The US dollar rose pretty much across the board after a record low reading of Chinese growth and weak eurozone industrial production rekindled risk aversion across financial markets. Meanwhile, data from the euro zone showed industrial production plummeting to a record low of 18.4 per cent year on year. Next to these bleak industrial production numbers was the record low consumer inflation data, which highlighted the 16-member bloc's unrelenting economic downturn.

Sterling

Sterling fell across the board in early trading following a sharp drop in retail sales and also as a consequence of reduced appetite for risk in the wake of poor Chinese GDP figures. The pound did stage a rally later although it still ended the day lower against both the dollar and euro.

US dollar

The dollar rose across the board, but fell against the Japanese yen after mixed data still proved the US economy is still far from recovering from the recession. Weekly jobless claims did fall although the numbers still showed a very high unemployment rate in the US.

Euro

The euro fell to the lowest level this month against the yen on speculation policy disagreement among the region's central bankers will undermine efforts to haul the economy out of the recession. The broad declines in output and sharp drops in inflation have all but cemented expectations for further interest rate cuts and, as confirmed by recent European Central Bank commentary, non-standard policy easing measures from the central bank.

Japanese yen

The yen was the biggest winner and rose against a basket of major currencies as investors fled back into the safe haven Japanese currency after a plethora of weak economic data from around the world sparked risk aversion.