Quotes from Lloyds Bank:
-EUR/USD recovered from the lows yesterday despite Greek headlines suggesting an agreement is some way off with both sides refusing to back down. The resilience of the EUR perhaps highlights that a lot of the bad news is in the price now. Today, the ELA review will be a focus.
-The ECB is expected to extend the facility for another two weeks. However, if EU officials and Greece fail to come to an agreement this provision could be restricted or even stopped, which would result in capital controls being set up in Greece.
-US releases will also be a focus, the industrial production data will provide the first insight into industrial activity in Q1, while the FOMC minutes will be watched closely for any signs of a change in policy stance after the January statement gave very little away.
-While risks, if any, are likely to be towards a dovish tone, given that the minutes are quite dated now and that it was followed by the strong January payrolls report, as such market reaction may be quite muted.
