| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.467 | 108.35 | 1.966 | 1.11 | |
| Resistance | 1.465 | 107.9 | 1.962 | 1.108 |
| 1.4575 | 107.65 | 1.956 | 1.1045 | |
| 1.4495 | 106.35 | 1.944 | 1.1 | |
| Support | 1.448 | 106.15 | 1.939 | 1.095 |
| 1.444 | 105.7 | 1.936 | 1.0935 |
The US dollar was mixed against major currencies in the absence of market making news. Euro dollar eased from $1.4575 to almost $1.4480. The euro rallied after ECB President Trichet hawkish comments on monetary policy but adjusted soon after. Technical indicators show bounce levels at $1.4495 but consideration must also be given to narrow sell levels at $1.4480. The Euro was last seen trading at 1.4510 9:30GMT.
January UK PPI data surprised the market with data coming in at 2.6% versus forecasts of 1.0%, although the December trade deficit was slightly wider at £7.57 billion versus expectations of £7.37 billion. The PPI data rallied the cable but has traded back down today.
``Despite the gloomy economic sentiment, the U.K. food and drink sector made a good start to 2008,'' Joanne Denney-Finch, chief executive officer of the Institute of Grocery Distribution, which helped compile the report, said in a statement. Growth in that category ``is faster than at any time since the summer of 2006.'' Sterling was last seen trading at 1.9497. Technical analysis indicates buy a bounce level at 1.9440.
Ahead in the US today, we have the monthly federal budget and the weekly retail sales. Wednesdays US Retail sales are expected to be soft for January, with particular weakness to come from the auto sector. Data from the Fed indicates that household credit standards have become more strict while demand for credit has fallen. The weakness in the stockmarkets and labour market is also weighing heavily on consumers. The market is expecting retail sales figures to come in at -0.2%.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance |
| 23:50 | Current Account | JPY | Dec | 2.10% | 2 | |
| 21:45 | PPI Input m/m | NZD | Quarterly | 2.30% | 3 | |
| 13:55 | Redbook m/m | USD | Weekly | 1 | ||
| 10:00 | German ZEW Economic Sentiment | EUR | Feb | -41.6 | 2 | |
| 10:00 | ZEW Economic Sentiment | EUR | -41.7 | 2 | ||
| 9:30 | CPI y/y | GBP | Jan | 0.60% | 3 | |
| 9:30 | Core CPI y/y | GBP | Jan | 1.40% | 2 | |
| 9:30 | RPI y/y | GBP | Jan | 4.00% | 2 |
