After the market has been possessed by the rescue plans and the liquidity in the recent 2 years it's now focusing on the cost of these rescue plans which is accumulating in these countries debts. We have seen today UK posting its first net borrowing deficit moth since the beginning of 1993 which can bring its budget deficit ratio to GDP above 12% as the public sector has borrowed in Jan 4.3 B Stg while the market was waiting for covering 2.8 B Stg of this debt which affected negative on the British pound which looked in a better market appreciation of its situation and having trust in its gilts market than the other EU member which suffering consolidation in its debt despite shrinking by 4.7% in 2009 and growing by just .1% in the last quarter and from the other side of the Atlantic Obama is trying to impose taxes on the banks which had the rescue plans funds and the governmental underpinning in the crisis which is looking easing in US than Europe which is still suffering from its low levels of growth until now which pit pressure on the single currency and the British pound versus the greenback in the recent months.

The Greek debt is still containing the current market sentiment effecting negatively on the single currency which dipped below 1.36 by the end of last week on increased worries about the ability of Greek to meet the other members trust in its ability to sustain its debt at the current low levels of growth in the Euro zone bringing back its deficit to the growth ratio below 3% which is not looking coming soon at the current struggling growth rates which resulted from the credit crisis as even the ECB could not stop any of its accommodative easing actions worrying about the current nascent recovery until now which can put more pressure on the reforming plans in Greece from another side.

The Greek debt is still containing the current market sentiment by the EU Summit today. The forex market is moving by the news about this problem development and whether there is a joint help to rescue its deficit and illiquidity economic situation from the EU members or not and what the cost can be, if there is no bailing out plans depending on the Greek efforts for restabilizing its current deficit which is looking unsustainable and what the impact can be in each case on the single currency which is looking really hurt by this problem which threat other EU members like Spain and Portugal with no clear mechanism to the market for solving such economic situation inside the Euro zone which can effect negatively on the single currency back securities holding which is underpinning the current risk aversion sentiment effecting badly on the equities markets.

The US labor report came mixed again in January losing further 20K jobs out of the farming sector. The manufacturing sector could add 11k jobs in January to the non-farm payroll for the first time since the beginning of this recession which caused a losing of 8.42 M until now. The unemployment of January has fallen to 9.7% from 10% in December but the non-farm pay roll of December has been revised down to -150k from -85k in the first reading.

There was a mixed impact after the data on the greenback which could keep its gains again at the end of the week underpinned by uncovered loses in the equities markets.

The loses in the equities market have increased last Thursdays on worries about the Jobs market outlook and the debt which has increased in an excessive way recently in Europe after unconvincing comments from Trichet in his press conference in Frankfurt following the ECB decision to keep the interest rate unchanged at 1%.