Risk Trades Rally Strongly Despite Weak UK and US Data

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G10 Advancers and Decliners vs USD

CHF
0.58

EUR
0.47

GBP
-0.17

JPY
-0.80

• UK industrial production (Jan) posted a dreadful -0.4% m/m (+0.3% expected, 0.5% prior)

• Germany CPI (Feb) was revised up to 0.4% m/m, +0.6% y/y (0.2/0.3 expected)

• UK Prime Minister Gordon Brown says currency imbalances holding back global growth.

• German Economy Minister reported to have said European Monetary Fund should only be for Eurozone states.

• Swiss officials decline to comment…

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