Greek haircut getting shorter
FinMin Venizelos says the net present value of the of the bond swap could exceed 70% while the nominal cut will remain 50%.
Some of the pressure on EUR/USD is easing as prices move back above the 1.3075/80 area below which selling intensified earlier. US equities are on the comeback trail with the S&P down only a point after falling more than 7 earlier in the day.

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American traders/robots are very lazy, as usual.
Hi Jamie:
I wonder what is your opinion on sterling, it looks very strong in recent trades?
It sure does. I have no particular view but given propensity for GBP to trade 1.52/.1.57 of late I’d hate to chase it higher up here only to see it slip back into the range. UK economy is sluggish and more QE is in the pipeline. Hard to get bullish, for me…