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.