Given the prospect of soft, base effect-driven January CPI readings across the region to be released over the coming days, there seems little to prompt a snapback in two-year EUR swap rates. These have fallen 15 bps over the last week. 

A French farmers' blockade of Paris and President Macron requesting a stop to the Mercosur trade deal are not particularly helpful to the Eurozone investment proposition.

EUR/USD has tested support at 1.0795/1.0800. Range trading is probably likely into Wednesday's FOMC meeting. But barring a sharp fall in the US Job Openings and Labor Turnover Survey (JOLTS) figure today, it looks like EUR/USD will continue to trade on the heavy side.