• German Gfk consumer confidence survey for February 5.8, up from upwardly revised 5.7 in January (prev 5.6) and better than median forecast of 5.7
  • EU Commissioner Rehn: Concerned over the EU ‘North-South divide’ Growth can’t be bolstered by a reversal in fiscal consolidation
  • German BDI industry federation chief says worried about devaluation race stemming from Japan central bank policy
  • German December import prices -0.5% m/m, +0.3% y/y, weaker than median forecasts of -0.1%, +0.9% respectively
  • French January consumer confidence unchanged at 86, as expected
  • Spanish December calendar-adjusted retail sales -10.7%, weaker than previous -7.8% and weaker than expected -8.9%
  • Italian auction results
  • Japan’s FinMin Aso: Hope recent yen weakness helps improve business sentiment. Deflation can’t be beaten by monetary policy alone. Also need simultaneous fiscal stimulus and policies to support new industries
  • Moody’s: Ireland’s banking system outlook remains negative. Outlook unchanged since 2008. Reflects Moody’s view that banking system hasn’t yet fully stabilised
  • France ‘totally bankrupt’, says Labour Minister Michel Sapin – The Telegraph
  • Greek farmers, doctors, seamen plan walkouts – ekathimerini

The single currency has given up some ground in what has been a sluggish trading session.

EUR/USD down at 1.3430 from early 1.3445, EUR/JPY down at 121.40 from early 121.95.

Buy orders seen clustered down at 1,3400/20 and they are so far cushioning the euro slippage. Sell stops seen through 1.3400. Topside, sell orders clustered 1.3480/00 ahead of 1.3500 barrier option interest.

USD/JPY down at 90.40 from early 90.70. Buy orders seen clustered 90.00/20, sell stops through 90.00.

Cable marginally firmer at 1.5722 from early 1.5702. EUR/GBP down at .8540 from early .8563. Talk had RHS interest lined up for the 09:00 GMT fix but there was no discernible rally in the cross around that time. Sat around .8560 at the time and it’s been a slow slide lower ever since.

EUR/CHF down at 1.2410 from early 1.2455, reflecting the general euro weakness.