[iForex]

EUR/USD
The euro fell by one percent against the dollar today, dented by data showing a record contraction in the euro zone economy and as European stocks turned lower. Figures showed euro zone gross domestic product fell by 1.6 percent in the fourth quarter, the deepest ever quarterly fall and more than the 1.5 percent decline reported previously.

GBP/USD
Sterling slipped on Tuesday, retreating from a two month high versus the dollar as a stumble in global shares signaled a dip in the appetite for risk seen in recent days, while traders awaited UK data. The UK currency hit a session low against the dollar early in the global session as Asian equities faltered, but the pound trimmed some losses after British share prices rose 0.5 percent in early trade.

USD/CHF
The Swiss franc gained ground against the dollar and the euro on Tuesday as some mild risk aversion crept into the markets after one US analysts sell recommendations on a number of large banks weakened confidence. The franc rose 0.24 percent against the euro compared to the New York close.

AUD/USD
The Australian dollar bounced on Tuesday after the central bank surprised markets by trimming interest rates by just 25 basis points, leading investors to bet the room for further easing was running out. The Reserve Bank of Australia cut its key cash rate to a record low of 3 percent at its monthly policy meeting on Tuesday, saying it saw scope for a further modest adjustment to rates.

USD/MXN
Mexican stocks fell on Monday and the peso slipped as US markets sold off on fresh concerns about US banks and after a potential merger between IBM Corp and Sun Microsystems collapsed. The IPC stock index closed down 0.6 percent. Mexico's peso has rebounded nearly 14 percent from a 16 year low hit on March 9, supported by news last week that Mexico secured a potential credit line from the IMF.

USD/JPY
The dollar and yen rose on Tuesday as equity markets took a sharp turn lower, fuelled by concerns about the banking sector that wiped out recent optimism over the global economy. The yen rebounded broadly and sharply, as short term market players unwound yen crosses.

USD/BRL
Brazil's currency weakened and stocks fell on Monday as investors took profits after a four day rally last week pushed shares to a six month high. A decline on Wall Street added to the downward pressure. The Bovespa index of the Sao Paulo stock exchange dropped 0.5 percent.

USD/CAD

The Loonie was pressured lower by lower crude oil and gold prices as well as soft commodities taking a major hit with the CRB Index dropping nearly 2 percent along with the Baltic Dry Index hitting a 2 month low. The drop in Canadian building permits & IVEY PMI will generate fear about deepening recession in Canada which is likely to increase pressure on the BOC to adopt quantitative easing.

USD/KRW
The South Korean won fell 0.6 percent against the dollar on Tuesday as revived worries about the US banking sector caused investors to step back from riskier assets. The won, cut much of its earlier losses as a market source said South Korea might raise $2 billion via a sale of five and 10 year denominated notes. The local currency also found further relief from exporters and from the country's plans to extend a deadline for a government guarantee on foreign exchange borrowings to further improve the foreign currency liquidity situation in the financial sector.

USD/CNY
The yuan fell slightly against the dollar on Tuesday as a rise in the US Dollar Index in Asian and early European trade offset positive signs for a Chinese economic recovery.

USD/INR
India's industrial output is forecast to have contracted in February by 1 percent from a year earlier, a fourth fall in five months as the global downturn and waning domestic demand sees factories cut production. Economists expect output to remain subdued despite a series of stimulus measures, and it could be months before a revival is visible.