Market movers today
Markets will be digesting the results of the Greek election.
On the data front focus turns to the German Ifo index for January. We look for a stronger-than-expected increase to 106.8 (consensus 106.3) from 105.5 in December. The expectations index, which is the most leading part of the Ifo index, is also expected to beat expectations. Our positive view is based on a strong rise in ZEW, which has been a good leading indicator for Ifo and the German economy as a whole. ZEW rose strongly in January for the second month in a row. The rise in sentiment is underpinned by new tailwinds from the rapid decline in the oil price and the sharp weakening of the euro. The sentiment hit from the Ukraine crisis is also fading.
Focus is set to turn to the FOMC meeting on Wednesday, Euro money and credit data on Thursday and US GDP data for Q4.
No Scandi events scheduled for today but watch out for EUR/DKK and Nationalbanken.
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