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Canada: Industrial Product Price flat in January

Canadian Industrial Product prices posted no variation in January, matching December’s print and down from +0.2% expected.

The Raw Material Price Index rose 3.8% in the same period, exceeding forecasts at +1.5% and jumping from December’s -2.0%.

Forex Flash: EUR under siege as Italy continues to foment risk – Westpac

According to the Westpac Strategy Team, “The EUR seems unlikely to recover much further with 1.32/1.3300 seen as an ideal zone to initiate shorts for a bigger sell-off down to the 1.27/1.2800 zone.” Moreover, discussions for a grand coalition in Italy will likely last weeks and may not yield much. Fresh elections may be called but that will only occur after election laws are re-written. Yet the Italian parliament does not convene until 15 March.
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Forex: EUR/USD steady after US GDP

The euro held pretty steady versus the dollar after a report showed US GDP grew by 0.1% in the fourth quarter, a reversal from an initial report of contraction revision, but remained below expectations. Meanwhile, separated data showed US initial jobless claims fell more than expected last week.
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