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Sterling still lags behind

It also rallied against the Euro and Japanese Yen trading on the high 1.19's versus the Euro and above 147 against the Yen before retracting back to below 142 this morning.

The BoE minutes were the main release in the morning showing that the voting for the interest rates to be reduced by 1.5% was 9 to nil. The minutes suggested that there were further cuts due in the coming months.

In the US the release of what was discussed in their last FOMC meeting also suggested that the rate cuts in the US hadn't ended yet.

Euro had rallied against the Dollar after the bad data that was released in the US, hitting 1.28 at its peak before the dollar rally late on, seeing the pairing trade below the 1.25 level.

Already this morning, we have had German PPI figures come in better than expected at 0 compared with the -0.6 predicted. We have The UK’s retail sales number due this morning which is expected to make pretty grim reading with -0.9% expected against the previous -0.4. In the US this afternoon we have the weekly jobless claims numbers due with the Philli Fed number due later in the afternoon.