- Tuesday was a big day in the Asian markets as the Bank of Japan had its monetary policy meeting. Although they decided to leave policy unchanged, the main talking point following the meeting was its decision to cut its inflation outlook, with temporary declines in oil prices cited as the primary reason. Governor Haruhiko Kuroda mentioned that the lower cost of energy will not derail a pick-up in inflation as the economy recovers, concluding that he sees no need for immediate increase in economic stimulus.
- Downbeat Canadian manufacturing sales data meant mid-week was looking bleak for the Canadian dollar. Manufacturing sales dropped 1.7% in January, compared to the expected drop of 1%. However, losses were fortunately minimised by a less-than-impressive US report on housing starts.
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