Greece’s deputy FinMin welcomes the S&P report which took Greece off ratings watch, affirming its BBB+ rating. The deputy expects similar moves from the other ratings agencies.

Also crossing the wires is news that the EU has delayed its hedge fund regulation decision, a victory for the hedge-fund heavy UK economy.

We need some mechanism which can intervene in the market, the Greek PM says.

The EU is kicking the can down the road, saying the Greek situation will be reviewed in mid-May. Proposals on tighter economic cooperation will be made in mid-April. Greece does not need financial assistance today, he says.

Greece has made a pretty convincing case that despite austerity it cannot service its debt at rates 300 bp higher than the European benchmark. The EU seems not to care…

EUR/USD is sick of the whole EU/Greek situation and trades at 1.3715. Sellers are eyed toward 1.3730.

EUR/USD sits at 1.3695, marginally firmer from a North American close Monday up around 1.3670 with Asian trade confined to a narrow 1.3660-1.3699 range.  Seems the market is becoming a little immune to the ongoing twists and turns surrounding a possible support package for Greece.  Comment made by European Commission’s Juncker that loan guarantees will not be part of a Greek aid package seems to have been largely ignored, at least so far.

Euro zone data due today:

07:00 GMT: EU 25 new car registrations for February

07:45 GMT: French CPI for February expected +0.3% m /m, +1.1% y/y

09:00 GMT: Italian CPI for February expected +0.1% m/m, +1.2% y/y

10:00 GMT: Euro zone CPI for February expected +0.3% m/m, +0.9% y/y, core +0.8% y/y

10:00 GMT: German ZEW survey for March, economic sentiment expected 43.5 from previous 45.1

10:00 GMT: Euro zone ZEW survey for March, economic sentiment expected 38.5 from previous 40.2

That is news. The assumption all along was that the default position was debt guarantees but no cash. This comments calls all that into question.

It will be much more difficult to get a deal in which actual cash changes hands.

If true, I’m much more doubtful of any deal being done for Greece…

The EUR may not slide in Asia, but I’m pretty sure it will by the time the US returns tomorrow morning…

The themes for this Asian trading session are well worn ones; what will the EU do about the Greek situation, have Japanese corporates more JPY repatriations to do before the month is out, and why is China using stronger language in it’s financial dealings with the US? We won’t get an answer to any of these questions but news on any of these topics will cause some market movement.

Good luck today.

• Ready to make concrete proposals for coordinated action of Greek aid-Rehn
• Juncker: Final decision on Greek aid to be taken by EU leaders
• Some technical points need to be discussed further but don’t merit public discussion: Juncker
• No need for aid as austerity measures are convincing: Juncker

These guys are a clown show without the laughs…

• Clarified technical aspects of action in Greece if needed
• Fully support Greece, yada, yada
• Greece did not ask for financial aid
• Growth in Eurozone remains fragile

• Austrian FinMin: No decision today on Greek aid in any form
• No discussion of possible sums of aid
• Greece has still not asked for aid
• Eurogroup ready to act if needed

European water torture continues as the Eurogroup fails to come up with a Greek backstop by their mid0March deadline. At some point, the market is going to test their resolve and give the euro a good bashing…We sit now at 1.3678.

• UK budget medium=term budget cuts “lack ambition”, EU says in a draft report
• Government economic growth forecast may be too optimistic
• Uncertainties over the banking sector cloud outlook

The report is set to be released Wednesday of this week but was “acquired” by Reuters.

No reaction from cable, which consolidates in at 1.5020/50 range.

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