(Dow Jones via eFXnews) EUR/USD - to consolidate with bullish bias after hitting 8-week high of 1.3270 yesterday. Supported by increased hopes that loan deal between Greece and international creditors is near after reports Athens was drafting a bailout agreement, although yesterday's deadline was missed and a meeting with Greek political leaders to approve austerity measures was pushed to today; Wall Street Journal report that the ECB is willing to exchange Greek government bonds it purchased last year at prices below face value with the EFSF bailout fund - provided the talks now underway over a new bailout for Greece and a restructuring of its private debts find a successful outcome - and the EFSF would then retire the debt as part of a debt restructuring program to reduce Greece's overall debt burden. But EUR/USD gains tempered by fears that Greece may yet default on its debt as final agreement between Greek political parties on austerity measures is not yet sealed; surprise 2.9% monthly fall in Germany's December industrial production (vs forecast for 0.2% increase).
Data focus: 0700 GMT Germany December trade balance & manufacturing turnover.
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