Trump’s inauguration: A second wind for the USD rally, or further correction?
• Investors will (once again) be on the lookout for any comments on fiscal and regulatory policies.
• A confirmation he plans to follow through with his pre-election rhetoric and push massive spending through Congress, could reignite the USD rally.
• But if he avoids commenting on these hot issues again, the latest setback in USD could continue.
• We think it’s more likely that he mentions something than not. But the tone he delivers such comments in may be vital for the dollar’s performance.

ECB remains ultra-dovish despite higher headline CPI
• ECB remained on hold as expected. The overall tone from Pres. Draghi was very dovish.
• He downplayed the surge in the headline CPI as being transitory and said the Bank will look through such improvements if judged to be temporary.
• His dovish stance led to a tumble in EUR/USD, though the pair rebounded later in the session.
• The pair’s forthcoming direction over the next days is likely to be decided by Trump’s comments.

As for the rest of today’s highlights:
• UK: Retail sales for Dec. are exp. to decline. GBP-negative.
• Canada: CPI for Dec. is exp. to accelerate. CAD-positive.
• Speakers: Besides incoming President Trump, Philly Fed President Patrick Harker.

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