EURUSD Suffers As Greek Concerns Trigger Risk Liquidation

G10 Advancers and Decliners vs USD JPY -0.34 EUR -0.84 CHF -0.87 GBP -1.62

• German PPI (Feb) missed forecasts at 0.0% m/m, -2.9% y/y (0.1%/-2.8% expected, unch m/m, 0.8%/-3.4% prior) • ECB President Trichet said there is a need to strengthen longer term confidence, and that requires policy frameworks • EU’s Rehn was on the wires to say Greek problems are primarily the Eurozone’s responsibility, not IMF. • EU’s Barroso stated EU member states (including Germany), have…

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No SNB In Sight

G10 Advancers and Decliners vs USD EUR -0.13 CHF -0.27 GBP -0.34 JPY -0.35

• SNB Policy Board Member Danthine sank the EURCHF when he stated that consumers need to prepare now for a return to higher rates and market defined FX-rates (later backtracked). EURCHF 1.4380 last • NZ Feb credit card billings printed at -0.3% m/m, +1.1% y/y, vs. Jan +1.4%, +2.7%. • Yesterday rumours of another hike to the US discount rate to be announced at sent the USD surging; DXY up…

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USD Surges On Rumours Of Discount Rate Hike

G10 Advancers and Decliners vs USD JPY -0.33 GBP -0.76 CHF -1.15 EUR -1.29

• Rumours of another hike to the US discount rate to be announced at 12:30 EST sent the USD surging; DXY up nearly 1% on day. • UK PSNCR (Feb) grew to 7.7bln from 4.681bln in Feb 09 (11.0bln expected) • UK PSNB (Feb) came out at 12.4bln (8.766bln Feb 09. Feb record. 14.75bln Exp • Sweden’s Unemployment Rate unexpectedly ticked lower to 8.3% (8.4% expected, 8.4% prior) • Switzerland Industrial…

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