US holiday gives an offered tone to USD

<p>As we enter ‘Presidents Day’, the US holiday, the USD has started off weak with the risk currencies gaining from the off. No data for […]</p>

As we enter ‘Presidents Day’, the US holiday, the USD has started off weak with the risk currencies gaining from the off. No data for the US today, as we look towards the FOMC minutes to be published on Wednesday night.

The euro still has the potential to swing either way as we await the outcome of the Greece situation. Details emerged from Friday of the ECB’s emergency liquidity assistance of EUR 5 billion was extended to Greek banks, as talks resume today to resolve the Greek debt deal. The deadline is said to be on the 28th of February for an outcome, so we could be in for more kicking the can down the road to drag this out.

No data today from the Eurozone, but the Eurogroup meetings and speakers will dominate. This week will also provide us with the first ever ECB minutes so expected volatility for this on Thursday, as we see how the markets react to the new insight to the ECB.

There’s no major data release in the UK today, but cable has kept its rally going looking for the all-important inflation data out tomorrow, which is now expected to fall even further as mentioned by the BoE in the quarterly inflation report last week.



 1.1370-1.1345-1.1310  | Resistance  1.1435-1.1470-1.1500



118.40-118.00-117.60 | Resistance 119.20-119.60-120.00



 1.5375-1.5345-1.5320   | Resistance 1.5450-1.5480-1.5500

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