- Friday saw varied economic reports from Canada after what has been a pretty poor month for the Canadian currency. Statistics Canada said that retail sales dropped 1.7% in January, compared to the expectation for a smaller slump of just 0.7%. However, Canada’s year-on-year consumer prices rose at a rate of 1% last month, in line with expectations. This saw the Canadian currency rise a much needed half a percent against the US dollar.
- The Japanese yen edged lower against the US dollar on Friday, as market sentiment improved amid fresh hopes of progress on the on the Greek debt front. Meanwhile, the minutes of the Bank of Japan’s latest policy meeting showed support for the local currency. Inflation and unemployment data will be released this week and will be carefully scrutinized to see if the Japanese economy is managing to generate inflation and that unemployment is falling.
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