GBP
The pound was beaten down again today on the manufacturing data we mentioned earlier, but also as the FSA came out requiring new, even stricter stress tests on banks than the last time around to ensure that their capital ratios could withstand another crisis.
JPY and US t-notes
A speed bump was thrown up in front of the JPY crosses today as the $21 billion US treasury auction of 10-year notes went off very well and thus saw yields easing lower after touching new 7-day highs. USDJPY tried at new highs above the 55-day moving average, but pulled back on the auction results (highest bid to cover ratio on record), so that resistance level is still in place.
