Portugal Feb Business Confidence up to -4.2; Consumer Confidence up to -56.3

A quiet morning on the research front, perhaps due to the double barrel of UK GDP and Italian bond auctions coming into play today. While this morning has seen negative QoQ UK GDP, the muted reaction indicates that the result has already been priced in by the market amongst the reactionary melee of the downgrade. However, Italian debt auctions are the event in focus today, and are being seen as a litmus test for EUR/USD, which is currently bobbing away above the significant 1.30 level.