It’s been a lacklustre start to the week. EUR/USD is trading down at 1.3615, very marginally easier from a North American close Monday up around 1.3630. Worries surrounding likes of Greece and Portugal and their ability to address their burgeoning budget deficits continue to weigh on the euro. Yesterday we had reports of layered offers running from 1.3700 up to 1.3750 and these were more than enough to snuff out the recent rally attempt. Also had reports of ongoing hedge funds sales.
For today very little on the euro zone economic data front to whet the market’s appetite:
07:45 GMT: French trade for January expected -4.0 bln euros.
Talk of sovereign bids lined up at 1.3585 down to 1.3570.
