Financial markets are still quiet to some degree, low volume dominated today's early trading, yet as the BOE showed in their Minutes that they voted unanimously to cutting rates by a quarter basis point the Pound dropped heavily, meanwhile the ECB's Chairman Mr. Trichet didn't bring anything new, stressing once again upside risks to inflation and downside risks to growth and that the Uncertainties in the outlook remains unchanged, this pushed investors to reduce their carry trades providing the Yen with some strength to incline against majors.

The Euro is till being traded within narrow ranges as it recorded a high of 1.4422 earlier today and declined afterwards to set a low of 1.4373 settling now around the 1.4390s.

The Pound on the other hand declined heavily against the U.S Dollar as the Minutes showed the bank discussed cutting rates by 50 basis points but decided not to implement such a cut because of its expected aftermath on already rising inflation.

Meanwhile the Yen gained some strength to rise against majors as investors reduced their Carry Trades, the USD/JPY pair recorded a high of 113.40 and declined after that to set a low of 112.75.