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The move away from risk evident in Asia started to reverse in early European hours. EUR/USD held above the USD1.4880 level and edged back above 1.4940 even though the soft tone in stocks followed through into early European hours. As EUR/USD turned higher so did the usual barometers of the risk trade such as EUR/JPY and AUD/USD. A run of good European data early in the session supported the mood. The German IFO index registered a stronger than expected 93.9 with strength being registered both in the current assessment and expectations indices. German Q3 GDP was confirmed at +0.7% q/q and UK Oct mortgage approvals data also rose. The only fly in the ointment was the inability of French Nov business confidence to rise above Oct's reading. Sterling has suffered a weak session despite the better data. The falls in cable, which have seen it testing the water below GBP/USD1.6500 this morning have been linked with a Telegraph press report which ponders the horrendous size of the budget imbalance in the UK and the difficulties that face which ever government is in power next year.
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