Lloyd’s shares followed more ignominy yesterday as it had its debt downgraded by Moody’s as fear continues to swirl around the HBOS constituent part and how much money it has lost over the past 12 months.

President’s day nearly turned into resident’s day yesterday with FX crosses staying within predefined trading ranges with little volume traded. With a big data day today the same will not be said tomorrow.

We’ll have our CPI at 09.30 which should be below the 3% barrier for the first time since the mid-part of last year and will allow Mervyn King to abandon his quill for a couple of months or at least until CPI continues to break through 1% as the Quarterly Inflation Report.

Further analysis is of course always available at our video blog http://uk.youtube.com/user/WorldFirstJC

Please feel free to contact me (jeremy.cook@worldfirst.com) if you have any questions or thoughts regarding these updates or if you are interested in a particular event in the calendar. If you would like to discuss your foreign exchange requirements, please contact our: Corporate Foreign Exchange Team on 020 7801 9050 or our Private Client Currency Exchange Team on 020 7801 9080. Disclaimer: The above comments are only our views and should not be construed as advice. You should act using your own information and judgement. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. Any rates given are “interbank” i.e. for amounts of £5million and thus are not indicative of rates offered by World First for smaller amounts. E&OE. Definitions of jargon/market terms can be found in our Glossary of Foreign Exchange Terms.

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