USD - The consumer price index (CPI) fell by 1% last month, larger than expected. The headline annual CPI figure fell to 3.7%, from 4.9% last year. The record falls in consumer prices raise the possibility of deflation…

GBP - Apparently a 2% interest rate cut was on the table for a while, before the 1.5% cut was decided on last week - there’s more than likely additional cuts on the way, so GBP isn’t strengthening any time soon. Inflation has dropped for the first time in 15 months - but who’s worried about inflation any more?

JPY -  Strength in the yen and a market still messy due to the Lehman collapse has caused problems in long-term US interest rate derivatives. Poor liquidity still damaging positions.