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The dollar was mixed in N.Y. trade on Friday, though a disappointing Q4 GDP print sent yields and Wall Street lower again. Despite that, EUR-USD headed down to the 1.12 handle, following reports that Greece's new government may not cooperate with the troika. The pairing based at 1.1282. USD-JPY meanwhile, didn't like the sour risk backdrop, as it fell to 117.30 lows, from session highs of 117.85. USD-CAD was the biggest mover of the day, as soft GDP numbers from both sides of the border saw that pairing fly to 1.2799 highs, after opening near 1.2650. Cable traded briefly under 1.5000.
While this weekly column usually looks at a number of countries, this week will be different. The general tenor of economic news from most large OECD countries is at best concerning: the EU is grappling with deflation, Japan’s experiment with Abenomics is struggling, Australia’s transition away from a raw material exporting economy is having problems and now Canada’s reliance on oil exports has led their central bank to cut rates. The only other major economy to post solid numbers is the UK, but they don’t have the size to absorb world growt
The dollar came under broader pressure. EUR-USD worked higher, to the 1.1350 area despite a -0.6% y/y reading in Eurozone HICP in preliminary January data. A dip in Eurozone unemployment to 11.4% from 11.5% helped offset, while the market is also aware that the ECB's QE program, designed to eradicate deflation, doesn't commence until March. 'Grexit' concerns have come off the boil with the new Greek government pledging to look for common ground with the Troika. USD-JPY has ebbed toward the lower part of the range that's been seen over the last 10-days in dipping to the 117.50 area.
EUR-USD has traded a narrow path in Asia, holding in the low-to-mid 1.13s and remaining well within yesterday's range. 'Grexit' concerns have come off the boil with the new Greek government pledging to look for common ground with the Troika. Focus now is on Eurozone CPI data. USD-JPY remains on a broadly sideways path, anchored on 118.00, which has roughly been the mid-point of trade for most of January so far.
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