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· EUR/USD has fallen dramatically since Friday reaching lows of 1.3495 as talk a Greek default is set to happen means investors are stepping away from riskier assets.
· German press reports over the weekend suggest that the German Economics Minister was looking at contingency plans to protect domestic banks should there be a Greek default.
· US dollar makes gains against most currencies apart from the Japanese Yen, usual Swiss franc buyers have to find alternatives as the invention continues to keep the CHF weaker.
· ECB member Jurgen Stark announces his resignation late on Friday with the reason believed to be a fundamental disagreement over the decision to recommence asset buying.
· Greek PM, George Papandreou in a speech over the weekend highlighted his determination to try and avoid a default and pledged his commitment to the euro.
· German Consumer Price Index rises to 2.4% against expectations of 2.3%.


· Friday saw one of the most volatile days trading GBPEUR for a nearly two years, after rekindled fear of Eurozone debt the pound hammered the euro reaching a 3 ½ month with further gains made this morning during the Asian session reaching €1.1724.
· Sterling continued to weaken against the dollar falling to a session low of $1.5844 as the renewed fears sent investors running for the safe havens.
· Producer price index output rises to 6.1% against expectations of 5.9% but is largely overshadowed by the euro problems.

Current Spot Rates (9.00am)
GBP 1.5811 1.1635 1.5330 1.5813 1.4037 8.6645 8.7999 12.3370 10.43 11.59 121.494
USD 1.3593 0.9696 1.0001 0.8878 5.4800 5.5657 7.80 6.59 7.33 76.841
EUR 0.7359 1.3176 1.3591 1.2064 7.4469 7.5633 10.60 8.96 9.96 104.421

Key Support and Resistance Levels
Support Resistance
GBPUSD 1.5670 1.5756 1.5818 1.5966 1.6052 1.6114
GBPEUR 1.1344 1.1404 1.1513 1.1682 1.1742 1.1851
EURUSD 1.3229 1.3428 1.3539 1.3849 1.4048 1.4159

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