(09/01/2008 8:00GMT) Trading today is led by the European session as Germany head the way releasing weak retail sales matching yesterday's surprising low figures released for the euro nation.

The final 3rd quarter GDP is expected to be unrevised today which will not affect the euro's movement much. The Euro is strengthening since the early Asian session rising in tight ranges recording until now a high of 1.4742 and a low of 1.4703.

The royal currency seems to have regained back some of its lost mogo lately as its volume is healthier now than before. As expectations are for steady rates tomorrow the pound now has the potential to consolidate in its levels against the sliding dollar. The pound started the Asian session rising to set the high at 1.9762 then falling back shedding its gains to set as low as 1.9683.

The Japanese yen is weakening once more by Carry Trades as investors as leaping back to invest in higher return bearing the risk of currency fluctuations, as they bet on rate differentials as the return on the Yen is 0.5% and no signs of it rising any soon. The pair is leading an upside trend for the day rising from the lowest set at 108.97 gradually to the top of the Asian morning wave at 109.70 where currently the pair is trading close around 109.50s.