Euro graduated month with the best result among the most popular currencies in the forex market, is close to the winner was Swedish krona. We've talked the past few weeks about the factors that lie behind such a movement. They include a mix of mood changes in monetary policy (Trichet, last month was more stringent with regard to monetary policy), improved in the assessment of sovereign risk, as well as pure positioning that was broken, and followed by a powerful closing short positions with the level of 1.28. Most last factor, which has been supporting - the dynamics of emerging markets, both in terms of currencies and assets. This movement was supported by the recent events in Tunisia and even in Egypt, the instability which has affected the expansion (albeit illiquid) spreads on CDS in neighboring Middle Eastern countries. After the unexpectedly strong data on CPI, published on Monday, the tone of the ECB and the Bank respond late to these events can provide a basis for the behavior of the euro in February. At this stage, there are modest expectations that the ECB and the Bank of England will raise rates before the Fed, which will ensure the rise of their currencies. Cable yesterday overcame the 1.60 level (adding about two pieces per day), probably due to the flow of funds at the end of the month and positioning. 
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