UK PM Theresa May set to signal a “hard Brexit”
• Overnight, several media reports confirmed she will say the UK will not be “half-in, half-out” of the EU.
• She will also provide other hints Britain may leave the single EU market, according to her office.
• Given that most of the speech is leaked already, the reaction in GBP may remain somewhat limited while she speaks.
• It’s possible that we see a minor relief bounce in GBP in the aftermath, due to short-covering.
• But given that the broader trend of GBP is to the downside, we’d treat any positive reaction as a corrective phase.

As for the rest of today’s highlights:
• UK: CPI for Dec. is exp. to accelerate. This could prove GBP-positive, but the focus will probably be on PM May’s remarks.
• Germany: ZEW survey for Jan. Both the expectations and the current conditions indices are exp. to rise. Could support DAX somewhat.
• US: NY Fed manufacturing index for Jan. Usually not a major market mover.
• Speakers: Besides UK PM May, we have People’s Republic of China President Xi Jinping and SNB Chair Thomas Jordan who will speak at the World Economic Forum in Davos. Also, NY Fed President Dudley and Fed Board Governor Brainard.

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