Market Overview

ForexLive North American Wrap: Bank of Canada Holds

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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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