USD is the big gainer on the session in......>

DOLLAR: USD is the big gainer on the session in Asia so far, USD/JPY last up 32

pips at 110.85, hit session high of 110.94 but MNI sources note decent sell

interest before the 111.00 figure as well as option related selling at these

levels. 

- Run higher in the dollar is linked to reports that GOP leaders are considering

a bill that would extend stop gap funding for the government past the current

Janaury 19 deadline and to February 16. This would give lawmakers more time to

put together a comprehensive fiscal year spending bill. The move is being

tempered by contrary reports that no such agreement will be reached.

- Weakness in JPY that was evident early in the session has been curtailed by

comments from Japanese FinMin Aso that USD/JPY at 110.80 is acceptable, but

noted big FX fluctuations would be an issue.

- USD strength is spilling over into weakness in other majors.