Majors continued their losing streak against greenback in the American session, as the rising inflation in the US in January was rather disappointing to market players as they still need to see further excessive easing by the feds and higher headline figures might just stall that maneuvering.

The euro touched a fresh low in the American session at 1.4614 rising back from there to currently trade near 1.4655 trading above the strong levels at 1.4630 which offer acceptable demand on the pair.

UK's sterling meanwhile slid to the 1.9360s where it couldn't continue the downside path bouncing slightly back yet still trading slightly below 1.94s; while against the yen the pound is consolidating in narrow low level ranges ranging 209.30s.

The Japanese yen gained against the dollar as we see some slight unwinding of carry trades as the outlook for the US to go into recession and even stagnate at this rate is possible especially that no hope was seen from the housing data which in role might lead to further subprime losses which was roaming the market since early hours today; the pair set its highest for the day at 108.23 retreating from there to trade now around 107.40s.