EUR/USD
The euro struggled near eleven-and-a-half year lows against the dollar on Monday as talks on proposed Greek economic reforms got underway in Brussels. The euro remained under pressure as the euro group of euro zone finance ministers prepared to hold talks to discuss a reform package put forward by Greece as part of its bailout review. Ahead of the talks euro group head Jeroen Dijsselbloem warned that Greece must stop wasting time and start developing its reform package. Also Monday, the European Central Bank confirmed that it started asset purchases under its quantitative easing program.
GBP/USD
The pound rose against the U.S. dollar in quiet trade on Monday, but gains were expected to remain limited as Friday's strong U.S. employment report continued to support the greenback.
USD/JPY
The Japanese yen gained strength despite downward revisions to 4Q GDP. Japan's adjusted current account surplus came in at ¥1.06 trillion, narrower than a surplus of ¥1.6 trillion expected, while GDP rose 0.4% for the quarter at a revised pace lower than the 0.6% quarter on quarter expected for an annual pace of 1.5%, well below the 2.2% increase seen.
