ForexLive North American wrap: Stage set for a Greek bailout

Rtrs: ECB considers losses on Greek bonds held by national banks DJ: ECB completes debt swap WSJ: IMF will give less in Greek bailout due to European overexposure Juncker: we are far away from 120% Greek debt-to-GDP target Schaeuble renews call for Greek escerow account China's Xi: No hard landing in 2012 US Congress passes payroll tax extension BOE's Posen: inflation likely to fall below target SNB's Jordan the target of a probe US Jan CPI +0.2% m/m vs +0.3% exp Canada CPI +0.4% m/m vs +0.3% exp US leading indicators +0.4% Merkel confident of a Greek bailout deal Oil hits 9-month high S&P 500 gains 0.2% to 1361 GBP leads, JPY lags The euro came into the session at 1.3160 and that is where we will end. The early part of the session saw a run up that fell just short of 1.32 as euro shorts in pairs like EUR/AUD were squeezed. Barriers at 1.32 and concerns about the Greek bailout sparked a move lower and it was all sideways from there. USD/JPY was a steady gainer, rising to 79.49 from 79.30. Barriers at 79.50 blocked a further rise and 79.52 is the post-intervention high. The afformentioned squeeze in EUR/AUD pulled the Aussie lower elsewhere, including AUD/USD. Stops at 1.0745 gave way in US trading and the pair briefly traded below 1.07 before a late bounce.