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Fundys - Sterling has been the standout in the overnight session with the single currency getting hit hard and descending below the previous weekly lows at 1.3960 into the 1.3800's thus far. A combination of Llyods and Barclays troubles, downbeat BoE Bean comments and a gloomy BCC outlook for the UK economy have all been attributed to the relative weakness, with the lack of any significant event risk on the broader calendar helping to accelerate the declines. Many officials have been on the wires overnight with SNB Kohli saying that the Swiss economy is not immune from the global deterioration, while Japan PM Aso has said that the government will not intervene in the stock market. In the Eurozone, ECB Stark and Bini-Smaghi continued with their hawkish tone after questioning the effectiveness of lower interest rates as a tool to solve the financial crisis. In contrast, ECB Liikkanen and Gonzalez-Paramo still see room for lower rates. On the data front, the Sentix came in weaker than expected while also showing the first drop in the future expectations componen t since December of 2008. Finally, Warren Buffett has been talking with CNBC this morning, saying that the economy has “fallen off a cliff.” Buffett does offer some longer-term optimism saying that the economy will be running fine in 5 years time. Global equities are markedly lower on the day while the US stock market points to a much lower open. Looking ahead to the North American calendar, the only scheduled event risk comes in the form of Canada housing starts (148.5k expected) due at 12:15GMT.
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