The British Pound is trading a figure below its opening, now at 1.9655, as news spread that a mortgage lender in the UK will issue a profit warning. The Bank of England continues to express concern over inflation and the credit markets. Investors will be looking for the summary of the BOE’s meeting this Thursday for indications of any further concerns.

The Euro remains steady at 1.5535 against the US Dollar as Fed commentary points that rate cuts are on hold, for now. Central bank meetings this week will reveal inflation views and commentary on the spectacular rise in oil prices.

Swiss GDP figures were announced, showing a drop in growth to 0.3% q/q (versus 0.9% previous revised). This numbers shows a moderate slowing of the Swiss economy but projections for the remainder of the year are very favorable.