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Quiet day on the exchanges

Sterling was weak in the morning as the market watched the question and answer session of Mervyn King with the select treasury committee and digested the figures of RBS. It rallied slightly after the meeting was finished but that just appeared to be a bout of profit taking rather than any real positive move for Sterling.

The Eurozone had mixed data which didn't make the picture any clearer with German unemployment showing a worse figure than previous but the GFK index coming in better than expectations. Confidence in the US appears to have rallied a bit after some impressive speeches from the new president but the economic data is still coming in low with Durable goods once again coming in below market predictions.

The Eurozone may come under the spotlight this morning with the Eurozone Inflation figure due at 10 UK time expected to show another low number increasing the calls for rate cuts in the Eurozone at next weeks meeting.  The US also has much data due this afternoon with Chicago PMI and US GDP being the pick of numbers coming out.

Overnight Sterling/Euro traded at a low of 1.1168 and a high of 1.1240 currently around the 1.12 mark. The Sterling/US rate traded with a low of 1.4140 and a high of 1.4305 overnight currently around 1.42. Euro/Dollar traded at a high of 1.2750 and a low of 1.2625 and is currently trading at 1.2665.