EURO/GBP - 1.2507
US$/GBP - 1.5610
CHF/GBP - 1.5029
CAN$/GBP - 1.5998
AUS$/GBP - 1.5931
ZAR/GBP - 13.0144
JPY/GBP - 123.98
HKD/GBP - 12.1168
NZD/GBP - 2.0514
SEK/GBP - 11.2621
AED/GBP - 5.7412
US$/EURO - 1.2478
INR/GBP - 87.46
Within other currencies sterling remained range bound. On the data front, the Confederation of British Industry (CBI) survey on the relative level of current sales volume came in much better than expected providing a small respite from the overwhelmingly negative sentiment currently felt in the UK. With little significant data out today other than the monthly change in net lending to individuals, the market will look elsewhere for influence.
The euro weakened to fresh lows against the US dollar yesterday dropping to the lowest level since July 2010 following the news that the credit rating agency Egan-Jones downgraded Spain for the second time in just two weeks. Furthermore, the announcement that the Bank of Spain governor is to leave his role a month earlier than anticipated following the handling of the publicly bailed out 'Bankia Bank' caused jitters in the market. Today, the Italian bench mark 10 y ear bond auction will give a clear indication of investors sentiment towards the nation and a high yield could cause the euro to weaken further as the fears of contagion become more evident. Moreover, the ECB president is also speaking and should provide some further insight on the state of the Eurozone economy.
The US dollar ended the day fairly strong as news from Europe filtered through to the markets. Data released showed that the Conference Board Consumer Confidence survey has missed markets expectations yesterday dropping to a four month low.
Elsewhere, the Japanese yen performed relatively well yesterday due to its safe haven status. Australian retail sales were released first thing this morning and the Bank of Japan's governor was also speaking.
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