There have been little developments in the Greek bond swap and this is leading people to think that the longer it takes the tougher it will be for Greece and its debt holders to reach common ground over a much needed agreement to avoid a default. This caused an unsettled market earlier in Europe yet this proved to be fleeting with the EUR/USD ending back above 1.3000 as investors appeared to believe once again on a positive conclusion in Greek PSI talks.

The Japanese currency has accelerated its appreciation against its American counterpart yesterday after the publication of the trade balance figures printed a deficit. The cross is posting gains for the third consecutive day and as we write is advancing 0.29% at 77.90.

The UK government debt has reached a record high of GBP 1 trillion after gbp 833 last year according to official data. The current amount of debt represents 64.2% of gross GDP. The officials claim that this shows that the government is spending too much and have called for severe austerity.

As we write this morning the EUR/CHF is pricing at 1.2102 and analysts have pointed to resistances at 1.2100 followed by 1.2130 and 1.2195.

The Bank of Japan has downgraded Japan’s growth outlook but kept monetary policy on hold on Tuesday as strong yen and weak global demand weighed on exports.

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