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Forex: USD/CHF booms as Draghi says no further easing

USD/CHF has continued it climb from its morning low at 0.9064 and soared high following the ECB decision to hold rates and the subsequent press conference from President Draghi.

The pair is now trading at 0.9129 and approaching hourly 200 MA at 0.9134. In his press conference, Draghi noted that Eurozone inflation is set to fall below 2% and remain contained, while monetary policy will remain accommodative as balance sheet adjustments continue to weigh on economic growth in the first part of the year. Noting that upside inflation risks from currency strength exist, he later commented during the press conference that he believes that exchange rates should be based on economic fundamentals and that the ECB is an independent institution, and not subject to political influence.

Canada: New Housing Price index up 0.2% MoM in December

Canadian New Housing Price index rose 0.2% MoM in December, matching estimates and up from +0.1%. Over the last twelve months the index rose 2.3%, above estimates at +2.2%...
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Canada: Building Permits fell 11.2% MoM in December

Canadian building permits contracted 11.2% on a monthly basis during December vs. expectations at +5.0% and previous contraction of 14.5%...
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