By: Adam Button

Cable falls on downgrade rumor NAHB home builder sentiment 46 vs 48 exp Obama applies fresh pressure on Republicans to avoid cuts Canadian Dec wholesale sales -0.9% vs -0.4% exp Belgian consumer sentiment improves to -17 from -23 in Jan SNB’s Jordan: Will continue to enforce cap with utmost determination Fed’s Lockhart says bond buys should continue through year end EU car registrations hit record low S&P 500 hits 5-year high, gains 0.7% Cable hits 7-month low AUD leads, GBP lags A rumor that S&P would downgrade the UK today weighed on sterling throughout trading on Tuesday. An initial bounce to 1.5480 was quickly wiped out as the pair fell as low as 1.5415. The euro gained a half-cent in US trading. Buy stops were run on breaks of 1.3370 and 1.3380 but offers ahead of 1.3400 have capped the move so far. More stops above 1.3405. USD/CAD nudged to a six-month high of 1.0138 after the soft manufacturing data but the upbeat tone in stocks minimized the damage. Gold bounced from $1600 but was down $5 on the day to $1605. Canadian Dec wholesale sales -0.9% vs -0.4% exp