GBP, JPY, EUR Outlook: RBC Capital Markets

Quotes from RBC Capital Markets:

• GBP:
  
  The BoE's McCafferty sounded hawkish overnight; there are risks that the BoE is overestimating slack in the labour market, which could mean "that wages may accelerate to a pace inconsistent with stable inflation."
  
  Production data for January are due today; RBC economists expect a 0.2%m/m expansion in manufacturing output to begin the year. EUR/GBP has been down to a low of 0.70815 overnight.
   
• JPY: 
  
  BoJ board member Shirai said he was not concerned about a short-term deceleration in core inflation, "as long as the underlying price developments and recovery process in domestic demand continue." USD/JPY is up to 121.40-45 in Asia.
  
  
• EUR: 
  
  The troika, according to media reports, re-enters Greece today unsure of what access to Greek government finances it will be given, whilst the government itself is unearthing various sources of cash to meet obligations, including cash reserves of government agencies and the Hellenic Financial Stability Fund.
  
  Elsewhere, a slew of speeches are due to be given by ECB members today, including Draghi, at the ECB and its Watchers conference.