The dollar and euro keep each other balanced in a quiet trading session. Unfortunately, the economic calendar today again has not that much to offer. We do keep a close eye at the start of the US’ monthly refinancing with a $52bn 3-year auction. Belgium’s 10-y OLO benchmark syndication as well as Italy’s 7-y launch further add to the typical January wall of bond supply, which we in general consider to be an important driver for yields going forward but perhaps also today. We assume their downside nevertheless is well protected after the recent decline. EUR/USD for the time being remains ...