Market Brief

At least in regards to currencies, the G7 meeting in Rome was uneventful. The accompanying statement's section on currencies commended China for its fiscal measures and continued commitment for a more flexible exchange rate. Its interesting to note that no mention of the Gbp or Jpy was included.

Japanese GDP data released today as absolutely abysmal. GDP fell by - 3.3% q/q in Q4. The lowest Japanese reading since 1972 and weakest G10 in the current crisis.

On friday the US Congress finally passed the $787bn stimulus package dispite steep opposition from the Republicans. President Obama is expected to sign the bill Tuesday.

The US market will be closed today due to a public holiday.