China brings Dollar down

Dollar weakened last night thanks to China. risk sentiment was supported in the absence of China hiking rates while US sentiment was hurt by Moody's suggesting that the US may face a negative outlook on its debt over the next two years

EURUSD rose more than 2 big figures overnight, pushed higher by rumored fixing-related buying and sovereign demand interests. EUR led the pack as Moody's brought US into the fold, shifting some of the attention from the Eurozone to the American government.

Sterling did too but lagged compared to the Euro.

Today is a big data day, so keep a look out for some movement this evening.

Data today:

UK Nov CPI -9.30am GMT

German ZEW survey – 10am GMT

Eurozone ZEW survey – 10am GMT

Eurozone industrial production – 10am GMT

US PPI – 1.30pm GMT

US advance retail sales – 1.30pm GMT

US FOMC rate decision – 7.15pm GMT