Guide to today’s important data & events

Today the event risk is moderate across board. Focus is on Euro group meeting and FED speakers' view.

Data released so far -

• Japan - GDP data released over the weekend show, growth in the fourth quarter slowed to 0.4% compared to a previous estimate of 0.6%.

• Germany - German trade balance reduced to € 19.7 billion from previous € 21.6 billion. Export contracted by -2.1% and import contracted by -0.3%. Despite the contraction trade balance is still robust enough.

Upcoming -

• Switzerland - Retail sales data to be published at 8:15 GMT. The data will partially show the impact of SNB action on January 15^th.

• Euro zone - Sentix investor confidence to be released at 09:30 GMT. May not be market moving as it is a low key data. Focus is more on Euro group meeting today over Greece. Possible start time is 12:30 GMT.

• India - Today is once again the tentative date of release of India's trade details. Scheduled time 11:30 GMT.

• Canada - Housing starts data to be released at 13:15 GMT. Should be grossly ignored due to its low key status, nevertheless would be vital to assess the economy's strength.

• US - Labor market condition index to be released at 14:00 GMT. Previous headline number was 4.9.

• US - Three FED speakers are scheduled to speak today. Mr. Kocher Lakota at 17:05 GMT, FOMC member Mester at 18:25 GMT and Richard Fisher at 23:30 GMT. Vital to see if there is any change in mood and bias over stronger than expected job gain number last week and rise in treasury yields.