The fact that Eur/Usd and Cable couldn’t hold on to their data inspired gains will be a worry to longs and may inspire a deeper pull back. Eur/Usd trades just below 1.44 with 1.4350 bids. With Cable now down at 1.6900. Usd/Jpy is looking very perky buffering up against offers into 95.40. Elsewhere the reflation trade is performing better with S&P Futures only a couple of points away from 1000 and Bond futures selling off sharply. Gold has also gathered support from the risk on sentiment hitting an eight week highat $964.