BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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Stronger Equity Markets Hold Little Sway Over Dollar

FOREX
  • The greenback holds the bulk of the Thursday losses, with the softer-than-expected January retail sales release still holding sway on currency markets. The JPY is the poorest performer in G10, while NZD and SEK are among the strongest on the day.
  • GBP's poor performance this week continues, with GBP among the poorest performers again in G10 despite a generally firmer January retail sales release. This keeps GBP/USD within range of the week's lows - and further reinforces the gravity of the 200-dma - crossing at 1.2566 today.
  • Stronger equity markets have had little impact on currency markets so far Friday, with markets particularly wary of the stacked option expiry slate for the Friday cut - interest has been building sharply in option strikes layered between $1.07 to $1.08 as the week progressed - we note E9.6bln notional is set to roll-off between $1.0725 and $1.0800 today - interest that has doubled since Monday of this week.
  • US data rounds off the week, with building permits and housing starts numbers crossing alongside the January US PPI. The prelim UMich sentiment data is set to follow, with markets expecting 1yr inflation expectations unchanged, and a 0.1ppt step lower for the 5-10yr metric. Fedspeak due includes Barr, Daly and Barkin.
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