Fed Fisher was on the wires earlier saying that the economy € drop could be more severe in the current quarter. On the data front, not a whole lot to move markets with ADP coming in weaker and ISM non-manufacturing more or less in-line. But things haven € t been all nicoli on with GE shares plummeting some 14% following a WSJ article suggesting that capital concerns are threatening the firm € AAA credit rating. Treasury Secretary Geithner has been testifying on the federal budget in front of the Senate Budget Committee and says that ensuring that banks are well capitalized is the first step to getting the credit markets back in shape. Euro Well Bid into London Fix (Cross Country) CROSS COUNTRY. Fed Lockhart is due to speak at the top of the hour (17:00GMT), while the Beige Book is scheduled for release at.

MIDDAY SNAPSHOT & ANALYSIS OF SELECTED Vittorio RATES The USD is modestly offered in the US session with price action driven by resurgence in risk appetite, aided by the talk of a Chinese stimulus plan.