Daily Recap - 12/09/2009

1. Greek credit continued to dominate headlines and maintain pressure on the markets. In addition, looming concerns regarding Spain's economy kept the EUR tame vs. the USD
2. In the UK, the GBP came under pressure after the ministry of finance released data forecasting the economy may have slowed more than was previously predicted (-4.75 for the year vs. -3.25%)
3. USD managed to maintain most of its gains and is still showing signs of strength, despite an unexpected positive day for the S&P which led the USD to relent some of its recent gains
4. Japan's economy grew at a much slower rate than preliminary data showed in November. This is a very significant issue as it presses the BoJ and the Japanese government to be extra averse to strong Yen thus increasing the chance of intervention or, at the very least, more direct rhetoric against a strong Yen. However, the Yen maintained its safe haven status today and retreaded only as the stock market advanced.
5. US to extend TARP until Oct. 2010