GBP continues to steadily weaken this morning relative to both USD and EUR after Bank of England Governor Carney continued to dampen speculation of an imminent UK interest rate increase indicating that there is still significant slack in the system. Softer than expected industrial production results helped to support that position. Stabilization has been the main theme of trading overnight particularly in markets sensitive to China after the PBOC continued to signal crisis conditions have passed by removing more emergency liquidity. Copper, the Hang Seng and Australian stocks all leveled off on the news while AUD and NZD rebounded. European indices are mixed today while US indices are heading toward a slightly lower open indicating that traders continue to digest all the economic numbers that have come out over the last week and await new catalysts. There is another flurry of numbers due between Wednesday evening and Friday morning including retail sales for the US and China plus Australia employment that could kick things into gear again. Gold has climbed back above $1,350 today and Brent crude is trading slightly higher suggesting that political risk fears continue to bubble away in the background ahead of Sunday’s referendum in Crimea. Economic News Economic reports released overnight and this morning include: Japan monetary policy decision no changes to interest rates or QE as expected The Peoples Bank of China drained another CNY 100 billion of emergency liquidity from its financial system as it continues to stabilize. NZ house prices 2.1% vs previous (2.4%) NZ house sales (7.6%) vs previous (4.3%) Australia business confidence 7 vs previous 8 Australia business conditions 0 vs previous 4 India trade balance ($8.1B) vs previous ($9.9B) India exports (3.7%) vs previous 3.8% India imports (17.1%) vs previous (18.0%) UK same store sales (1.0%) vs street 1.8% and previous 3.9% UK industrial production 2.9% vs street 3.0% UK manufacturing production 3.3% as expected Germany trade balance €15.0B as expected Italy GDP (0.9%) vs street (0.8%) Greece GDP (2.3%) vs street (2.6%) Brazil industrial production (2.4%) vs street (3.4%) Economic reports due later today include: 10:00 am EDT US wholesale sales street 0.2% vs previous 0.5% 3:00 pm GMT UK GDP estimate street 0.8% There are no major announcements scheduled for North America later today.