RICS data showed the biggest drop in UK home sales since 1978.
The Nikkei reported that Russian banks are looking to restructure up to $400 billion of foreign debt.
Australian business confidence sank to a new low.
The US stimulus package is expected to pass tomorrow. Leaks on the bank bailout plan suggest that the ‘bad bank’ option has been removed.
Axel Weber of the ECB was reported as saying that policy makers must continue to cut rates to counter the severe economic downturn and they should not woory overly about the long term monetary implications.
EUR/USD opened in Asia around 1.3000 and has fallen very hard at times, posting a low for the session at 1.2811 so far. USD/JPY has seen a 91.01/65 range and EUR/JPY 116.65/119.05. Cable has traded between 1.4771 and 1.4914 and EUR/GBP between .8636/.8746. AUD/USD has had a .6677/.6798 range and USD/CHF 1.1637/1.1780.
