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11/08/2008, 12h00
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Rebound on the single currency and the Sterling.
Euro extended its losses against USD this weekend touching as low as 1.4918 in Asian session. But the single currency rebound to high of 1.5083. EUR/USD is trading at around 1.5040 now.
The rebound in EUR/USD happened after ECB’s Liescher said that there is no room for complacency on interest rates and that the level of inflation in the Euro zone is worrying. He also said that the decision to keep rates at 4.25% was unanimous and he added that there has not been any commitment on future action. GBP also went up against USD touching session high of 1.9255 after unexpected fall in the UK PPI. The UK PPI input costs is down 0.6% against the 1.0% rise expected, this could be seen by some as easing in inflation pressure and that it may give BoE some incentive to cut rate.  
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