Dear Reader,

The economic news and market action:

• Risk appetite soured yesterday as US rates hardened …
• Against this backdrop, the dollar was in the ascendancy …
• The dollar rose by circa 1% versus the euro and sterling …
• Sees EUR/USD open down in the bottom half of $1.05-1.06 …
• GBP/USD is operating back below the $1.19 threshold …
• EUR/GBP is up near the midpoint of 88-89p …
• EZ inflation & US labour market report (both Dec) due today …
• Both releases pose some event risk on currency markets …

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