New York Session – February 14, 2012 4:09 PM

The USD outperformed as risk sentiment retreated on disappointing progress out of Athens and weaker than expected growth in U.S. retail sales. EU finance ministers were set to meet tomorrow but the meeting was cancelled and will be replaced with a conference call as Juncker said that Greece and the Troika needs to carry out further technical work. Reports have indicated that Greece has not yet provided the required political assurances to implement austerity measures as opposition leader Samaras has refused to sign the commitment. The pressure is on Greece to meet the demands of the EU to obtain necessary funding as German Finance Minister Schaeuble said that Europe is better prepared for a Greek default. The euro is weaker as the clock ticks for Greece with EUR/USD briefly dipping below the 1.31 figure to session lows of around 1.3080. The pair is back above the 21-day SMA and currently trading around 1.3110. Full text »

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