There has been little change in the levels of the majors overnight, with the USD generally very marginally easier. EUR/USD sits at 1.2850 compared to a European close Monday around 1.2810, while cable is up at 1.4235 from around 1.4220. Overnight the RBA duly cut rates an expected 100 bps while the Australian government announced the details of a A$ 42 bln fiscal stimulus package. Elsewhere the BOJ announced it will start buying upto JPY 1 tln worth of shares from financial institutions in a bid to shore up the institutions’ capital bases in order to help ratchet up lending. In Europe today not too much in the way of economic data releases. At 9:30 GMT we have UK PMI construction for January with the median forecast calling for a 29.0 read. Then at 10:00 GMT we have the release of euro-zone PPI for December, expected to have contracted -1.2% month on month.