• Consolidation has been the name of the game in G10 FX overnight, despite some bigger moves in EM FX (BRL was down nearly 2% again vs. USD, while KWR was down >1% yesterday). 
• GBP is the marginal top performer and has retraced the most against USD after Friday's large move, but the rest of majors have maintained the losses. 
• EUR/USD is 30pts off the lows near 1.0850, and USD/JPY has extended higher above 121 (with eyes on 121.85- the December high).
• Macro developments have been scarce overnight, with the main news surrounding the Eurogroup meeting. 
• In North America all we saw were minor housing data out of Canada and remarks from a non-voting Fed member (see CAD and USD). 
• At the Eurogroup meeting, Greece was the main topic of discussion. The focus was on reaching consensus on short-term financing hurdles, rather than looking at post-programme arrangements. 
• Greek Finance Minister Varoufakis presented a list of specific reforms intended for immediate implementation, with a view to using them to secure at least some of the available financing under the current programme; however, German government officials have told FAZ the proposals sent so far are insufficient. Toward the end of the session, Greek Finance Minister said that they are willing to add a new batch of reforms to their commitments, which will be agreed upon before the deadline. 
• Bottom line: the standoff continues, with both sides wanting to agree but the fundamental gap between still wide.