Sterling strengthened against the US dollar yesterday morning as risk aversion dropped off a little following a rise in equity markets and optimism that the US housing initiative may help the global economy. However, the dollar recovered its losses overnight as falling share prices in Asia and nervousness about the Japanese economy caused a sharp decline in risk appetite. Continued speculation about the recession in Eastern Europe also drove investors to the safety of the US dollar.
The Consumer Price Index is released in the US at 13.30 GMT today, while British Retail Sales figures will be released at 09.30 GMT this morning.
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