FX Action: The dollar moved broadly higher FX Action: The dollar moved broadly higher after the amazingly strong Philly Fed report. In addition, leading indicators were much stronger than forecasts, while existing homes sales were strong as well. EUR-USD fell to 1.2525 from 1.2550, as USD-JPY moved toward 118.25 from 118.00. Wall Street turned mixed from being broadly lower.
Fed Governor Tarullo discussed "liquidity regulation" Fed Governor Tarullo discussed "liquidity regulation", arguing for regularized and slightly lagged disclosure from banks on standardized liquidity requirements. This could require banks to aggregate qualitative and quantitative assessments of liquidity, though the plan remains unclear at this stage and he's pretty comfortable that such plans won't clash with the Basel liquidity requirements. See his speech.