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US: PCE rose 1.2% YoY in January

The US Commerce Department informed that the US inflation, measured by the Personal Consumption Expenditures, rose 1.2% YoY in January and remained flat on a monthly basis. The Core reading, which strips the food and energy costs, rose 1.3% YoY and 0.1% MoM.

Personal Income contracted 3.6% on a monthly basis while Personal Spending rose 0.1%.

Canada Dec Gross Domestic Product (MoM) decreases to -0.2% vs 0.3% in Nov.

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Forex Flash: NZD/USD prices into event risks – Westpac

Positioning has been a major negative risk for the past two months for the NZD/USD, futures data showing speculators are historically long (highest since 2007). Moreover, the good local and global news is now fully priced. OIS pricing implies the first RBNZ hike of 25bp will be in January 2014, and our probability model is signaling a contrarian "sell".
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