It’s been a mixed start to the week with European markets trading up slightly while US and UK indices were down slightly. Enthusiasm about Greece faded as traders recognized last week’s “deal” was the just the beginning of a new round of negotiations that could be really bumpy. Meanwhile, US traders appeared reluctant to get too enthusiastic heading into tomorrow’s testimony from Fed Chair Yellen. Over the next 24 hours there are three central bank speeches that could impact markets. First up is ECB President Draghi. Traders may look to him for comments on ECB support of Greece and also for more colour related to the central bank’s new QE program which starts next month. Second is FOMC Chair Yellen’s semi-annual testimony to Congress. Traders may look to here for indications of when the Fed may start to raise interest rates, if there is any chance liftoff could be delayed from the widely expected mid-year start and how aggressively the central bank may be preparing to act. Finally, Bank of Canada Governor Poloz is speaking. From him, traders may be looking for an indication of how soon and how much the Bank of Canada could cut rates again following last week’s pitiful Canadian retail sales report and the oil price/sector crash. Crude oil had another choppy day. For most of the day it was down sharply after a slowdown in active rig declines, the reopening of a pipeline in Libya and a growing refinery strike in the US raised concerns about a growing glut in supply. Rumours some OPEC members would like to call an emergency meeting (presumably to talk production cuts) helped to lift oil up off its lows of the day but was unable to boost WTI back above $50.00. Natural gas and heating oil were mixed even with no end in sight to the big deep freeze. CAD and NOK started the day down sharply then rebounded in the afternoon, tracking oil prices. Gold held steady around the $1,200 level. It’s a quiet day for Asia Pacific news, with the only significant event being inflation expectations for New Zealand which could spark some speculation on RBNZ monetary or currency policy. Corporate News First Solar and SunPower are reportedly in negotiations to combine some of their solar power generation operations into a new company they plan to take public. Economic News Significant announcements released overnight include: US existing home sales 4.82M vs street 4.95M Germany IFO business climate 106.8 vs street 107.7 Germany IFO current 111.3 vs street 112.5 Germany IFO expectations 102.5 vs street 103.0 Upcoming significant announcements include: 1:00 pm AEDT NZ 2 yr inflation expectation previous 2.0% 7:00 am GMT Germany GDP street 1.6% 9:30 am GMT France GDP street 1.0% 10:00 am GMT Eurozone consumer prices street (0.6%) 10:00 am GMT Eurozone core CPI street 0.6% 12:00 pm GMT Turkey interest rate 0.25% cut to 7.50% expected 1:00 pm GMT Hungary interest rate 2.10% no change expected 2:00 pm GMT ECB President Draghi speaking 9:45 am EST US flash service PMI street 54.5 10:00 am EST FOMC Chair Yellen testimony 10:00 am EST US consumer confidence street 99.5 2:00 pm EST Bank of Canada Governor Poloz speaking