The euro made an initial 50 pip rebound to 1.0863 but gave up its gains to 1.0825 and held steady. The british pound gains 91 pips to 1.4306 from 1.4215 despite the weak UK retail sales yesterday fueld by the rebound in the equity markets from the ECB President Mario Draghi's statement yesterday inidcating that he may bolser economic support as soon as March. FTSE is 2.18%, DAX is 1.82% and Nikkei 5.88%. Brent Crude oil rebounds to $31.07 from $29.50/barrel. Bank of Japan is looking to increase their stimulus measures and thus weakens the yen to the 118.25 level from 117.50. China said it will continue to intervene in the equity markets to support investors and to calm the markets while China's Vice President Li Yuanchao siad they have no intention of further devaluation of the yuan.