Spanish PM says household spending will continue to decline.
German Trade Balance 13.9B; worse than the 14.1B forecast.
Swiss Unemployment Rate 3.1% as expected.
Japanese Economy Watchers Sentiment 44.1; worse than the 47.6 forecast and 47.0 prior reading.
SNB’s Jordan says “won’t tolerate” CHF breaching 1.20 against the Euro.
- SNB ready to take further measures if needed.
- Further escalation of Euro crisis is “main risk”.
- Swiss economy to cool “considerably” in 2012.
- SNB “more than ever” committed to defending cap.
- Policy has been absolutely credible to markets.
- Franc remains “very strong”.
- CHF should weaken “over time”.
- “Downside risks” prevail.
- Can’t allow Franc to appreciate further.
EUR/CHF was relatively unaffected by the release.
German Industrial Production (Dec) -2.9% vs. 0.0% expected.
German deputy Fin. Minster says Germany and France are not trying to push Greece from the EMU.
EUR/USD re-tests 1.3167
The Euro made a run up earlier with no confirmed reason why other than reports that there was a large Asian player making large purchases. The pair found resistance at 1.3167, Sunday’s high.


