Surprisingly Jobless claims in the US dropped slightly from 497k to 478k, which gave the US a little boost.
The Euro recovered yesterday due to stocks increasing in Europe along with an increase in sentiment. It however didn't stay there too long and weakened against the majors as US stocks crashed. The Euro managed to recover later in the session as German Trade balance gained 13.1 Billion Surplus. The G7 meeting tonight may see pressure being put towards Germany to put a Europe-wide bailout plan like the UK have done to further stabilise the global market. If this is agreed then the Euro may see a little rally against the USD and GBP.
The GBP had a bad day yesterday against the US Dollar due to the selling of GBP/JPY which almost saw the Sterling reach the 1.70 level. The bad Nationwide House Prices data did not help and showed a fall of -1.3% in September. The IMF warned that out of every major economy UK will be one of the worst hit which didn't help the outlook of the currency. Sterling has continued to drop against Euro continuously for the last 3 days.