Consolidation has been the name of the game in G10 FX overnight, despite some bigger moves in EM FX (BRL was down nearly 2% again vs. USD, while KWR was down >1% yesterday). GBP is the marginal top performer and has retr…
Consolidation has been the name of the game in G10 FX overnight, despite some bigger moves in EM FX (BRL was down nearly 2% again vs. USD, while KWR was down >1% yesterday).
GBP is the marginal top performer and has retraced the most against USD after Friday's large move, but the rest of majors have maintained the losses.
EUR/USD is 30pts off the lows near 1.0850, and USD/JPY has extended higher above 121 (with eyes on 121.85- the December high).
Macro developments have been scarce overnight, with the main news surrounding the Eurogroup meeting.
In North America all we saw were minor housing data out of Canada and remarks from a non-voting Fed member (see CAD and USD).
At the Eurogroup meeting, Greece was the main topic of discussion. The focus was on reaching consensus on short-term financing hurdles, rather than looking at post-programme arrangements.
Greek Finance Minister Varoufakis presented a list of specific reforms intended for immediate implementation, with a view to using them to secure at least some of the available financing under the current programme; however, German government officials have told FAZ the proposals sent so far are insufficient. Toward the end of the session, Greek Finance Minister said that they are willing to add a new batch of reforms to their commitments, which will be agreed upon before the deadline.
Bottom line: the standoff continues, with both sides wanting to agree but the fundamental gap between still wide.
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