• US durable goods orders surge 4.6% in December; much firmer than expected
  • US Treasury yileds pierce 2% intraday in 10-yr maturity
  • US pending home sales fall 4.3% in December
  • EU’s Rehn: Confidence returning in Spain; EU targets for Spain may be eased if economy slows
  • Canadian banks downgraded by Moody’s

A pretty quiet session by recent standards as most markets consolidated during the US session. GBP was the exception, falling across the board as the market remains spooked by the prospect of a UK referendum on the UK’s participation in the EU. UK officials must be delighted ant the more than 5 cent decline in the last week.