Bulbrokers - Daily FX Analysis - Feb 3, 2010.

The US dollar weakened against the major currencies

The euro appreciated versus the U.S. dollar as the single currency tested offers around the 1.3965 level. The common currency gained some ground on news the European Commission will support Greece's deficitreduction program. Greece's budget deficit was 12.7% of GDP last year and is struggling to convince the markets it can bring that down to 3% by 2012. Greek debt is now trading at a massive 400bps premium at the ten-year level over German bunds, the highest level since 1998. Data released in the eurozone saw producer price inflation up 0.1% m/m and off 2.9% y/y. Also, January PMI construction improved to 48.6 from …