreans.

Gold $1,217
Oil $73.30 http://www.dailyfx.com/forex/fundame..._Ahead_of.html ...

Key News
- Chinese Monetary Official: Housing Risk Greater Than in US, UK Pre-Crisis (Naked Capitalism)
- Fears Rise in Europe Over Potential for Deflation (New York Times)
- China Real Estate Bubble Bursts in Bond Market: Credit Markets (Bloomberg Businessweek)

Quotable
“Study carefully, the character of the one you recommend, lest their misconduct bring you shame.”
Marcus Tullius Cicero

FX Trading – RBA Gets It Started

What did the RBA do? Nothing.

And their inaction confirmed what traders have been anticipating: a very unstable foundation for the global economy. Thus, despite the outlook for Australia’s economy in the long-run, it’s certainly ...

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Bank of Canada raises interest rates 1/4 point to 0.50%! BOC will carefully weigh further hikes against domestic and global economic developments.

Australia held interest rates steady at 4.50% but hinted at the possibility of another rate increase. http://www.dailyfx.com/forex/fundame..._Rates_at.html

Biggest % gainers: GBP/AUD up 2.01%, GBP/CHF up 1.29%, USD/TRY, USD/SGD, USD/ZAR...GBP strong this morning and the USD is strong especially vs. the exotics this morning.

Biggest % losers: EUR/GBP down 1.52%, AUD/JPY down 1.50%, AUD/USD down 1.33% on GBP strength and AUD weakness.

S&P revises Brussels ...