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Market Vibrations: Live news and commentary from the Europe desk (1210 GMT)

Market Vibrations: Live news and commentary from the Europe desk (1210 GMT)

2012-02-07 06:45:00
DailyFX Research Team,
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1215 GMT: Jordan of the SNB talking now about the EURCHF 1.2000 benchmark amid speculation that the SNB might change the benchmark to 1.2200. Jordan says that the SNB "won't tolerate" a breaching of of 1.2000; SNB cannot allow CHF to appreciate further and will buy unlimited FX amounts to defend the minimum rate. Meanwhile, EU's Bailly warns there are potential risk factors to be aware of, but adds that the position on Greece nor the Euro has changed.

1055 GMT: Nobel Laureate Paul Krugman pointing out that although last Friday's US jobs data was good, it should not be an excuse for the powers that be to take their foot off the gas with regards to supporting economic growth. Meanwhile, Greece has sold 6-moth bonds at a marginally better yield than last time, with the yield falling to 4.86% from 4.9%. Dutch bonds also saw decent demand. Stay tuned for German industrial production.

0945 GMT: Greece staying in the news as markets remain pretty quiet for the most part. The German deputy finance minister has rejected accusation that Germany and France are trying to push Greece from the Eurozone, while EU's Juncker added some melodrama saying that "the Euro will survive us all." Greece's Papademos is scheduled to meet opposition leaders in Greece at 1400 GMT.

0730 GMT:EU's Juncker coming on the wires saying that Greece cannot be forced out of the Euro, and reiterating that the EU has no doubt Greece will fulfill its obligations. Juncker added that even if Greece exited the Euro, other countrues would still have to invest "unimaginable sums" which would be at least as expensive as the aid up to now.

0630 GMT:Aussie is the big news this morning in Europe, with the RBA surprising the market by keeping rates steady at 4.25% instead of lowering it as had been expected. Aussie is strong on the news, recently breaking above 1.0800 and showing no signs of abatement yet. EURUSD has been influenced by EURUAD flows, with the cross falling to a recent low by 1.3100. Greece developments will be updated here real time today.

Market Vibrations is a DailyFX feature which follows the European trading session with real-time updates and breaking news and analysis. It is updated regularly, so check back for the latest FX developments.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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