TIC data is among the trickiest to interpret, but the major headlines all show in-flows in the December data.
- Net overall flows saw an inflow of $74.0 bln in December
- Net long-term flows saw a $34.8 inflow
Markets are focused on bigger fish this morning as concerns over Eastern European credits undermine the euro as European banks are heavily exposed to the region and there are now EU-wide means of dealing with problems that in some cases are larger than countries in which the banks are domiciled.
EUR/USD is consolidating just below 1.2600.
