While the Pound made a fresh lower low overnight, the market has rejected the initial plunge on the charts. Reports of a 9.3% rise in UK new cars sales and better than expected Christmas sales at a well-known UK retailer should increase the prospect of a near term low in the Pound. If we were going to pick a bottom in a nondollar currency, it would be the Pound especially if the Pound actually manages to benefit from somewhat favorable US data and Fed dialogue later today.
