Continuing EUR weakness was the dominant theme in overnight trading, the single currency losing out to the USD, GBP and JPY. Losses against the JPY came despite a 257 point fall in the Nikkei. The USD made little upside progress despite weakness elsewhere as US equities closed on a soft note. --EUR/USD hit a 5-day low of 0.9435 on selling from US investment banks and IMM related fund managers which took out stops at 0.9460. --EUR/JPY slid to a 5-day low of 109.22 on position squaring. The move came despite a 257 point fall in the Nikkei. Also, comments from the MOF's Kuroda, who again called the strengthening of the EUR "a good thing," and that it should keep strengthening against the USD and JPY, had little impact. Kuroda added that he is confident Japan can reach its 1.7% GDP growth target in fiscal 2001-2. Euro zone economic data released on Tuesday includes October retail trade figures plus corrected Nov PPI data. German December unemployment data, due for release today, was reported by the Bild Zeitung to have risen an unadjusted 163,700, with the unemployment rate up at 9.3% from 8.9% in November. --EUR/GBP drifted to a low around 0.6310, the GBP continuing to find support from Lafarge's purchase of Blue Circle. Cable, which dipped to an early US low around 1.4930, consolidated around the 1.4950 figure. --USD/JPY hit a low of 115.60 in early Asian trading, and was only able to pull back to the 116.10 region, despite Nikkei weakness and Kuroda's comments. --USD/CHF pushed to a 4-day high of 1.6135. Former vice chairman of the US Fed, Alice Rivlin, said the Fed will "almost certainly" cut rates again at it Jan 30-31 FOMC The economists of Ford, Chrysler and General Motors forecast slowing sales in 20001, but said they do not expect a US recession.