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Market Vibrations: News and Commentary from the Europe Desk (1245 GMT)

Market Vibrations: News and Commentary from the Europe Desk (1245 GMT)

Research, Research Team

1245 GMT: A spokesperson for the German government has been on the wires, denying rumors of a third Greek bailout and saying that the Greek debt swap must be completed before any discussion of a Euro-area firewall can occur. The spokesperson also added that the German government is confident that the opposition will back the fiscal pact. Eleswhere, EU's Barroso has said he has no doubts that Spain will respect its EU budget rules.

1026 GMT: European retail sales unexpectedly rebounded in January after falling for the last four months. Sales rose 0.3% from December, after dropping by half a percentage point at the end of 2011. Economists had predicted a further drop in January. The unexpected rise was led by growth in France, which served to offset weaker than expected German numbers.

0940 GMT: European PMIs have come in weaker than expected on the whole, with the services sectior failing to match gains in manufacturiong seen last week. Only Germany showed improvement on expectations.

Market_Vibrations_body_Untitled.jpg, Market Vibrations: News and Commentary from the Europe Desk (1245 GMT)

Meanwhile, the ECB's Paramo has said that the Eurozone "is not in crisis."

0720 GMT: The European session opens today with risk appetite signioficantly weakened by Moodys' downgrade of Greece over the weekend. Ratcheted-down growth forcasts out of China overnight also heven't helped market sentiment, and commodity-correlated currencies continue to underperform after weak data overnight turned off risk. Stay tuned for European services PMIs later in the day.

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