• Merkel’s Chief finance spokesman: “We have to think about who has the instruments to push for Greece to restore its capital markets access” if needed, said Michael Meister in an interview in Berlin, adding “nobody apart from the IMF has these instruments.”
  • China says “calm and rational” approach needed to fx dispute, seeks mutually beneficial solution
  • Swiss February trade balance 1291 mln, down from revised 2422 mln in January, worse than median forecast 2200 mln
  • Russia moves floating rouble band boundary to 34.00 vs basket after buying $700 mln
  • Swiss Q4 industrial orders +1.4% y/y
  • ,Greek PM: Greece responsible to correct its own problems
  • UK February PSNB 12.361 bln, PSNCR 7.703 bln, better than median forecasts 14.75 bln and 11.0 bln respectively
  • UK February major bank mortgage approvals 48k, worse than median forecast of 54k, and lowest number since May 2009
  • Swiss March ZEW investor sentiment 53.8, up from 52.5 in February
  • Euro zone January trade balance -8.9 bln, worse than median forecast -4.0 bln
  • UK March CBI manufacturing order book balance -37, worse than median forecast of -32

Should have gone to Cheltenham. Little of real substance this morning.

EUR/USD marginally easier at 1.3670 from early 1.3685, Greek jitters never too far from the surface. Dip to 1.3650 saw “wall of bids” emerge. Sell orders tipped at 1.3700/10 and they’ve easily capped rally attempts.

Cable at 1.5265 slightly easier from early 1.5280. Mixed data this morning. Better than expected public finances data (see above) saw us rally from around 1.5280 back above 1.5300 but Middle Eastern selling soon capped the upside. Weaker than expected UK mortgage approvals and subsequently CBI industrial trends data will have helped negate any benefits from finances data.

USD/JPY at 90.20 unchanged on the morning. The pairing recovered from selling pressure which saw a session low 89.77 posted. Talk of Kampo buying and spurious rumours of BOJ checking prices. Well I think the BOJ talk was spurious. Just so much twaddle.

EUR/CHF gained some ground after its recent freefall amid talk of SNB checking prices. We’re up at 1.4475 from early 1.4460 having been as high as 1.4487.