ForexLive North American wrap: Sizzling start

Dec ISM manufacturing index 50.7 vs 50.3 exp S&P 500 posts biggest gain since Nov 19 Rio Tinto CEO predicts iron ore price fall Redbook: US chain store sales up 2.9% in the week ended Dec 29 FinMin: Prospects for Greece better in 2013 than in 2012 Moody's says ‘wait and see' on US rating US 10yr yields +8 bps to 1.83% S&P 500 +2.5% to 1462 Commodity currencies lead, JPY lags The fiscal cliff deal sealed a major risk rally but the US-centric nature of the news led to some USD buying which tempered FX moves. The euro rallied overnight on better risk sentiment but EUR/USD failed at the December high of 1.3308 and that sparked a massive turnaround, down to 1.3188. Cable blasted through a major 18-month triple top, and soared to 1.6380 shortly after the open in Asia but slumped afterwards, giving back all the gains down to 1.6254. If you haven't looked at the EUR/USD and cable daily charts, they're definitely worth a peek. The Australian and Canadian dollars gained around 100 pips for their best gains in more than a month. As US stocks opened and climbed higher, they hit highs but a midday hiccup led to a round of profit taking.