Overnight trading saw yet more record breaking with the Canadian Dollar hitting a 47 year high vs USD and the GBP is also on track to test 26-year highs. The EUR hit all time highs but has since come down on speculation that European banks will face write downs on debt securities.

Tomorrow's Fed decision to cut interest rates will certainly impact the USD. The behavior of markets shows the common consensus will be a 25 bps cut, however no cut or a 50 bps cut (similar to the Fed's cut on Sept. 18) are also possibilities. In the mean time, look for consumer confidence numbers to be released in the US this morning.