Rabobank - "There has been some talk that uncertainties connected to the Fiscal Cliff could underpin safe haven demand for the USD. By contrast we would argue that since the USD index did not find any direction last summer as Congress debated the rise in the US debt ceiling there is no precedent for a firmer USD during a fiscal event. In any case if the Fiscal Cliff threatens to lower growth, than speculation that the Fed will maintain its easy policy for longer argues against a firmer USD. It is too early to gauge the economic impact from the current US storms. However, given the risk that it will provide another reason for the Fed to maintain easy policy we would not expect to see the USD benefit from any storm related safe haven demand."