moved slightly higher this morning, with the pair currently trading at 1.1315.
The major focus today is on euro inflation data with German WPI rebounding
after recent declines, as well as euro final CPI coming in at 1.5% and Core CPI
The loonie is
trading flat this morning at 1.3330, down 0.01%. Market participants will be
paying close attention to the Empire State Manufacturing Index which is
expected to climb to 10.1, while UoM Consumer Sentiment is projected to remain
at 95.5 points. In Canadian economic data there is the release of manufacturing
sales of which markets are expecting better January estimates.
The Bank of
Japan provided a more cynical view of the economy in the early hours of Friday,
as the central bank left its monetary policy on hold. The central bank said
Japan’s exports and production have shown signs of softness, with a downgrade
from its January assessment that the nation was on an upward trend.
As the annual
summit of policy leaders in Beijing comes to a close it has been stated that
China will not resort to quantitative easing as it sets policies to support the
economy. Premier Li Keqiang said policy makers are content with targeted
interventions to combat growing issues of unemployment. Premier Li’s comments
included new measures on tackling off-balance sheet debt, foreign investments