Stock markets worldwide saw an upward trend and dealers will hope this upward turn will be sustained over the next couple of days. The Dollar was weakened after the release of a much lower than expected consumer confidence figure.
This figure was after the earlier German IFO and Industrial orders number had also showed a lower number yet again although the Euro managed to shrug this off.
In the UK the CBI distributive trade number came in above expectations but although it made good gains against the Yen it lost ground versus all the other majors. This morning we have already had German GDP for the fourth quarter come in at -2.1 as predicted confirming that recession and negative growth seems to have set in.
The corresponding figure for the UK is due at 9.30 UK time which is expected to come in at -1.6 against -1.5. Also in the UK today we have the FSA appearing in front of the UK select committee to give their version of what has gone wrong as to regards the UK banking industry and explain why the HBOS situation was allowed to happen and not picked up by them.
This afternoon the US have their homes sales numbers due plus mortgage figures and Mr. Bernanke speaking again to look forward to. The ranges overnight for GBP/Euro were 1.1270 low and a high of 1.1340 it is trading near the highs at the moment.
On Sterling/US the lows of 1.4385 and highs of 1.46 currently trading at 1.4570 and Euro/Dollar low of 1.2805 and a high of 1.29 currently trading at 1.2858.