Foreign exchange market. European session: the euro traded higher against the U.S. dollar, benefited from the better-than-expected German Ifo business climate index

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

00:00 Australia Bank holiday

02:00 New Zealand Credit Card Spending December +5.2% +4.5%

09:00 Germany IFO - Business Climate January 105.5 106.2 106.7

09:00 Germany IFO - Current Assessment January 110.0 110.6 111.7

09:00 Germany IFO - Expectations January 101.1 106.2 102.0

10:00 Eurozone Eurogroup Meetings

The U.S. dollar traded mixed against the most major currencies. There will be released no major economic reports from the U.S. today.

The euro traded higher against the U.S. dollar, benefited from the better-than-expected German Ifo business climate index. The index rose to 106.7 in January from 105.5 in December, exceeding expectations for a rise to 106.2.

Markets shrugged off concerns over Greek parliament election results. Syriza party won the country's parliament elections on Sunday. The party has pledged to renegotiate the terms of the country's €240 billion euro financial bailout and to reverse many of the austerity measures.

The European Central Bank's decision to expand its asset purchase programme to 60 billion euro a month starting from March 2015 until September 2016 still weighed on the euro.

The British pound traded mixed against the U.S. dollar in the absence of any major economic reports from the U.K.

EUR/USD: the currency pair rose to $1.1261

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair increased to $118.40