• Swiss February producer and import prices fell -0.6% m/m, -1.8% y/y Weaker than expected (vs median forecasts of -0.2% and -1.2% respectively
• Austria says it will not lift bank secrecy laws after meeting with OECD, but would be prepared to ease sharing of information about suspected tax offenders
• Euro zone January retail sales +0.1% m/m, -2.2% y/y (vs median forecasts of +0.2% and -2.3% respectively) However, Decembers numbers were revised downwardly, to -0.3% m/m from flat and to -2.4% y/y from -1.6%
• Swiss government says it will uphold bank secrecy, but will offer tax information in individual cases on request of foregn governments.
• Cable the big mover this morning. Sources reported strong demand for cable from “models, CTAs and leveraged players.” Stop loss buy orders just above the psychological 1.4000 accelerated the move to a session high 1.4069 before the pairing settled back. The better tone to global stocks is helping cable as risk aversion wanes a little. USD/JPY marginally firmer by some 30 ticks, underpinned by ongoing speculation BOJ could follow SNB lead and intervene to weaken currency. EUR/CHF little lower as market probed for signs of SNB. No reports of the bank being active. EUR/USD pretty steady. Dipped under 1.2900 post euro zone retail sales release as people noted downward revisions to Decembers’ data, but losses limited by reports BIS was buying “around1.2900″