Bank of Canada to stand pat and maintain its neutral bias
• Mixed economic data from Canada lately. Very strong jobs figures, soft inflation numbers.
• As such, we exp. the Bank to maintain a neutral tone overall.

Theresa May pledges to give parliament a vote on final Brexit deal
• Delivered the “hard Brexit” comments we expected. But GBP surged (sell the rumor, buy the fact).
• Also, said parliament will vote on final Brexit deal, which may have supported GBP as well.

Trump jawbones USD lower
• Trump said “Our dollar is too strong”. The US might need to “get the dollar down”.
• This is a hint at FX intervention. USD tumbled yesterday, probably due to this.
• Focus for USD now turns to Yellen’s comments tonight and Trump’s inauguration speech on Fri.

As for the rest of today’s highlights:
• UK: Jobs data for Nov. Unempl. rate exp. to have risen, avg. weekly earnings to have accelerated. We see downside risks to the unempl. rate forecast. GBP-positive.
• US: Fed Chair Yellen speaks on monetary policy. If she maintains her overall optimistic stance, USD could come under buying interest. Also, CPI for Dec. is exp. to have accelerated, which could further support USD.
• Speakers: Besides Chair Yellen, Dallas Fed Pres. Kaplan and Minneapolis Fed Pres. Kashkari.

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