The stronger than expected rejection of Scotland’s drive for independence sparked rallies in UK markets overnight. GBP soared up to $1.6500 at one point while the FTSE spiked up toward 6,900. After the initial burst of enthusiasm, UK markets have been dropping back with traders taking profits. The FTSE is up more than its European peers today but it was unable to break through 6,900, and the later weakness is not a huge surprise as the FTSE didn’t go down much before the vote either, so a No outcome was already priced in. GBP’s inability to follow through and its drop back toward $1.6350 is a bit more of a surprise as cable had taken the brunt of concern over a Yes vote. It had moved up from near $1.6000 in the days leading up to the vote so this may partly be due to traders taking profits on the news. It also may be due to general USD strength. USD is climbing again today, getting a boost from comments made by Richmond Fed President Lacker that he disagrees with the Fed balance sheet normalization plan outlined on Tuesday in that he feels MBS sales should be included. The street has taken this as hawkish and indicating that there will be at least one hawk among next year’s group of regional Fed voters, which is important as this group will play a role in deciding when and how fast to raise interest rates. Today’s USD gains are broad based, sending gold, oil and most major currencies lower in the day, even GBP. EUR and CHF have been the worst performers while resource currencies have been stronger with AUD and NZD holding steady along with JPY. The top performing currency this morning has been CAD. The mighty loonie has spiked higher today on a big jump on core consumer price inflation which pretty much removes any chance on the Bank of Canada going dovish any time soon and may start to put pressure on the central bank to tighten. Stock markets are gearing up for a big day in technology trading. Alibaba’s IPO was very well received in the primary market pricing at the top of its range. Today we will see if there is enough pent up demand to push the shares even higher or not. Yahoo, which still owns a sizable chunk of Alibaba may also be active on the debut. Today also is the first day of in-store sales for Apple’s iPhone 6. Historically AAPL shares have been active on the day of iPhone launches and in subsequent days as sales results come out and traders figure out if they are meeting, beating or short of expectations. Corporate News Alibaba priced its $21.8B IPO at $68 per ADS, at the top end of the range Apple iPhone6 goes on sale in stores today Oracle guides next Q $0.66 to $0.70, below street $0.74 Economic News Economic reports released overnight and this morning include: Scotland referendum results 55.3% No 44.7% Yes Canada consumer prices street 2.1% Canada core CPI street 1.8% NZ Consumer confidence 127.7 vs previous 125.5 Economic reports due later today include: 10:00 am EDT US leading index street 0.4%