• US presidential inauguration
  • Canadian data underwhelms
  • Yellen reaffirms current path
  • China’s growth accelerates

Donald Trump is to be inaugurated as the 45th president of the United States at noon E.S.T. Markets are quiet, eyeing the event that will set usher in the future of America for the next four years.

Yesterday Janet Yellen spoke publicly for the second time this week, speaking about the economy with her usual air of caution. She affirmed again that the U.S. economy is doing well, but mentioned that the Fed is reticent to let the economy overheat. Yellen did not give any strong indication that the Federal Reserve will look to raise rates in March.

Canadian data released this morning came in short of expectations across the board. The consumer price index, a common barometer of inflation, missed expectations for both the monthly and yearly reading.  Retail sales also came in quite light for the month of November.

Data released from China was quite positive, as GDP for Q4 accelerated 6.8% versus the previous year. Retail sales figures showed a yearly growth of 10.9%, outpacing expectations and supporting the economic growth.

EURUSD:  The euro is listless today against the dollar, staying largely unchanged.

GBPUSD:  Sterling is down slightly against USD this morning. The dollar is broadly but slightly up against currencies this morning ahead of the presidential inauguration.

AUDUSD:  Aussie dollar is down very slightly against its U.S. counterpart, largely holding on to its recent gains.

USDCAD:   Canadian dollar is slightly down against the USD on the back of weak data concerning inflation and retail sales released today.