Upbeat data from the retails sales yesterday from the United States helped investors regain their faith, while the Asian session got boosted by the Japanese growth; the Japanese economy grew by 3.7 percent in the forth quarter of 2007, expectations were for the economy to grow by 1.7% only.

The Japanese economy is the second largest economy in the world, market players expected the Japanese economy to slowdown heavily since it's very intertwined with the U.S economy which is expected to undergo recession, the data spared investors as they seized the opportunity to indulge in carry trades; where the borrow funds in low yielding currencies such as the Yen to invest in higher yielding assets.

The European economy probably grew by an annual 2.2% in the forth quarter of 2007 according to analysts' expectations; the Euro yesterday didn't manage to breach the $1.46 level, the Euro dropped at the start of today's Asian session to set the low for the day so far at 1.4548 but managed to incline afterwards to set a high of 1.4587 in somehow thin trading. The Pound on the other hand managed to incline yesterday above the $1.96 level yesterday and remained above it up till now, recording a high of 1.9692 as investors indulged in carry trades after recording a low of 1.9613 earlier today.

The U.S Dollar managed to gain against the Yen yesterday and breached the 108 level and remained within those levels since early today, the USD/JPY pair recorded a high of 108.36 and a low of 108.00, the Yen dropped against the Euro and the Pound as well, the EUR/JPY recorded a high of 157.97 and a low of 157.31, while the Pound gained heavily against the Yen; breaching major resistance levels at 210.40, 211.80, and 212. 60 respectively to set a high of 213.19 after starting today's upside wave from around the 211.80 level as it recorded a low of 211.89.