• New Greek government to be sworn in at 1400GMT, not 1200 GMT as previously announced.
  • EU Spurns China conditions for providing funds to ease debt crisis
  • German CDU Gen Sec Groehe: Backs motion to allow euro-member exit
  • Mario Monti still frontrunner to take over as Italy’s new PM
  • China’s Pres Hu: US shouldn’t politicise economic issues
  • ECB’s Nowotny: Italy suffering from a confidence crisis
  • Portugal Oct CPI +1.1%m/m, +4.2% y/y (vs 3.6 in Sep)
  • IMF’s Lagarde: Discussed Japan’s economic situation with Shozaburo Jimi in Tokyo
  • UK PPI: Oct producer output prices unchanged m/m, +5.7% y/y(exp +5.9%)
  • Germany’s Vice chancellor Roesler: Rejects ECB as lender of last resort
  • Swedish unemployment 8.2% in October
  • Japan Fin Min Azumi: unable to forge intervention interest with other countries

All eyes on the Italian Vote and details of the Greek coalition Government with little on the data front today and NY partially closed for Veterans Day

EUR/USD sat around 1.3615 and headed up to 1.3649 before being sold off to 1. 3603 on some fixing selling interest at 0800GMT.

Macro fund buying with reports of Middle Eastern interest as well, took the euro higher to 1.3669 amid talk of ECB bond buying. Real money offers put a lid on the run ahead of buy stops now sitting around 1.3680, and EUR later drifted back to 1.3630

Heavy buying from leveraged and model names in EUR/GBP helped the EUR/USD spike higher as stops were taken out in the cross through 0.8560 to 0.8587 after posting early lows of 0.8546. Large offers are now sitting up from 0.8585 up to 0.8600.

GBP/USD was left behind as EUR/GBP surged higher trading a narrow 1.5896-5946 ,range the lows seen after weaker Oct PPI data (see above)

AUD/USD fell behind the euro rally as EUR/AUD continued a strong weekly run higher of over 200 pips with the cross hitting week highs of 1.3466.

AUD/USD finally picked up on real money buying taking out Asian highs of 1.0164 but stalling at 1.0177 into Asian sovereign offers.

USD/JPY moved lower as the market tested bids under 77.50 which are reportedly semi-official. Sell stops were hit on a fall through 77.50 but the move has so far stopped at 77.32, although bounces are virtually non existant. Large stops are waiting on break of 77.00. Offers are now sitting 77.55/60

EUR/CHF ground out small gains to 1.2370 from 1.2327 session lows.

Dec Nymex crude traded 97.46-98.51 with spot Gold tightly ranging 1761-1770

European stocks have been fairly steady in the black for most of the session – STOXX up around 1%, FTSE +0.6%, CAC +0.7%, DAX +0.9%, FTSE MIB +1.1%