The dollar strengthened against the pound yesterday in anticipation of Senate approval of the US bailout plan. Traders gave a tepid response to the Senate finally approving the delayed stimulus bill, as concerns arose that the bill would not be sufficient to revive the US economy. The dollar strengthened rapidly against the pound as risk aversion returned.
Data released in the UK was mixed as a BRC report showed fairly positive retail sales whilst a housing report showed falling home sales.
There are several significant announcements taking place in the US today including Trade Balance at 13.30 GMT. In the UK, the ILO Uenemployment Rate at 09.30 GMT will be of particular significance.
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