Today both the Euro and the Pound are rebounding off recent lows on rising hopes for a resolution to the ongoing Greek saga.

ECB president Trichet has reportedly changed his views on an IMF led bailout from stating that such a plan was ‘inappropriate’ to being ‘extraordinarily happy’ with the way things are going.

There are still questions marks over what the IMF solution means for the long term prospects for the European single currency. At the very least there could be some form of resolution tomorrow.

The two day EU economic summit concludes today.

The Japanese yen is also rebounding against the US Dollar on speculation that Japanese firms are using current levels to hedge their forex exposure by buying yen at these low levels.

Coming Up Today

We have US final GDP figures and a number of speeches from US and European central bankers from 15.30 to 20.00.