Weak German IFO and Italian Trade Balance data this morning ushered in some risk off sentiment across markets this morning. This caused EUR/GBP to decline to find support at S2 at 0.7958 before moving higher to currently trade 0.7969. ICN.com analysts note that on a daily chart, Stochastics (5,3,3) are deeply oversold but they do not rule out an extension to the downside.
In terms of the US economic calendar this afternoon, the Chicago Fed National Activity Index and Dallas Fed Manufacturing Index figures are due at 12:30 GMT and 14:30 GMT respectively but are not considered significant. At 19:30 FOMC Member Williams is scheduled to give an address.
Elsewhere European Equities are trading lower alongside commodities and US futures.