Accepted invitation to this week’s summit in mid-January. EUR/USD under pressure in wake of comments hitting wire, presently down at 1.3700. Kinda dampens speculation that a plan to save Greece is to be hatched at Thursdays meeting.

Earlier was hearing talk of buy orders lined up down at 1.3695 to 1.3680.

Some talk BIS has been in buying EUR/USD in recent trade. We’re presently at 1.3715.  Take it for what you will. Not fully convinced meself, but there we have it.

FSA has no immediate comment on report that CEO Sants has quit.

EDIT: FSA CONFIRMS SANTS TO STEP DOWN IN SUMMER OF 2010.

Cable sits at 1.5575, halfway through aforementioned 65/85 buy orders. 

EUR/GBP up on the day, presently at .8810 from early .8775.  If I remember rightly good old Barclays Capital yesterday had an .8830  target for EUR/GBP.  Not far to go now peeps.

The European Investment Bank cannot take part in bailouts designed to help EU members weather budget deficit or balance of payments problems, the bank said in a statement today.

There had been speculation that the EIB, which is owned by EU governments, could be used in some way to help Greece tackle its debt and budgetary problems.

• Portuguese/German 10-year government bond yield spread tightens to 156 bps from 167 bps at Monday’s settlement
• Spanish/German 10-year government bond yield spread tightens to 94 bps from 101 bps at Monday’s settlement.

EUR/USD back up at 1.3740.  To say the market was skittish this morning would be an understatement.

While the rest of the majors play silly buggers USD/JPY has edged serenely higher in orderly fashion. We’re presently at 89.70 from an early 89.35.

Talk now has sell orders up at 89.90/00, stops through 90.10. On the downside, buy orders tipped at 89.00/20, stops just below there, with more buy orders at 88.75 down to 88.50.

Cable has come under heavy pressure, presently back down at 1.5585.  I can’t see any new news, although i could be missing something. Maybe someone influential has put out a sell recommendation. Anyways, talk buy orders now lined up at 1.5585 down through 1.5565.

Around the 1.3740 level. Been as high as 1.3744, presently at 1.3725.

AUD/USD has enjoyed a decent rally amid talk of Asian sovereign buying, presently up at .8720 from an early .8680.  Sell orders now tipped at .8725/30.

EUR/USD is trading firmer this morning, up at 1.3710 from a North American close Monday around 1.3660.

News Trichet leaving central bankers meeting in Sydney day early to attend EU leaders meeting has the market in a bit of a tizzy, heightening speculation that a Greek rescue plan could be in the offing. Weekend media reports had EU President Herman van Rompuy “quietly hatching a plan” so this speculation is no surprise.

Euro zone data due today:

07:00 GMT: German trade balance for December expected 15.0 bln; current account 19.1 bln

07:00 GMT: German CPI for January (final) expected -0.6% m/m, +0.8% y/y

European stocks expected to open lower this morning.

Stops seen through 1.3720 and 1.3760.

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