Yesterday's U.S. December Retail Sales figures proved a major disappointment to analysts, dropping 0.9% with negative growth across 9 of the 13 main categories. In Canada, the Teranet - National Bank House Price Index was scarcely more encouraging, with a 0.2% drop in home prices in December. Halifax, Calgary, Montreal and Quebec City suffered the largest downturns over the period.
Yesterday's Australian jobs figures helped that country's dollar to gain more than 1% against the greenback. Job creation in December came in well above economists' forecasts, at +37,400, and the unemployment rate fell by 0.2% to 6.1%. In a surprise decision this morning, the Swiss National Bank announced that it was abandoning its currency ceiling against the euro. The move had a major impact, with the currency soaring close to 20% against other currencies on the whole. This morning, we will be keeping an eye on the Empire State Manufacturing Index, the Producer Price Index and Initial Jobless Claims south of the border. Have a great day.
Philippe Shebib
Range of the day: 1.1750 - 1.1950