• Swiss February CPI +0.2% m/m, +0.2% y/y. Stronger than expected vs median forecasts of flat.
• ECB’s Bini Smaghi: Euro-Zone break-up talk is “silly.”
• UK February producer prices (input) +0.6% m/m, +0.5% y/y (vs median forecasts +0.2%, +1.1%) (output) +0.1% m/m, +3.1% y/y. (exactly as expected)
• Eu’s Barroso: EU facing unprecedented crisis.
• Something of an inconclusive morning, as market awaits U.S. non-farm payroll/unemployment data at 13:30 GMT. USD had come under across the board pressure at the start of the session, but managed to stabilize later on. The JPY saw some across the board strength, which was probably the main feature. USD/JPY sold off initially to around 97.12 before reports surfaced that an Asian central bank had stepped in at said level which prompted a recovery to around 97.40. This proved a brief reprieve and eventually we saw another sell-off to a 96.59 low before another subsequent recovery. Technical support is noted down at 96.50. Kinda messy and rather inconclusive stuff.