- German January prelim retai sales -1.6% m/m, demonstrably weaker than median forecast of +0.5%
- Spain’s February jobless rises 2.4% m/m (ughh), by 112,269 to 4.7 million – Labour Ministry
- Merkel: ECB has bought us time. Situation still fragile, crisis not over
- EU’s Juncker: EU gave the “green light” to the Greek rescue package in principle
- Lithuanian President: EU will do 3rd Greek bailout if needed
- Finland’s Katainen: Europe has no plan B for dealing with Greek debt
- Euro zone January producer prices +0.7% m/m, +3.7% y/y, stronger than median forecasts +0.5%, +3.5% respectively
- Fed’s Williams: More stimulus ‘definitely not off the table’
EUR/USD down at 1.3235 from early 1.3295. We sat at 1.3300 on the release of really poor German retail sales data and it was all downhill from there. Truly awful Spanish unemployment data released soon after hardly helped matters. BIS bought below 1.3250 providing temporary relief, but temporary it was.
Sell stops tripped through 1.3270 and 1.3250 accelerated the move. More stops now seen through 1.3220.
USD/JPY effectively unchanged on the day at 81.50, consolidating overnight Asian gains. We’ve been as high as 81.71. Talk now of 81.75 and 82.00 barrier options.
