By Dean Popplewell

We are getting there ever so slowly, it will be done and that’s the early 1.21 trading handle of the single currency objective set out at the beginning of the week. The Eurogroup, Ecofin and Fed efforts are coming to naught while the risk aversion trend continues to pull the strings. Overnight action was again peppered with the release of more negativity especially across the Asian region. The highly anticipated Fed minutes yesterday could not hold the line. Their lack of action or perception has only allowed the risk trading noose to tighten. The minutes confirmed that the Fed has little appetite to enter another round of full balance sheet expanding QE anytime soon, and this despite the recent loss of momentum in the pace of US recovery.

Worries about a global slowdown are mounting ahead of tonight's Chinese growth data. This and the Fed’s unwillingness to