USD - I think, all in all, the U.S. numbers are not so good, but they're not heading into the tank, either. The growth prospects look fair to middling for the U.S and that may have some positive spill over into Canada, as well.

GBP - The five MPC members who voted for a hike in January believe in pre-emptive action to limit the peak at which rates will have to be raised, so they will likely go for a hike this time around as well.

JPY - The yen gained against the dollar and the euro for the third straight day on speculation the G-7 will discuss the yen’s weakness at next week’s G-7 meeting in Germany. US Treasury Secretary Henry Paulson and European officials have commented on the yen’s depreciation.

AUD - We have seen a bit of pressure on market participants unwinding carry trades, so that has really kept both the Aussie and the Kiwi with a heavy bias.