As we write this morning we see that the EUR/USD has remained below 1.2905 for the whole of the Asian Session which is a 0.38 retrace of the last leg down 1.2985/1.2855. It is currently attempting the upside around 1.2896.

Over the weakened there has not been any breakthrough news on Greece and the debt negotiations with the private creditors still not agreeing to the terms set by Greece and IIF on a debt swap. With no deal in place the FX market has reacted by dumping a few more Euros which has thus resulted in wide downside gaps through interbank trading. It is expected that the talks will drag into a third week and through to next weekend.

The GBP/USD has opened in London 36 pips below Friday’s close at 1.5576, the GBP/USD pushed its quote to the upside during the Asian Session but during the European opening it’s pressuring the pair down and quoting at 1.5538 after touching 1.5533 a session low

In the US sales of existing home rose for a third consecutive month in December which is a sign that the housing market is gaining momentum. Our purchases grew 5 per cent to a 4.61 million annual rate.

In the UK the 0.6% increase in sales volumes in December has boosted hopes that the economy avoided contraction in the fourth quarter of 2011.

The USD/CAD has opened Monday trading 30 pips above Friday’s close and from 1.0157 high; the pair lost gradually every pip since the Asian session.

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