Rise up, rise up, and so we meet again... The UK earthquake seemingly hit the greenback and not the Kingdom as all investors are dumping the Federal currency heading to all other sources, even the weakest of them all is gaining ground while fresh record low for the dollar are constantly on the break for lower, even commodities as the black gold struck $102!!!

The single European currency is still the talk of the hour as in hit a further higher fresh high in the European session at $1.5087, expectations for the breach of the $1.50 psychological barrier was expected to be a much harder mission, yet with clear indications of a bearish dollar providing the euro with all the needed momentum to hold through against all tides. The targets are now clear at 1.5098 to open the way all to 1.52 for the euro, while now momentum indicators are giving overbought signals the euro is to undergo a quick correction to gather adequate momentum to head back to its set upside targets.

The pound also took the advantage of a battered dollar to attempt rising up once more to the $2.0 levels; while in the European session the pound was hammered against the yen especially as rumors were roaming of huge Russian selling on the pair around talk of a troubled UK clearer while the BoE dismissed rising talk of an emergency liquid fund and as well an emergency MPC meeting; while the GDP being unrevised as expected gave back a slight boost as market expected growth to be despite that revised lower. The pound is now heading lower to gather suitable momentum after it failed to break through the 1.9970s where it set its intraday high which if breach will open the way ahead to the $2 area, the pound is back to its early opening lows trading near 1.9850s.

The Japanese yen and despite the strength of majors that they acquired against the dollar we say the yen reclaim its losses taking the dollar down to as low as 106.20s, while against the euro it gained as the Euro didn't take the pair higher to yesterday's seen highs at 161.30s, reaching as low as 159.80s areas were provide medium demand of the euro. Against the pound the gains were stronger as we mentioned above heavy selling seen on the pair especially as it couldn't break through 213.20s to reach as low as 211.05 which also offers strong demand on the pair.

The day is still fresh and the US session has a lot in store for us from housing to federal testimony, so now comes consolidation ahead of further recession confirmations in the upcoming session.