Markets Consolidate; Canadian Ivey PMI Next

Eurozone Sentix confidence improved and PPI eased; Halifax HPI rose; SNB foreign reserves marginally lower; German auction. The sole item for the NY session is Canadian Ivey PMI. Members to the Premium Insights will see the first batch of trades released this evening after the US close.  Arabic speakers tune in to CNBC Arabia 18:30 Dubai Time.

The greenback is slightly weaker in the ongoing session. European equity indices are losing around 0.5% and the relative strength winner is NZD.

European data showed that Eurozone Sentix Investor confidence improved to -7 in January after previous -16.8, which is the highest result since July 2011. PPI slowed considerably in November to 2.1% from previous 2.6%.

JPY pairs declined during Asia but recovered partially during the London session. USDJPY fell to 87.62 and currently trades around 87.90. MNI reported that USDJPY at 88.00, if maintained throughout the year, would raise Japan's real GDP growth by 0.19%.

In other news, Halifax HPI rose 1.3% in December from prior 1.6% and

Swiss foreign currency reserves declined marginally in December to CHF 427.2 bln from previous 427.4 bln.

Germany sold 6-month bills totaling EUR 3.515 bln and kept EUR 485 mln for secondary market operations. The average yield was -0.0091% from previous -0.0168% and cover was lower at 2.1 vs. 2.5. Eurozone t-bill issuance is expected to be significantly higher this week at around EUR 28.5 bln compared to EUR 6.98 bln issued last week.

The data calendar for the US session is limited to Canadian Ivey PMI at 10:00 am ET that is expected to rise to 51.3 in December after slipping to 47.5 in November. The PMI index declined five times in a row. There are no reports from the US today.