it's all about the cable today!

The dollar weakened a little last night despite the better data coming in from the regional manufacturing data and jobless claims. The Middle east also helped keep the yen well-supported.

A Spanish auction was poorly received and moody’s downgrades german banks’ subordinated debt, brought the euro down a little.

The BOE’s Andrew Sentence stated that the BOE’s inflation projections maybe too soft which could lead to the need for aggressive rate hikes in the future.

Today we have the UK retail sales coming out very soon, so keep a watch on the cable. I think there will be some good trades to play today.

Data today

German Producer Prices – 7am GMT

UK Retail Sales – 9.30am GMT