Yesterday's trading session proved once again that markets are still fragile. Better than expected Consumer Confidence data did not improve investors' mood regarding recovery in the global economy. The Case Shiller index added to the negative sentiment, published Tuesday, it showed an increase in home prices, but was worse than forecasted.

The greenback rose sharply against all its major counterparts. The EUR/USD is currently trading at 1.3200, almost 200 pips down compared to Tuesday's opening. The GBP/USD is trading at 1.5268, also around 200 pips bearish compared with early trading on Tuesday.

Today's trading will continue to be influenced by the ranking downgrades, some currencies, hit yesterday, might rebound slightly while short positions are closed to take on profits. Yet European debt sentiment would continue to halt any major EUR up-trend, it seems that only a serious aid package would help lift the EUR. Today's FOMC statement and Federal Funds Rate decision, expected to remain at