Commodity prices falling

•     Commodity prices falling

–    Copper down over 1%, Brent & WTI down over 2%

–    Oil futures now predicting lower prices in years to come = subdued demand

–    Freight futures at record low, suggesting little demand for ships

–    Weak commodity prices to weigh on commodity currencies, particularly CAD

•     Greek reform package to be examined

–    Draft submitted last night; needs Eurogroup OK before going to countries for approval

•     Today: the central bankers

–    UK:  BoE Gov. Carney testifies to Parliament. Likely to be hawkish = GBP-positive

–    US: Yellen starts 2-day testimony to Congress. Could be more hawkish, suggest change to the “patient” language = USD-positive

–    Canada:  BoC Gov. Poloz speaks

•     Today’s indicators

–    Eurozone: Final German Q4 GDP; final Eurozone CPI for Jan

–    US: S&P/Case-Shiller house price index; Richmond Fed manufacturing index; Conference Board consumer index; preliminary Markit service-sector PMI