Presently at 1.6293. Technical support 1.6280. Talk of buy orders down at 1.6280/85, stops through 1.6275.

Alistair Darling has told Scotland’s Daily Recorder “The recovery this year will be very moderate. It will need a lot of support.”

Regarding the budget deficit Darling says “When I said the spending decision would be the toughest for 20 years, I meant it. We’ve got to get our borrowing down.”

Somewhat optimistically he goes on to say “I think you can get the borrowing down in a way that doesn’t damage the economy.”

Quess he can say what he wants really, it’s not as though it’ll be his problem come the second half of the year.