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Biggest % gainers: USD/CHF up 0.72%, GBP/CHF, AUD/CHF on CHF weakness.

Biggest % losers: EUR/JPY down 0.73%, EUR/USD, EUR/CAD, EUR/GBP, EUR/AUD on EUR weakness.

Oil $85.79
Gold $1,153

ECB's Stark says that they may have entered the next phase of crisis - a sovereign debt crisis and says that the ECB still views record low interest rates as appropriate.

ECB’s Stark Says Inflation Risks Seem ‘Tilted to the Upside’

USD Weekly Unemployment Claims worse at 484k vs. 439k. Reading was 460k last time.

USD TIC Long-Term Purchases better at 47.1B vs. 34.2B expected. Last time was revised down to 15.0B vs. 19.1B formerly.

USD Philly Fed ...

Biggest % gainers: AUD/JPY up 0.74%, GBP/JPY, AUD/USD, AUD/CHF on AUD strength and JPY weakness.

Biggest % losers: EUR/AUD down 0.52%, EUR/GBP, EUR/CAD on EUR weakness.

Oil $84.65
Gold $1,156

Singapore revalued their currency last night. (Instead of raising or lowering rates, the Monetary Authority of Singapore will periodically make an adjustment like this, in addition to the band that it free floats within): Singapore Unexpectedly Revalues Currency on Growth (Update4) - Bloomberg.com Check out USD/SGD .

USD Core CPI m/m worse at 0.0% vs. 0.1% expected.

USD Core Retail Sales m/m better at 0.6% vs. 0.5% expected.

USD Retail Sales m/m better ...

Biggest % gainers: GBP/USD up 0.43%, AUD/NZD, AUD/USD on AUD strength and USD weakness.

Biggest % losers: USD/JPY down 0.48%, USD/CHF on USD weakness.

Oil $83.56
Gold $1,155

GBP Trade Balance better at -6.2B vs. -7.3B expected and -8.1B last time.

CAD Trade Balance better at 1.4B vs. 0.7B expected and 0.8B last time.

USD Trade Balance worse at -39.7B vs. -38.5B expected and -37.0B last time.

NZD Retail Sales come out tonight at 6:45pm EST. Expectation is 0.2%.

Bernanke speaks at 7pm EST tonight.

Alcoa misses their earnings estimates, causing investors to fear that the recovery isn't as "robust" as some ...

Note: This is a reprint of a piece we did back in 2008. If you have read Currency Currents for any length of time, you likely know we believe the US dollar bottomed in March 2008 (the credit crunch low) and has entered a multi-year bull market. We think we are now about to enter Stage 2 in the dollar cycle: The beginning of a self-reinforcing process. Relatively better US economic growth and rising interest rates will be the drive.
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It’s always difficult to pinpoint where we are in terms of a trend. Long-term trends in the currency markets have ranged from six to ten years, measured by the various bull and bear markets in the dollar since the inception of the free-floating currency ...