Asian markets rebounded and German Aug IFO indices were stronger than expected across the board; sentiment rose to 90.5 from prev 87.3, current conditions at 86.1 from 84.3, expectations to 95 from 90.4. But markets remain sceptical of the IFOs usual pattern of showing sharp gains in the expectations front rather than in the current conditions front. Strong German data have recently proven positive for oil prices from a potential demand argument, thus we could see an extended rebound in crude after the more than $3.00 decline to $71.34. GBP and CAD remain pressured across the board, w/ cable nearing the $1.6275-80 trend line, a break of which likely to reach $1.6040. USDCAD breaks above 1.00 and previous trend line, eyeing 1.0960. US July durable goods & new home sales due today. FX markets suffering from a case of exhaustion as far as reacting to good economic news, which partly reflects scepticism w/ the data. Last weeks release of the jump in US July existing home sales was largely propped by homes of less than $250K. Ashraf is on holiday so updates frequency is less than usual.