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EU’s Van Rompuy: Have to solve Greek problem for eurozone stability
That get’s my Friday NSS vote….
Some Yen levels to watch..
EUR/JPY: 100 day MA at 102.87. Sell stops down through 102.80 and 102.50. offers 103.25/35
USD/JPY: Offers 77.70/80 and 77.90/00. Bids 77.20/30 with sell stops down through 77.20 and 77.00
AUD/JPY bids 82.80/90 , likely but unconfirmed sell stops down through 82.80. Offers 83.80/90
German FinMin Schaeuble: Flexible on Portugal aid terms
Earlier he said:
- Greece missing debt targets, and plan leaves debt up to 136% of GDP
- troika demands oversight of Greek plans
- Wants Greek bank recapitalizations
EUR/USD heading towards the lows again with fund sales
Some bids noted down at 1.3235/40 ahead os sell stops through 1.3230.
We’re sitting at 1.3250 now
Portuguese Jan CPI +-0.5% m/m, +3.5% y/y
Average annual +3.6%
Germany’s Merkel: Allowing Greece to default would have “uncontrollable consequences”
She told fellow German MPs
Bundestag is to vote on the 2nd Greek aid package on Feb 27
Greece’s PM Papademos to hold cabinet meeting at 3pm Athens time
According to an office spokesman
UK Q4 construction output -0.5% q/q, +0.9% y/y
In line with expectations
UK Jan PPI +0.5% m/m, +4.1% (exp 3.7%) y/y
Annually the lowest since Nov 2010
Jan Core producer output prices +0.3% m/m, +2.4% (exp +2.3%) y/y, lowest since Feb 2010
Jan Input prices +0.5% m/m, +7% (exp 6.7) y/y, lowest ssince Nov 2009
EUR/AUD’s looking to break higher…
Been watching this cross closely this year and after Tuesday’s 1.2133 low it’s been all one way with a break up through 1.2400 this morning. Weak China trade data overnight,particularly the drop in Iron ore imports, is sucking the life out of AUD/USD today but there are solid bids down at 1.0650 apparently, and there was good corporate buying around the lows of 1.0679 earlier.
CTA’S and hedge funds have apparently been the main buyers of the cross, so worth keeping an eye out now for a break up through 1.2475/85, for a stronger move back up towards the 1.3100 area.
Market Talk
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Economics
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