Euro lower after Greek labor unions call a 48 hour strike for Friday and Saturday against EU/IMF austerity measures.
UK Industrial Production (Dec) 0.5% vs. 0.2% expected (-0.7% prior).
Sterling made session highs against the major currencies after the December UK industrial production reading came in better than expected. GBP/USD is testing resistance at 1.58589 on the hourly chart.
UK Visible Trade Balance -7111 mln vs. -8600 mln expected.
UK Manufacturing Production (Dec) 1.0% vs. 0.2% expected.
Equities higher, Euro following
Risk pairs were grinding lower as we waited for Europe to come to play. All of the major indexes opened higher and DOW futures are slightly firmer which is pushing the Euro higher.
On the 15 minute chart we found support at the 38.2% fibo line which comes in at 1.3274. The current bullish target is 1.33128; 1.3274 of the pair can not hold momentum.
Spain’s finance minister says there are no plans for additional tax increases.
Adds that Spain expects a worse contraction in Q1 2012 than in Q4 2011.



