New York Session – February 6, 2012 4:18 PM

With no economic data releases today, the market refocused its attention on Greece and price action was driven mostly by headlines out of Europe. Risk sentiment fell slightly and the dollar was mostly firmer as several EU officials spoke today. German Chancellor Angela Merkel said that “time is running out” in Greek talks and noted that the whole euro area is dependent on the outcome of Greek talks. Both she and French President Sarkozy said that there will be no additional aid for Greece without meeting the Troika’s austerity terms. Merkel and Sarkozy or “Merkozy” said that they are working to avoid a Greek default while Greece’s Reppas said that the country is working with the Troika to meet its commitments. EU President Van Rompuy also spoke and his comments weighed on the euro as he admitted that fixing Greece is taking longer than expected and that he cannot promise a solution. EUR/USD traded slightly lower amid all of the official rhetoric and remained within its recent range markets wait for something more definitive. Full text »

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