Summers says expects stimulus bill to be signed by mid-February

Obama economic advisor Larry Summers says that he expects the stimulus bill to be ready for Obama’s signature by mid-February. The boys and girls on the Hill better get on their bikes then because the bill that will come out of the Senate will in no way resemble the House bill.

EUR/USD so far is holding session lows at 1.2815, having shed all its morning gains. Oil is back above $40/bbl after a dip below and stocks remain lower on the session, down about 0.9%. oil saw another huge build in inventories today, up over 7 mln barrels.

USD/JPY is holding up relatively well, now at 89.55. Higher US rates on both ends of the curve are underpinning the greenback.