The yen continues to weaken, as it should, given the continued weak economic data coming from Tokyo.

The New Zealand dollar continues to be hampered by the recent swag of weak economic data. We suspect the currency will continue to come under pressure.

The New Zealand dollar continues to find friends. The less negative tone of the most recent economic data and a growing realization the Reserve Bank will probably not be easing in the near term have lent support.

Given the extremely weak data this morning, sterling has fallen quite sharply.

This is the kind of thing that happens with economic data. In any given month, you have random variations in price trends Those random changes tend to offset each other.

Europe now finds itself in that terribly uncomfortable position that no matter what the monetary authorities do regarding interest rates, it shall be detrimental to the currency.