Another day has passed with the markets focused squarely on Greece's debt crisis, and without any official progress made. An article in the FT overnight suggests that a split has emerged among Eurozone member states about the terms of Greece's bailout, with several countries calling for private sector bond holders to take even bigger losses on their holdings. Further discord in European policy looks to be emerging about the EFSF, as German Finance Minister Schaeuble rejected the proposal to increase to fund on the grounds that some triple-A countries would lose their credit rating as a consequence. In light of these obstacles, Asian equity markets have failed to enjoy a continuation of yesterday's bullish sentiment, with the Nikkei largely flat on the day and Hang Seng down over a percent. Furthermore, we now see European index futures pointing lower, suggesting that we may erase some of yesterday's gains in the coming session unless impactful news emerges from Greece.

On the bright side, Greek parliament managed to vote in favour of a new household property tax, which should go some way towards Greece fulfilling its austerity targets, and in further signs of solidarity, German Chancellor Angela Merkel reiterated that Germany would do everything necessary for a strong Greece.

Once again, the data calendar today is pretty light which should only enhance the focus on Greece developments and the performance of equity markets. Throughout the morning session we should get the latest regional CPI readings out of Germany, but it is doubtful these will have a meaningful impact on EURUSD (barring some severely negative prints). In the afternoon session we will get US durable goods orders, followed by a speech from SNB member Jordan - where it is likely investors will look for any clues about Swiss policy on the franc going forward.

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