Market Outlook Feb 2016

Transcription

1 Highlight Treasury Division TMU 01 :(66) TMU 02 :(66) TMU 03 :(66) Market Outlook Feb 2016 Last Week: The main factor that effected the movement of the major currencies is the depreciation dollar as the continuous drop in oil price. In addition, the comment from the Fed Chair, Janet Yellen, that the caution the global weakness and China s economic slowdown could depress the U.S. economic growth and might delay the Fed interest rate hikes. For Thai Baht, it was strengthened in-lined with other Asian currencies due to the weaken of the dollar while the Yen rose to its highest since October 2014 as the falling in global stocks and the oil price boosted demand for a safe-haven asset. However, the dollar was rebounded at the end of the week after the report showed that the U.S. retail sales rose by 0.2% in January, better than the expectation of a 0.1% increased. This Week: The key focus is the reopening of Chinese market on Monday (15/2) after a long Lunar New Year holiday. Moreover, there are a lot of important economic data to be released this week such as Japan GDP data, China trade balance, ECB President Mario Draghi speaks (15/2), UK inflation, Eurozone and German ZEW economic sentiment (16/2), UK employment data, FOMC meeting minutes (17/2), Australian employment data, China inflation (18/2) and U.S. inflation (19/2). USD Last week, the dollar index moved in a depreciating trend after worries about slowing global growth and weak in U.S. Q4 economic data convinced many investors that the next hike by the Federal Reserve will be a long time coming. In addition slide in oil prices and worries about European banks also weighed on investors confidence and sap risk appetite. Moreover, the investors perceived the fed to be dovish from the Federal Reserve Chair Janet Yellen s testimonials before the House Financial Services Committee on Wednesday (10/2). The Federal Reserve is unlikely to reverse its plan to raise interest rates further this year but tighter credit markets, volatile financial markets, and uncertainty over Chinese economic growth have raised risks to the U.S. economy. Moreover, Yellen stressed to the congress (11/2) that the U.S. central bank was not on a pre-set path to return policy to normal given a worsening meltdown in global stock markets. The fed acknowledged financial markets concerns, as well as the downward pressure that falling oil prices were putting on U.S. inflation which remains below the Fed's 2.0 percent target. However, the dollar rose on Friday (12/2) after the data showed the U.S. consumer spending appeared to regain in January, supporting the possibility that the Federal Reserve will continue to raise interest rates as other central banks ease policy

2 Graph: Dollar Index (DXY) Source: Reuters Comments: This week we expect the dollar index to move in a depreciating trend after comments from the Federal Reserve Chair Janet Yellen gave investors no reasons to change their minds that the next rate hike will be a long time coming. EUR & GBP The Euro opened on Monday (8/2) at /48 USD/EUR, slightly depreciated from Friday s close (5/2) at /98 USD/EUR. Earlier this week, the euro was under pressure after the release of bearish data; the industrial production from Germany came out below expectation at 0.2% to -1.2%. However, the euro rebounded to level of as the dollar dropped on Wednesday (10/2) after Yellen s testimony showed that she is watching the developments in financial conditions and this may certainly slow down the path of rate hikes. Moreover, the common currency enjoyed safe have flows as investors concerned in global economy after the financial markets around the world have been volatile, many stock markets have hit bear market and oil prices dropped to fresh multi-year lows. Nevertheless, the euro on Friday (12/2) traded lower as the Euro-zone data were not so impressive; the euro-zone reported a growth rate of 0.3% in Q4/2015, the same as in previous quarter and the Germany also reported a rise of 0.3% Q/Q, as expected. While Italy disappointed by growing only 0.1% against 0.3% expected, and below previous quarter. The EUR was moved in a range between USD/EUR and closed at /86 USD/EUR on Friday (12/2)

3 The Sterling opened on Monday (8/2) at /14 USD/GBP, traded lower than Friday s close (5/2) at /51 USD/GBP. This week, the worries about a possible British exit from the European Union following the referendum have weighed on the currency. The U.K. data this week came out below expectation on Wednesday (10/2); the manufacturing production mom was -0.2% against 0.0% expected. Moreover, falling bank stocks in Britain and elsewhere in Europe have also dampened the demand for sterling. However, the sterling recovered on Friday (12/2) as expectation of a rate hike has been pushed back from late 2016 to the end of decade. The pound was move between USD/GBP and closed at /16 USD/GBP Graph : EUR and GBP Daily QEUR= BarOHLC, QEUR=, Bid 15/02/2016, , , , , , (-0.53%) SMA, QEUR=, Bid(Last), 14 15/02/2016, /01/ /02/2016 (GMT) Price USD Jan 16 February Daily QGBP= BarOHLC, QGBP=, Bid 15/02/2016, , , , , , (-0.16%) SMA, QGBP=, Bid(Last), 14 15/02/2016, /01/ /02/2016 (GMT) Price USD January 2016 February Source: Reuters

4 Comment : The focus this week will be speech from ECB President, Mario Draghi, which he may refer to the downside risks to the Eurozone s economy from the slowdown in China, the mild inflation and geopolitical uncertainties. The economics data to be released this week are Eurozone German ZEW sentiment, UK inflation and employment data. The euro is expected to move in range of USD/EUR and sterling is expected to move in a range of USD/GBP. AUD & NZD AUD opened on Monday (8/2) at /66 USD/AUD, dropped from Friday (5/2) closing level at /82 USD/AUD as Friday s upbeat U.S. wage growth continued to lend a broad support to the greenback. During last week, the Australian dollar fluctuated and moved in a narrow range against the dollar although the report showed better-than-expected Australian economic data. The Westpac consumer sentiment rose by 4.2% in February, compared to expectations for a 1.0% decline, after a 3.5% drop in the previous month. Moreover, the HIA new home sales increased by 6.0% in January, after a 2.7% decline in December. Meanwhile, Reserve Bank of Australia Governor Glenn Stevens said the central bank is assessing global and local data to determine where recent global market volatility and damp commodity prices are taking the economy. On Friday (12/2), the AUD closed at /15 USD/AUD. NZD started the week at /17 USD/NZD, fell from Friday (5/2) closing level at /32 USD/NZD, following other major currencies as the report showed an upbeat U.S. wage data. At the beginning of the week, the New Zealand dollar was higher against the dollar in a light regional data, but gains were expected to remain limited amid concerns over the outlook for global growth continued to dampen demand for riskier assets. Meanwhile, the report showed that New Zealand s business manufacturing index rose to 57.9 in January from 57.0 in the previous month. However, at the end of the week, the NZD lose its gain against the dollar on the dollar s strength as the release of upbeat U.S. economic data fuelled optimism over the strength of the economy, boosting demand for the greenback. On Friday (12/2), the NZD closed at /68 USD/NZD

5 Graph: AUD and NZD Daily QAUD= Cndl, QAUD=, Bid 15/02/2016, , , , , , (+0.85%) 05/02/ /02/2016 (GMT) Price USD February Auto Daily QNZD= Cndl, QNZD=, Bid 15/02/2016, , , , , , (+0.59%) 05/02/ /02/2016 (GMT) Price USD February Auto Source: Reuters Comments: This week, Both the AUD and the NZD will rise against the dollar as a rebound in oil prices which will lend support to the commodity-related currency after the United Arab Emirates energy minister said that the OPEC was willing to talk with other exporters about cutting output. Meanwhile, markets will eye on Australia s employment change and unemployment rate as well as New Zealand s retail sales, inflation expectations, GDT price index and PPI input. We expect that the AUD range will be USD/AUD and the NZD will move between USD/NZD

6 JPY The Japanese Yen opened at /05 JPY/USD in the morning of 8 February 2016, depreciating from /94 JPY/USD in the evening of 5 February At the beginning of this week, the JPY was suppressed by weak economic data and the negative interest rate policy. The JPY decreased after the Ministry of Finance announced Japan Balance of Payments Current Account in December at billion JPY, falling from 1,143.5 billion JPY in November. Additionally, JPY was also led by the comment of ex-deputy Bank of Japan Governor that Bank of Japan (BOJ) might extend the monetary policy rate to -2.0% after the announcement to decrease the rate to - 0.1% in last meeting in January As the interest rate is in a negative trend, the 10 years Japanese bonds yield also tentatively turned to negative level. However, despite downward trend of Japanese bonds yield, most investors still demanded for currency as safe haven assets to secure the concerns over oil market and the U.S. monetary policy. Therefore, JPY appreciated to the strongest level at /26 JPY/USD while Japanese Minister of Finance, Taro Aso, also viewed that JPY has been fluctuated lately, so it would be closely monitored by government. Graph: JPY Daily QJPY= Cndl, QJPY=, Bid 15/02/2016, , , , , +0.76, (+0.67%) 04/02/ /02/2016 (GMT) Price /USD February Auto Source: Reuters Comments: The JPY has been appreciated since last week, supported by the demand of safe haven asset increased. During this week, the focus for JPY is on Japanese Important data including Q4 GDP, Industrial Production in December and Trade Balance in January. We expect that JPY will move in a range JPY/USD

7 THB The THB was opened on Monday (8/2) at 35.54/56 THB/USD, slightly weak from previous closed level on Friday (5/2) at 35.49/51 THB/USD. The THB was appreciated from a slump in the USD after the US labor market data showed some concern over the market. In addition, Federal Reserve Chair, Janet Yellen, suggested that the central bank might delay, but not abandon, planned interest-rate increases in response to recent turmoil in financial markets. Moreover, central bank governor Veerathai Santiprabhob says on Thrusday (11/2) that BoT expected greater fund flows could return to Thailand's financial market given its economic recovery, but external factors will determine the trend..at the end of the week, the THB loose their momentum after there is a strong profit-taking in THB which push the THB to the THB/USD barrier. This week, the total trade volume is considerably thin since it is a Chinese s new year period. Furthermore, Thailand reported economic growth of 2.8 percent in 2015, compared with 0.8 percent the previous year, but its recovery remains fragile as exports and domestic consumption are weak and political uncertainties linger. raph: THB Daily QTHB= Cndl, QTHB=, Bid 15/02/2016, 35.58, 35.72, 35.55, 35.61, +0.04, (+0.11%) SMA, QTHB=, Bid(Last), 14 15/02/2016, /02/ /02/2016 (GMT) February 2016 Price /USD Source: Reuters Comments: The THB could confront some fluctuation for another week after there is still a concern over Fed policy rate hiking situation. If the US economic data shows a strong improvement in their economic, it could generate a demand in USD for short which might make the THB looks less attractive. The oil price is one of the interesting factors that could determine the trend for this moment. We expect the THB could move in a range between THB/USD

8 FX Forecast Currency Support Resistance USD/THB USD/JPY EUR/USD GBP/USD AUD/USD NZD/USD Economic Calendar Last Week Date C Event Period Surv(M) Actual Prior 8/2/2016 JN BoP Current Account Balance Dec b 960.7b b 8/2/2016 JN BoP Current Account Adjusted Dec b b b 8/2/2016 JN Trade Balance BoP Basis Dec 305.3b 188.7b b 8/2/2016 JN Bank Lending Incl Trusts YoY Jan % 2.20% 8/2/2016 JN Bank Lending Ex-Trusts YoY Jan 2.20% 2.40% 2.20% 8/2/2016 JN Labor Cash Earnings YoY Dec 0.70% 0.10% 0.00% 8/2/2016 JN Real Cash Earnings YoY Dec % -0.40% 8/2/2016 JN Bankruptcies YoY Jan % 1.89% 8/2/2016 JN Eco Watchers Survey Current Jan /2/2016 JN Eco Watchers Survey Outlook Jan /2/2016 FR Bank of France Bus. Sentiment Jan /2/2016 EC Sentix Investor Confidence Feb /2/2016 CA Building Permits MoM Dec 6.20% 11.30% % Labor Market Conditions Index 8/2/2016 US Change Jan /2/2016 JN Money Stock M2 YoY Jan 3.10% 3.20% 3.00% 9/2/2016 JN Money Stock M3 YoY Jan 2.50% 2.50% 2.50% 9/2/2016 JN Machine Tool Orders YoY Jan P % % 9/2/2016 GE Industrial Production SA MoM Dec 0.50% -1.20% -0.30% 9/2/2016 GE Industrial Production WDA YoY Dec -0.60% -2.20% 0.10% 9/2/2016 GE Trade Balance Dec 20.0b 18.8b 20.6b 9/2/2016 GE Current Account Balance Dec 26.7b 25.6b 24.7b 9/2/2016 GE Exports SA MoM Dec 0.50% -1.60% 0.40% 9/2/2016 GE Imports SA MoM Dec -0.50% -1.60% 1.60% 9/2/2016 FR Budget Balance YTD Dec b -82.8b 9/2/2016 UK Visible Trade Balance GBP/Mn Dec /2/2016 UK Trade Balance Non EU GBP/Mn Dec /2/2016 UK Trade Balance Dec

9 Date C Event Period Surv(M) Actual Prior 9/2/2016 US NFIB Small Business Optimism Jan /2/2016 US JOLTS Job Openings Dec /2/2016 US Wholesale Inventories MoM Dec -0.20% -0.10% -0.30% 9/2/2016 US Wholesale Trade Sales MoM Dec -0.40% -0.30% -1.00% 10/2/2016 JN Housing Loans YoY 4Q % 2.40% 10/2/2016 JN PPI MoM Jan -0.70% -0.90% -0.30% 10/2/2016 JN PPI YoY Jan -2.80% -3.10% -3.40% 10/2/2016 FR Industrial Production MoM Dec 0.30% -1.60% -0.90% 10/2/2016 FR Industrial Production YoY Dec 1.70% -0.70% 2.80% 10/2/2016 FR Manufacturing Production MoM Dec 0.30% -0.80% 0.40% 10/2/2016 FR Manufacturing Production YoY Dec 1.70% 0.50% 2.80% 10/2/2016 IT Industrial Production MoM Dec 0.30% -0.70% -0.50% 10/2/2016 IT Industrial Production WDA YoY Dec 1.40% -1.00% 0.90% 10/2/2016 IT Industrial Production NSA YoY Dec % 4.20% 10/2/2016 UK Industrial Production MoM Dec -0.10% -1.10% -0.70% 10/2/2016 UK Industrial Production YoY Dec 1.00% -0.40% 0.90% 10/2/2016 UK Manufacturing Production MoM Dec 0.10% -0.20% -0.40% 10/2/2016 UK Manufacturing Production YoY Dec -1.40% -1.70% -1.20% 10/2/2016 US MBA Mortgage Applications Feb % -2.60% 10/2/2016 UK NIESR GDP Estimate Jan % 0.60% 11/2/2016 US Monthly Budget Statement Jan $50.0b $55.2b -$17.5b 11/2/2016 UK RICS House Price Balance Jan 52% 49% 50% 11/2/2016 US Initial Jobless Claims Feb k 269k 285k 11/2/2016 CA New Housing Price Index MoM Dec 0.20% 0.10% 0.20% 11/2/2016 US Continuing Claims Jan k 2239k 2255k 11/2/2016 CA New Housing Price Index YoY Dec % 1.60% 12/2/2016 JN Japan Buying Foreign Bonds Feb b b 12/2/2016 JN Japan Buying Foreign Stocks Feb b 242.1b 12/2/2016 JN Foreign Buying Japan Bonds Feb b 449.4b 12/2/2016 JN Foreign Buying Japan Stocks Feb b b 12/2/2016 GE Wholesale Price Index MoM Jan % -0.80% 12/2/2016 GE Wholesale Price Index YoY Jan % -1.00% 12/2/2016 GE CPI MoM Jan F -0.80% -0.80% -0.80% 12/2/2016 GE CPI YoY Jan F 0.50% 0.50% 0.50% 12/2/2016 GE GDP SA QoQ 4Q P 0.30% 0.30% 0.30% 12/2/2016 GE GDP WDA YoY 4Q P 1.40% 1.30% 1.70% 12/2/2016 GE GDP NSA YoY 4Q P 1.70% 2.10% 1.80% 12/2/2016 FR Wages QoQ 4Q P % 0.20% 12/2/2016 FR Non-Farm Payrolls QoQ 4Q P 0.00% 0.20% 0.00% 12/2/2016 IT GDP WDA QoQ 4Q P 0.30% 0.10% 0.20% 12/2/2016 IT GDP WDA YoY 4Q P 1.20% 1.00% 0.80% 12/2/2016 UK Construction Output SA MoM Dec 2.00% 1.50% -0.50% 12/2/2016 UK Construction Output SA YoY Dec 0.80% 0.50% -1.10%

10 Date C Event Period Surv(M) Actual Prior 12/2/2016 EC Industrial Production SA MoM Dec 0.30% -1.00% -0.70% 12/2/2016 EC Industrial Production WDA YoY Dec 0.70% -1.30% 1.10% 12/2/2016 EC GDP SA QoQ 4Q A 0.30% 0.30% 0.30% 12/2/2016 EC GDP SA YoY 4Q A 1.50% 1.50% 1.60% 12/2/2016 CA Teranet/National Bank HPI MoM Jan % -0.10% 12/2/2016 CA Teranet/National Bank HP Index Jan /2/2016 CA Teranet/National Bank HPI YoY Jan % 6.20% 12/2/2016 US Import Price Index MoM Jan -1.50% -1.10% -1.20% 12/2/2016 US Import Price Index YoY Jan -6.80% -6.20% -8.20% 12/2/2016 US Retail Sales Advance MoM Jan 0.10% 0.20% -0.10% 12/2/2016 US Retail Sales Ex Auto MoM Jan 0.00% 0.10% -0.10% 12/2/2016 US Retail Sales Ex Auto and Gas Jan 0.30% 0.40% 0.00% 12/2/2016 US Retail Sales Control Group Jan 0.30% 0.60% -0.30% 12/2/2016 US Business Inventories Dec 0.10% 0.10% -0.20% 12/2/2016 US U. of Mich. Sentiment Feb P This Week Date C Event Period Surv(M) Actual Prior 15/2/2016 JN GDP SA QoQ 4Q P -0.20% -0.40% 0.30% 15/2/2016 JN GDP Annualized SA QoQ 4Q P -0.80% -1.40% 1.00% 15/2/2016 JN GDP Nominal SA QoQ 4Q P -0.10% -0.30% 0.40% 15/2/2016 JN GDP Deflator YoY 4Q P 1.60% 1.50% 1.80% 15/2/2016 JN GDP Private Consumption QoQ 4Q P -0.60% -0.80% 0.40% 15/2/2016 JN GDP Business Spending QoQ 4Q P -0.20% 1.40% 0.60% 15/2/2016 JN Industrial Production MoM Dec F % 15/2/2016 JN Industrial Production YoY Dec F % 15/2/2016 JN Capacity Utilization MoM Dec % 15/2/2016 JN Tertiary Industry Index MoM Dec -0.10% % 15/2/2016 IT General Government Debt Dec b 15/2/2016 EC Trade Balance SA Dec 22.0b b 15/2/2016 EC Trade Balance NSA Dec 27.5b b 16/2/2016 IT Trade Balance Total Dec m 16/2/2016 IT Trade Balance EU Dec m 16/2/2016 UK CPI MoM Jan -0.70% % 16/2/2016 UK CPI YoY Jan 0.30% % 16/2/2016 UK CPI Core YoY Jan 1.30% % 16/2/2016 UK Retail Price Index Jan /2/2016 UK RPI MoM Jan -0.60% % 16/2/2016 UK RPI YoY Jan 1.40% % 16/2/2016 UK RPI Ex Mort Int.Payments (YoY) Jan 1.40% % 16/2/2016 UK PPI Input NSA MoM Jan -1.20% % 16/2/2016 UK PPI Input NSA YoY Jan -8.60% %

11 Date C Event Period Surv(M) Actual Prior 16/2/2016 UK PPI Output NSA MoM Jan -0.20% % 16/2/2016 UK PPI Output NSA YoY Jan -0.90% % 16/2/2016 UK PPI Output Core NSA MoM Jan 0.10% % 16/2/2016 UK PPI Output Core NSA YoY Jan 0.00% % 16/2/2016 GE ZEW Survey Current Situation Feb /2/2016 GE ZEW Survey Expectations Feb /2/2016 EC ZEW Survey Expectations Feb /2/2016 CA Manufacturing Sales MoM Dec 0.80% % 16/2/2016 US Empire Manufacturing Feb /2/2016 CA Existing Home Sales MoM Jan % 16/2/2016 US NAHB Housing Market Index Feb /2/2016 US Mortgage Delinquencies 4Q % 17/2/2016 JN Machine Orders MoM Dec 4.40% % 17/2/2016 JN Machine Orders YoY Dec -2.80% % 17/2/2016 JN Machine Tool Orders YoY Jan F % 17/2/2016 UK Claimant Count Rate Jan 2.30% % 17/2/2016 UK Jobless Claims Change Jan -3.0k k 17/2/2016 UK Average Weekly Earnings 3M/YoY Dec 1.90% % 17/2/2016 UK Weekly Earnings ex Bonus 3M/YoY Dec 1.80% % 17/2/2016 UK ILO Unemployment Rate 3Mths Dec 5.00% % 17/2/2016 UK Employment Change 3M/3M Dec 225k k 17/2/2016 EC Construction Output MoM Dec % 17/2/2016 EC Construction Output YoY Dec % 17/2/2016 US Housing Starts Jan 1175k k 17/2/2016 US Housing Starts MoM Jan 2.30% % 17/2/2016 US Building Permits Jan 1200k k 17/2/2016 US Building Permits MoM Jan -0.30% % 17/2/2016 US PPI Final Demand MoM Jan -0.20% % 17/2/2016 US PPI Ex Food and Energy MoM Jan 0.10% % 17/2/2016 US PPI Ex Food, Energy, Trade MoM Jan 0.10% % 17/2/2016 US PPI Final Demand YoY Jan -0.60% % 17/2/2016 US PPI Ex Food and Energy YoY Jan 0.40% % 17/2/2016 CA Int'l Securities Transactions Dec b 17/2/2016 US PPI Ex Food, Energy, Trade YoY Jan % 17/2/2016 US Industrial Production MoM Jan 0.40% % 17/2/2016 US Capacity Utilization Jan 76.70% % 17/2/2016 US Manufacturing (SIC) Production Jan 0.30% % 18/2/2016 JN Japan Buying Foreign Bonds Feb b 18/2/2016 JN Japan Buying Foreign Stocks Feb b 18/2/2016 JN Foreign Buying Japan Bonds Feb b 18/2/2016 JN Foreign Buying Japan Stocks Feb b 18/2/2016 JN Trade Balance Jan b b 18/2/2016 JN Trade Balance Adjusted Jan 62.1b b

12 Date C Event Period Surv(M) Actual Prior 18/2/2016 JN Exports YoY Jan /2/2016 JN Imports YoY Jan /2/2016 FR CPI EU Harmonized MoM Jan F -1.00% % 18/2/2016 FR CPI EU Harmonized YoY Jan F 0.40% % 18/2/2016 FR CPI MoM Jan F -1.00% % 18/2/2016 FR CPI YoY Jan F 0.20% % 18/2/2016 FR CPI Ex-Tobacco Index Jan /2/2016 EC ECB Current Account SA Dec b 18/2/2016 EC Current Account NSA Dec b 18/2/2016 IT Current Account Balance Dec m 18/2/2016 CA Wholesale Trade Sales MoM Dec 0.20% % 18/2/2016 US Philadelphia Fed Business Outlook Feb /2/2016 US Initial Jobless Claims Feb k k 18/2/2016 US Continuing Claims Feb k k 18/2/2016 US Leading Indicators Jan /2/2016 US Leading Index Jan -0.20% % 19/2/2016 JN All Industry Activity Index MoM Dec -0.30% % 19/2/2016 GE PPI MoM Jan -0.30% % 19/2/2016 GE PPI YoY Jan -2.00% % 19/2/2016 UK Retail Sales Ex Auto Fuel MoM Jan 0.70% % 19/2/2016 UK Retail Sales Ex Auto Fuel YoY Jan 3.40% % 19/2/2016 UK Retail Sales Inc Auto Fuel MoM Jan 0.80% % 19/2/2016 UK Retail Sales Inc Auto Fuel YoY Jan 3.60% % 19/2/2016 UK Public Sector Net Borrowing Jan -13.9b b 19/2/2016 UK PSNB ex Banking Groups Jan -12.3b b 19/2/2016 CA Retail Sales MoM Dec -0.80% % 19/2/2016 CA Retail Sales Ex Auto MoM Dec -0.60% % 19/2/2016 CA CPI NSA MoM Jan -0.10% % 19/2/2016 CA CPI YoY Jan 1.70% % 19/2/2016 CA Consumer Price Index Jan /2/2016 US CPI MoM Jan -0.10% % 19/2/2016 CA CPI Core MoM Jan 0.20% % 19/2/2016 US CPI Ex Food and Energy MoM Jan 0.20% % 19/2/2016 CA CPI Core YoY Jan 1.90% % 19/2/2016 US CPI YoY Jan 1.30% % 19/2/2016 CA CPI SA MoM Jan -0.10% % 19/2/2016 US CPI Ex Food and Energy YoY Jan 2.10% % 19/2/2016 CA CPI Core SA MoM Jan 0.20% % 19/2/2016 EC Consumer Confidence Feb A