Forex Flash: Divisions between IMF and EU - UBS (Barcelona) - According to UBS FX Strategists Gareth Berry, "divisions between the IMF and Europe are now plain for all to see with Ms Lagarde insisting the goal of returning Greece's debt-to-GDP ratio to 120% by 2020 should remain in place."

Mr. Berry notes: "Eurogroup Chair Juncker sees things differently however, and wants to give Greece until 2022 to reach that same target. Although two years may not seem like much, we note that it could have pronounced implications for all parties in the discussions, not to mention the remaining private sector bondholders."

The UBS Analyst thinks a breakthrough is still some way off with next decision on Greece not scheduled until Nov. 20. "They may also schedule a conference call on Nov. 28" Mr. Berry says.

"The null outcome just now will increase the market attention on Tuesday's issue of Greek T-bills. Already a newspaper report has suggested that the ECB has loosened collateral rules further in an apparent bid to ensure the auction is a success" Gareth adds.