Negotiations between Greece and its eurozone partners wrapped up Friday on an encouraging note. The parties agreed to extend Greece's four-month bailout plan provided that the country submit a series of convincing economic reforms today. That being said, even if the conflict were settled in the coming days, it will only remain settled until the plan expires in June of this year. Nevertheless, the euro has strengthened on the news of the temporary agreement.
On Friday, Canadian Retail Sales figures for December disappointed, coming in at -2.0% rather than the projected -0.4%. However, the results need to be taken with a grain of salt, due to the nosedive in gasoline prices (-19%), which played a large role in the final reading. With crude oil back below $50 this morning, our loonie is falling again against the greenback. On the agenda this week, Fed Chair Janet Yellen will address Congress and U.S. and Canadian Inflation data will be released. Have a great day!
Salim Laaroussi
Range of the day: 1.2485 - 1.2635