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EUR Softer, Davos Speakers Awaited

FOREX

Risk is a little lower ahead of the NY open, with equities softer and core bond markets bid. Currency markets aren't quite following suit, with haven currencies CHF and JPY failing to garner any bidtone.

EUR trades poorly on the back of an IFO business climate survey that missed expectations (90.1 vs. Exp. 91.4), which also added to the core bond bid. EUR/USD retreated from just below the 1.22 mark to trade either side of the 1.2150 level ahead of the NY crossover.

The strongest currencies so far Monday include the AUD, NZD and CAD, which are benefiting from a slightly firmer commodities complex.

The Chicago Fed National Activity Index crosses later today, but the central bank speakers slate is busy: today sees speeches from ECB's Lagarde, Panetta, Lane, Weidmann and others. BoE's Bailey and PBoC's Yi Gang are also scheduled. Davos' virtual World Economic Forum begins, with keynote speakers including China's Xi Jinping.

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