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.