Sterling gained a little bit of ground across the board. The US$ suffered from worries over the level of its funding requirements over the coming year as yields on US government bonds continued to increase. There are also concerns about the Euro zone funding requirements for January over what demand there will be and what yields will be demanded by the market for government bonds from the periphery countries such as Spain. The total funding requirement for the Euro zone is put at €815 billion for the coming year which is clearly a very large and significant amount which highlights why January will be such a critical month in setting expectations for the rest of the year.

As highlighted yesterday the festive period means that market activity is a lot less than normal. The trouble with this is that transactions that normally have limited effect can result in rapid and significant movements and that is why it is important to minimise the downside risk and maximise the upside potential by getting in touch today.

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