Currencies fairly steady over the last few sessions with the USD managing to hold its current levels despite some lack lustre October retail sales numbers and a benign inflation report issued yesterday. Sterling though has been sold fairly heavily across the board and recorded a four year low against the Euro after the Bank of England signalled in its quarterly inflation report yesterday that it would need to cut interest rates and predicted a worsening economic growth outlook. Wall Street failed to follow through on Tuesday's gains and recorded a loss on the day which in turn impacted on several of the high yielding currencies used for 'carry trade' purposes as market confidence remains guarded. Currency tensions are due to be discussed at this weekends G20 meet in S.Africa but no concerted action is expected. We retain our USD negative bias and patience will be rewarded.