US markets are closed for Martin Luther King day and as is often the case on US long weekends when other markets are open, things are pretty quiet with indices in Europe trading slightly higher. Crude oil is down slightly again but the effect on oil sensitive currencies has been mixed with NOK dropping and giving back much of Friday’s rally, CAD holding steady and RUB on the rebound. CHF is dropping back today, retracing some of last week’s gains as it continues to try to find a new level of balance after last week’s surprise peg removal by the Swiss National Bank. Traders remain keenly focused on Friday’s ECB meeting where a major stimulus/QE program is widely expected to be unveiled. With the Dax at another all-time high today, expectations appear to be incredibly high about the program raising the risk of disappointment if it is smaller than what has been priced in to markets. Regardless, it appears that we could see significant trading action both ahead of and in reaction to that key monetary decision. Tonight, Asia Pacific markets could be more active with China GDP, retail sales and industrial production all due at 9:00 pm EST. Corporate News There have been no major corporate announcements so far today. Economic News Economic reports released overnight and this morning include: UK Rightmove house prices 8.2% vs previous 7.0% Japan industrial production (3.7%) vs previous (3.8%) Economic reports due later today include: There are no major announcements scheduled for North America today. US exchanges are closed for Martin Luther King Day.