As you probably already know by now, Treasury Secretary Tim Geithner's rescue plan pretty much fell flat on its face earlier today, long on talk and short on substance, US stocks as well as the Dollar were clobbered as traders realized the plan did not meet expectations. Some of the follow through carried over into Asia as investors avoided the risk and bought the Yen. Most of the moves were subtle today as Japan was out for the Foundation Day Holiday, but the Yen was nonetheless the prime mover. USD/JPY started out trading near highs of 90.53, and late in the session dropped out of a range to a low near 89.87. EUR/JPY was pretty range bound all session, topping out just under 117.00 at the top of the range, and then dipping below 116.00 as the session came to an end.

EUR/USD was very calm as compared to yesterdays moves, staying between 1.2848 and 1.2930 in a trade day that had no major news or moves. Later however, the London session will be loaded with earnings reports as well as German CPI, and Unemployment and Inflation reports in the UK. Tomorrow in the US look for President Obama's stimulus package which passed through the Senate today to continue to be tinkered with before being sent to the President's desk possibly later in the week.

Upcoming Economic Data Releases (London Session):

2/11/20097:00GE Consumer Price Index (MoM)JAN F -0.50%-0.50%
2/11/20097:00GE Consumer Price Index (YoY) JAN F 0.90%0.90%
2/11/20097:00GE CPI - EU Harmonised (MoM) JAN F -0.60%-0.60%
2/11/20097:00GE CPI - EU Harmonised (YoY) JAN F 0.90%0.90%
2/11/20099:30UK Claimant Count Rate JAN 3.60%3.80%
2/11/20099:30UK Jobless Claims Change JAN 77.9K 88.0K
2/11/20099:30UK Avg Earnings inc bonus 3M/YoY DEC 3.10%3.00%
2/11/20099:30UK Avg Earnings ex bonus 3M/YoY DEC 3.60%3.60%
2/11/20099:30UK ILO Unemployment Rate (3mths)DEC 6.10%6.30%
2/11/20099:30UK Manu.Unit Wage Cost (3Ms/YoY) DEC 4.20%- -
2/11/200910:30UK Bank of England Quarterly Inflation Report 11-Feb
2/11/200910:45EC ECB's Stark Speaks in Stuttgart, Germany11-Feb