US Jan Durable Goods Orders: -5.2% vs 3.7% (Dec)

The euro has been largely confined to yesterday's range and this is consistent with the signal coming from the 2-year differential between the US and Germany, according to the BBH analyst team. "That spread rose to 17 bp yesterday, the highest US premium since January 9. The driver of the spread is the German leg and today the Germany 2-year is flat".