- Spanish EconMin Guindos: Hopes to finalize Greek deal on February 20
- German President Wulff resigns with immediate effect
- Portugal PM: Won’t ask for more time or more bailout money
- French PM: Have to do everything to avoid a default by Greece
- IMF insists on Greek debt sustainability – Der Spiegel
- Merkel government allies may block Greece package – Spiegel
- Buba’s Weidmann voted against ECB’s Greek bond swap – Dow Jones
- German January PPI +0.6% m/m, +3.4% y/y, stronger than median forecasts of +0.3%, +3.1% respectively
- UK January retail sales +0.9% m/m, +2.0% y/y, demonstrably stronger than median forecasts -0.4%, +0.5% respectively
- Ex-IMF official Prasad: ‘ Hard to make the case’ yuan is significantly undervalued. Greece will eventually exit euro zone
Thank goodness for the BIS is all I’m sayin. EUR/USD up at 1.3150 from early 1.3130, having scaled the heights of 1.3169. Very slight early dip saw BIS on the bid at 1.3120 and up we went. ACB and hedge fund also notable buyers around said level.
Sell orders were said to be clustered at 1.3160/70 by ForexLive and we duly topped out at 1.3169. Woo Hoo!!
Cable up at 1.5845 from early 1.5805, having been as high as 1.5862 in the wake of much better than expected UK retail sales (see above)
USD/JPY sits effectively unchanged at 79.05. Narrow rangebound trade, USD/JPY traders taking a well-earned rest after their recent exertions. Well they’re not used to doing very much, must be all tuckered out poor dears.
