In the UK yesterday we saw the release of house price data with the price of homes rising more than expected. The main focus though remains on Europe and Greece in particular with the continued lack of resolution surrounding its debt crisis; this resulted in sterling getting close to the €1.21/£1 level yesterday before weakening off in the afternoon. Moreover, the UK looks towards the Bank of England interest rate decision on Thursday with the expectation of the market still pointing towards an expansion of the asset purchase facility. Today there is very little data released in the UK. Call in now for the latest update and the latest news.

In the Euro zone yesterday, there was further delay with Greek leaders failing to provide a response to the demands by international creditors on economic measures despite the apparent 11am deadline. A gathering of Greek political leaders has now been pencilled in for today as they struggle for a unified response. We wait to see if there will be any positive developments. The Greek Prime minister did manage to negotiate an agreement of cutting 1.5% of GDP in principle over the weekend but many issues were left unresolved which need to be settled before it can receive its €130bn bailout package. The German Chancellor has been quoted as saying that "time is running out" whilst saying that they refuse to acknowledge the possibility of a Greek bankruptcy. Euro zone investor confidence and German factory orders came in better than expected yesterday, but, both went largely unnoticed with the markets eyes firmly fixed on Greece. With regards to actual data released today; the market will look towards the French trade balance and the German industrial production to provide some insight on the state of the Economy in the two largest Euro zone economies. Call in now for the latest update and the latest news.

There was no significant data released in the US with the market trading on the back of continued developments in the Euro zone. Yesterday saw the dollar weaken off against both sterling and the euro despite the market fears surrounding the on-going problems in Europe. The Chairman of the Federal Bank is speaking later on today as the market looks for further insight to the state of the world’s largest economy. Call in now for the latest update and the latest news.

Elsewhere, the International Monetary Fund (IMF) has cut its growth forecasts for China with Moody's already warning that the Euro zone malaise has increased the threat of contagion to Asia, Australia and New Zealand. Further bad news for Australia came in the form of weak retail sales data; however, the Reserve Bank of Australia surprised a lot of people by keeping the interest rates set at 4.25% with their announcement first thing this morning. This has seen the Australian dollar strengthen against sterling to record highs just over the A$1.46/£1 level. Canada's purchasing manager index was well above the level the markets had anticipated and out today we see if the building permits data released can mirror this positivity. Also out today is the release of Switzerland foreign currency reserves. Call in now for the latest update and the latest news.

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