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The USD buying continued overnight and indeed accelerated, as China threw some contentious comments into the Eurozone debate. The Greek issue clearly remains in the forefront, as EU officials convene in Brussels today for a two-day summit. At this point, a solution seems a far way off, as decision makers remain divided from an economic standpoint as well as political. German chancellor Merkel provided additional bailout squashing rhetoric, saying there wouldn't be any concrete financial recues plan for Greece in Brussels and that any IMF assistance should only be used as a last resort. Meanwhile, what we consider the biggest barrier to an IMF plan was articulated by ECB Governing Council Member Smaghi harsh words for any IMF rescue measure, stating that this would put the EUR in jeopardy. "Those who are interested in economic and monetary stability in Europe should resist going to the IMF." "To put it provocatively: People should go to the Constitution Court if the IMF is called upon, but not when the EU organizes bilateral assistance." He also stated that he believes bilateral assistance could work within the EU treaty. Also adding to evidence that forward progress would be stymied was a report from the German newspaper Die Welt, that preparations of the Brussels summit are "chaotic" as Greece is not on the official agenda and separate meeting incorporating the 16 euro area nation must quickly be organized. Yesterday's downgrade of Portugal by Fitch, was the initial trigger for a massive sell off in EURUSD as the risk of contagion (which had seem to be lessening) was reintroduced to the market psyche. In the Asian session, PBOC's Zhu commented that the Greek debt crisis was "the tip of the iceberg" and other EU countries were at risk. The EURUSD, which was hanging precariously around 1.3330, collapsed to 1 [...]

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