Overnight we have seen the Reserve Bank of Australia keep interest rates unchanged at 4.7% comments from the decision where the global economy continues to expand and that the current policy is appropriate. This saw some support for the US dollar early on Aud/$ off 80 points early on.
The UK saw the release of the British Retail Consortium monthly figures which fell by 0.3% y/y in may. This figure is a more actuate measure of the very depressed retail environment in the UK has the timing of Easter lead to an ambiguous figure for April. Sterling fell to a one-month low against the euro after this weak UK data and contributed to the view that interest rates would remain on hold for the foreseeable future, contrasting with hawkish euro zone rate hike expectations.

The pound did however move higher versus a broadly weaker dollar, which continues to be undermined by last week's soft U.S. labor report and also this morning report by a Chinese FX official warned of risks in holding excessive amounts of U.S. dollar assets.

We have heard through the wires that there is a cluster of options that expire today and should keep cable between 1.64 – 1.6650. range currently trading at 1.6416 while EURGBP is up at 0.8925

Yesterdays comments from Dallas FED member Richard Fisher gave the US a little support as he said he don’t believe the US will enter a double dip recession and expect economic growth to accelerate in the second half and expect inflation to be tempered However the, The Dow and the S&P have begun the month with four straight losing sessions, the first time we have seen this trend streaks since October of 1976.

Among today's economic reports: the Labor Department has its "JOLTS" report for April at 10am ET - short for "Job Opening and Labor Turnover Survey".
The government is also out with April consumer credit at 3pm ET, with economists foreseeing an increase of $5.3 billion for the month following a $6 billion jump in March.

Fed chairman Ben Bernanke will speak to an International Monetary Conference in Atlanta at 3:45pm ET, that will obviously harvest a great deal of market attention.

Atlanta Fed President Dennis Lockhart also has a speaking engagement today, as he addresses the Charlotte Economics Club in Charlotte, NC at 12:30pm ET.
 
Gold steadied earlier on after rising to its strongest in more than a month in the previous session as fears about a slowing U.S. economy prompted purchases from investors seeking an alternative investment kicked in trading at 1545 and silver at 37.23