Market Overview

ForexLive US Wrap: Backing and Filling After Strong EUR/JPY Rally Stalls

US housing starts fall 3.0% in November; building permits rise 3.6%
Italian bonds close at 2-year low yield at 4.36
Obama threathens to veto Boehner's Plan B
Boehner dares Obama to vet a bill that holds taxes down on 99% of Americans
IMF cuts Irish 2013 GDP forecast to 1.1% from 1.4%
Former PM Aso tapped as Japanese FinMin
S&P 500 falls 0.75% to 1436

EUR/JPY was hard hit at mid-morning after the White House announced that it would veto Speaker Boehner's plan. We fell swiftly from 112.59 to 111.60. The components fell along with the cross as USD/JPY dropped from fresh 2012 highs of 84.60 to 84.20 before rebounding to close at 84.20, the highest close since April of 2011.

EUR/USD pulled back to 1.3240 from highs just above 1.3300 in early New York trade. Cable sputtered just above 1.6300.

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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