January was notable for the divergence we were seeing in FX, even beyond the headline grabbing CHF. So far this month, there has also been plenty of action, in part thanks to the rate cut from the RBA seen yesterday, together with the ever present gyrations around the situation in Greece. The dollar has been in retreat for most of the month, most notably against the commodity currencies which have been buoyed by the firmer oil price (Aussie aside). Sterling has also received some support from the modestly firmer Services PMI data for January. US ADP data at 13:15 GMT today will be of modest interest later today ahead of the US employment report Friday. The dollar has seen seven consecutive monthly gains on the dollar index, a run un-precedented since the early 1970s, so whilst this does not mean that Feb will see the dollar under pressure, there is certainly an underlying downward pressure, as has been seen most notably on EURUSD, up to 1.15 from the post-Greece election low of 1.1098.