The euro rallied to 1.4510 from 1.4370 as the dollar fell on bearish sentiment after the 9:00 pm EST Monday night speech of President Barack Obama who called on the Republicans and Democratic leaders to reach a fair compromise on reaching a budget defict reduction agreement and raising the debt ceiling, which once again fell into a stalemate situation. In his seventh address to the nation, Obama spelled out the severe consequences to the US and the global economy of a default or even a credit downgrade resulting from failure to strike a deal on raising the $14.3 trillion debt ceiling. He said "Defaulting on our obligations is a reckless and irresponsible outcome to this debate." "We would risk sparking a deep economic crisis - one caused almost entirely by Washington." The top Republican House Speaker, John Boehner simply reiterated his party's objection the plan proposed by Obama. He said "The president wanted a blank check six months ago, and he wants a blank check today. That is just not going to happen." All the major currencies rallied against the weaker dollar on this renewed risk appetite move. Asian Stocks countered the bearish sentiment in the U.S. led by higher earnings. ie: Canon and Kao. Nikkei +67.88 points to 10,117.90 (+0.68%) Hang Seng +209 points to 22,502.70 (+0.94%) S&P ASX +42 points to 4,572.20 (+0.92%) Shanghai +2 points to 2.690.33 (+0.06%) The 30-day exponential moving average moved higher from 1.4370 to 1.4490.

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