Not much new information to help give the markets any real direction. The USD was virtually unchanged against the majors, keeping EURUSD within a 1.4450 -1.4550 range. The USD did gain slightly as a Chinese Sovereign Funds official said the USD had hit bottom and the Yen would continue to fall. Fed's Bullard said yesterday that stronger-than-expected global growth, especially in Asia, was a core driver of the US recovery. In addition, he stated that interest rates would stay low for an extended period. In the UK, BRC reported that retail sales values rose by 6% y/y in December, the strongest growth since Q2-2009. GBPUSD saw a high of 1.6117 before heading for the rest of the Asian session lower. Markets will be watching the US Q4 earnings reporting season, which started with a disappointing Alcoa report. But overall we expect earnings to surprise to the upside, as positive news on global GDP growth, ISM manufacturing, commodity and stock prices and U.S. labor markets have been positive. For the short term, equity prices are a critical driver of FX pricing, with a positive correlation with GBP, EUR, CAD, NZD, AUD and CHF and negatively correlated with the USD and JPY. On the risk front, newswires are reporting that the IMF team should reach Greece tomorrow in order to provide assistance pension reform, tax policy, tax administration and budget management. In the near term, it's cloudy as to exactly what the IMF purpose really is, but we don't expect the IMF to provide any loans and the markets concern will keep any upside EUR move limited.