– Asian equities and currencies fell
– Euro group failed to reach a deal on Greece
– Focus on Greek T-bill actions
What to watch for today
EUR: November survey time. The data calendar remains light in Europe today, with only the Zew manufacturing survey for the month of November. Market consensus is set for a mixed outcome, with the current situation headline falling from 10.0 to 8.0 and an improvement in the economic sentiment indicator from -11.5 to -10.0. Data in line with consensus would likely have limited impact on price action. The weak tone of recent German data suggests that the surprise risk for the near term lies to the downside. We are short EURUSD in our cash model portfolio, with a 1.23 target.
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