Economic calendar (GMT0):

Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual

09:00 Germany Producer Price Index (MoM) December -0.2% -0.4% -0.5%

09:00 Germany Producer Price Index (YoY) December -2.5% -2.2% -2.3%

The yen rose against the U.S. dollar amid persistent uncertainties on global financial markets, which increase demand for safe-haven assets. Asian stocks fell weighed by oil prices after the International Monetary Fund cut its global economic forecast. The IMF released its updated World Economic Outlook on Tuesday projecting the global economy to grow 3.4% in 2016 down from 3.6% expected earlier.

The Australian dollar declined amid domestic consumer confidence data. The Westpac consumer confidence index fell to the lowest level since September 2015 dragging the Australian currency down. The index declined by 3.5% in January after the 0.8% decline in December. Westpac analysts said that consumers were concerned about negative news from abroad. Westpac believes the RBA will keep interest rates at the current level throughout 2016.

EUR/USD: the pair rose to $1.0960 in Asian trade

USD/JPY: the pair fell to Y116.75

GBP/USD: the pair fell to $1.4130

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

09:00 Switzerland World Economic Forum Annual Meetings

09:30 United Kingdom Average Earnings, 3m/y November 2.4% 2.1%

09:30 United Kingdom Average earnings ex bonuses, 3 m/y November 2.0% 1.8%

09:30 United Kingdom ILO Unemployment Rate November 5.2% 5.2%

09:30 United Kingdom Claimant count December 3.9 2.5

10:00 Switzerland Credit Suisse ZEW Survey (Expectations) January 16.6

12:00 U.S. MBA Mortgage Applications January 21.3%

13:30 Canada Manufacturing Shipments (MoM) November -1.1% 0.5%

13:30 Canada Wholesale Sales, m/m November -0.6% 0.5%

13:30 U.S. Housing Starts December 1173 1200

13:30 U.S. Building Permits December 1282 1200

13:30 U.S. CPI, m/m December 0.0% 0%

13:30 U.S. CPI, Y/Y December 0.5% 0.8%

13:30 U.S. CPI excluding food and energy, m/m December 0.2% 0.2%

13:30 U.S. CPI excluding food and energy, Y/Y December 2% 2.1%

15:00 Canada Bank of Canada Rate 0.5% 0.5%

15:00 Canada BOC Rate Statement

15:30 U.S. Crude Oil Inventories January 0.234

16:15 Canada BOC Press Conference

21:30 New Zealand Business NZ PMI December 54.7