Sterling came under pressure yesterday; but, recovered in the afternoon as the International Monetary Fund (IMF) said that the UK needs to consider injecting more money into the economy and potentially cutting interest rates to stimulate growth. Furthermore, data released in the UK showed that inflation has fallen to a two-year low, dropping from 3.5% to 3.0%. Both this month's Monetary Policy Committee meeting minutes and monthly retail sales data are released today with the former potentially revealing the central banks intention to increase its accommodative monetary easing. If more members have voted for further quantitative easing than expected, then sterling could come under pressure today; so, call in now for the latest news and a live quote.

The euro was struggling yesterday due to the news that the Organisation for Economic Co-operation and Development (OECD) had downgraded the growth forecasts in the EU and for Spain and Greece in particular. The EU economic summit should shed some light on any potential measures that could be implemented to fight the debt crisis and boost growth; however, with the German Chancellor Merkel and French President Hollande having very different opinions on the right cause of action, we will have to see what the outcome will be. Call in now for the latest news and a live quote.

The US dollar performed well yesterday as risk aversion drove the markets due to the OECD and IMF announcements underlining a weak global economy. Existing home sales figures released yesterday came in above markets expectations recovering from last month's decline. New home sales figures will be the main data on the agenda and investors will look for more positive data mirroring yesterday’s release; so, call in now for a live quote and the latest news.

Elsewhere, Fitch (one of the big three credit rating agencies) downgraded Japan’s sovereign rating to A+ with a negative outlook which caused the yen to weaken against the majority of currencies despite its traditional “safe haven” status. The OECD made the suggestion that Canada should look to raise interest rates to counteract inflationary pressure. The official call rate from Japan and its monetary policy statement was announced first thing this morning; furthermore, retail sales figures from Canada are also released today. Call in now for the latest news and a live quote.

Get a live quote and/or more information from Smart Currency at: http://www.smartinternationaltrade.co.uk/