- French FinMin Moscovici: 75% tax is needed
- German Finance Ministry: Troika to determine if Cyprus risks euro stability
- ECB’s Coene: No currency war as yet, we’re far from that (well said that man, all this talk of currency wars is just so much nonsense)
- Spain November mortgages for housing fall -31.6% y/y
- Italian January consumer sentiment falls to 84.6, down from 85.7 in December and below Reuters’ median forecast of 86.0
- Euro zone December M3 annual growth 3.3%, demonstrably weaker than Reuters’ median forecast of +3.9%. But M3 moving average Oct-Dec up at 3.7% from 3.4% Sept-Nov
- ECB: Greek bank deposits up +4.1% on month in December
- Swiss ministers seek more depreciation of ‘strong franc’ - Bloomberg
- David Cameron has one great ally: the people of Europe – AEP at The Telegraph
- Bank of Italy approves 3.9bn loans for controversial bailout of Monte dei Paschi - The Telegraph
Typically uninspired Monday morning session.
EUR/USD sits at 1.3445, 10 pips lower than when I arrived. The single currency came under a little early pressure as sell stops were tripped through 1.3440. Reports had buy orders clustered down at 1.3400/20, so it wasn’t a huge surprise when we bottomed out at 1.3424. Topside, sell orders clustered 1.3480/00 ahead of 1.3500 barrier option interest. Buy stops said to be gathering up in the 1.3505/15 area.
Cable down at 1.5735 from early 1.5755. Came under early pressure as funds and corporates sold. Talk had buy orders clustered from 1.5710 to 1.5695 and we finally bottomed just ahead of said interest at 1.5717. Sell stops seen through 1.5690.
USD/JPY marginally lower at 90.70 from early 90.90.
