Aside from the light data calendar, scant direction from equity markets saw most of the major currencies confined to recent ranges. GBP/ EUR and GBP/USD have traded within just over a half cent range over the last 24 hours. The Main event of note was the further downgrade of Anglo Irish Bank by Moody’s, which briefly hit the Euro. The effect was muted, however. Comments by ECB President Trichet that “We expect the recovery to proceed at a moderate pace, with a positive underlying momentum”, gave the EUR a push to a 5 month high against the Dollar, touching 1.3500 briefly. According to latest data, the speculative community now hold a net long EUR position for the first time this year. 
  
Today, for the UK we have revised Q2 GDP figures and business investment data, and in the US, aside from consumer confidence and manufacturing data, the Case-Shiller home price release will be keenly watched after last weeks housing data.

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