- Clinton believes Iran’s revolutionary guard supplanting government, country moving toward military dictatorship
- EU Commission: If necessary Commission can call for additional action to be taken by Greece. Mid-March report on Greece will allow it to make more indepth assessment of situation. Eurostat has asked Greece to explain reports that it used derivatives to reduce debts
- ECB’s Orphanides: Default of a euro-area sovereign is unthinkable
- UK’s Darling: If forecasts turn out to be better UK can go further to cut deficit. Halving deficit over 4 year period is correct approach
- Swiss January producer/import prices +0.3% m/m, -1.3% y/y
- Japan PM Hatoyama: Cannot be optimistic on economy
- Dubai 5 yr credit default swaps rise to 651 bps from 627 at Friday close. Highest since March 2009 – CMA
- Europe’s top business group Business Europe sees 1.2% eurozone GDP growth in 2010
- Iceland, Netherlands, UK to meeting Monday in London on new Icesave proposal
Mondays lately have been pretty dire affairs and this morning has been no exception. The USD has seen some across the board slippage, but it’s hardly meaningful in the main scheme of things. Rather the market seens to be on hold ahead of this evenings euro zone finance ministers meeting which is scheduled to get underway around 17:00 GMT.
EUR/USD sits at 1.3615 from an early 1.3595. European stocks are firmer, which will have lent some marginal support. Gold has also posted some gains this morning.
GBP/USD up at 1.5690 from an early 1.5645 having been as high as 1.5704. Sell orders tipped at 1.5700/20. EUR/GBP marginally lower, presently at .8675 from early .8690. Talk of stops through .8650.
USD/JPY marginally lower at 89.95 from early 90.10. Bids seen down at 89.50/60, stops below.
AUD/USD firmer, up at .8895 from early .8875.
