European morning wrap: Greek deal fails to give single currency sustained lift

Greece to pass law enforcing losses on bondholders who will not take part in debt swap Private investors in Greek govt bonds set to take 73-74% net present value loss on bond swaps deal - Reuters quoting sources IIF's Dallara:  Confident of strong participation in voluntary Greek debt deal German FinMin:  EU Commission will strengthen its team in Greece, for surveillance and help Spanish auction results EFSF auction results UK January PSNB ex financial sector- intervention -£7.750 bln, better than Reuters' median forecast of -£6.3 bln Japan PM Noda:  Will strengthen cooperation with BOJ against deflation, strong yen EUR/USD down at 1.3220 from early 1.3270.  The single currency hasn't garnered any lasting support from the Greek deal going through. BIS notable seller 1.3280+.  Barrier option interest noted up at 1.3300 and protective selling just ahead of said interest has so far proven successful.  Real money also notable on the offer in EUR/USD this morning. ACB buying has helped slow, but not reverse,  the decline.  Sell stops now seen through 1.3200 and 1.3180.  On topside buy stops seen through 1.3310 and 1.3325.  Sounds like the stops through 1.3325 are larger. AUD/USD down at 1.0660 from early 1,0730.  BIS notable seller here 1.0720+ Chinese buying (not PBOC) lent temporary support in 1.0700/05 area, but decent EUR/AUD buying interest finally saw us below 1.0700.  The cross is up at 1.2400 from early 1.2360. USD/JPY unchanged at 79.72.  Sell orders noted 79.90/00 ahead of 80.00 barrier option interest. Buy stops just above there.  Trailing sell stops through 79.30.