• Strong data weakens case for QE.
• He is a non voter on FOMC
• Data surprising on the upside
• Unemployment likely to fall to 7.8% this year.

A failure for Greece to approve austerity measures would likely lead to no money from Troika and Greek default in March.

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http://www.ft.com/intl/cms/s/0/76b31dcc-4e88-11e1-ada2-00144feabdc0.html#axzz1lLJo4c4L" rel="nofollow" target="_blank

The expectations for additional QE by the BOE at their interest rate meeting next week, has been racheted down to 50 B additional from 75 B which has been more of the concensus.  The better global tone is perhaps a contributing factor.  Besides, it is easier to add rather than subtract down the road.

ISM Non-Manufacturing Composite

• Survey: 53.2, Actual: 56.8, Prior: 52.6

Factory Orders

• Survey: 1.5%, Actual: 1.1%, Prior: 1.0%, Revised: 2.2%

Change in Nonfarm Payrolls:   Survey:  140K     Actual:  243K    Prior:  200K      Revision: 203K

Change in Private Payrolls:  Survey: 160K    Actual: 257K     Prior:  212K     Revised: 220K

Change in Manufacturing Payrolls:  Survey: 13K   Actual:  50K   Prior:  23K     Revised:  32K

• Europe has been the center of the crisis in the past three years.
• Euro area's fundamentals are stronger than the U.S.
• Initial response of EU leaders was slow.
• Important steps taken in the last few months.
• Systemic risk is affecting the Euro area and threatening the single currency.
• Portuguese banks have shown remarkable resilience during the crisis.

Euro lower on the release.