ForexLive European morning wrap: USD prevails but euro recovers a few losses on Greek deal reports

Forex news from the European morning session 10 Feb 2015

• EU to table plan for Greece

• Bank of Canada not behind CAD weakness says Poloz

• ECB's Praet says cost of debt crisis is much bigger than it should be

• PBOC will keep monetary policy prudent

Data:

• French industrial production Dec mm +1.5% vs +0.3% exp
• December 2014 UK industrial production -0.2% vs 0.1% exp m/m

• Swiss unemployment rate Jan SA +3.1% vs +3.2% expected

• Swiss CPI Jan mm -0.4% vs -0.6% exp

• Nikkei closes down -0.33% at 17,652.68

Another session that took its time to kick into life but we've seen some decent action albeit in relatively tight bounds again

USD has looked perky overall

and that's taken USDJPY to 119.13 from 118.75 while giving USDCHF a lift

to 0.9265 driving EURUSD down to fresh recent lows of 1.1272 and GBPUSD

testing support around 1.5200 again

Cue the potential Greek deal/extension news and we saw a sharp rally to 1.1325 taking euro pairs up with it in a rush before falling back once more

GBPUSD has found a bid as once again EURGBP drops back from 0.7430 having looked at 0.7408 earlier

USDCAD had an early rally to 1.2495 on USD demand and lower oil prices but we've fallen back a little while with 1.2500 still intact while AUDUSD also suffered to 0.7761 from 0.7840 and NZDUSD also found itself in retreat to 0.7390 from 0.7441 as the greenback grabbing wore down the earlier rally.

Good opportunity again for the intra-day traders but longer-term we're still scratching our heads a little