Looking Ahead

All eyes on Greece once again over the weekend – as headline risk on that front still appears the main driver for intraday and short term moves, though this market has reached such extremes (JPY crosses flying, Apple stock parabolic move to 500 dollars/share and major equity indices bumping up against post-Lehman highs, Brent crude at 120 dollars/barrel and within a couple of percent of record levels priced in Euros, etc.) that it feels like this market is very vulnerable to any shock that doesn't feed the QE–to-infinity-therefore-buy-all-risky-assets hand over fist meme.

Have a wonderful weekend.

Economic Data Highlights
Germany Jan. Producer Prices out at +0.6% MoM and +3.4% YoY vs. +0.3%/+3.2% expected, respectively and vs. +4.0% YoY in Dec.
EuroZone Dec. Current Accountt out at +2.0B vs. -0.9B in Nov.
UK Jan. Retail Sales ex Auto Fuel out at +1.2% MoM and +1.9% YoY vs. -0.3%/-0.1% expected, respectively and vs. +1.4% YoY in Dec.
EuroZone Dec. Construction Output out at +0.3% MoM and +7.8% YoY vs. +0.4% YoY in Nov.
Canada Jan. Consumer Price Index out at +0.4% MoM and +2.5% YoY vs. +0.3%/+2.3% expected, respectively and vs. +2.3% YoY in Dec.
Canada Jan. Core CPI out at +0.2% MoM and +2.1% YoY vs. +0.1%/+1.9% expected, respectively and vs. +1.9% YoY in Dec.
US Jan. Consumer Price Index out at +0.2% MoM and +2.9% YoY vs. +0.3%/+2.8% expected, respectively and vs. 3.0% YoY in Dec.
US Jan. CPI ex Food and Energy out at +0.2% MoM and +2.3% YoY vs. +0.2%/+2.2% expected, respectively and vs. +2.2% YoY in Dec.