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GBP/USD eases to retest the 1.26 support. Economists at Scotiabank analyze the pair’s outlook.

The US Dollar (USD) is taking markets by surprise with its move on the outcome of the first Caucus election for the Republican Party (GOP) candidate who will pick up the gloves against Joe Biden in the presidential runoff later this year. Former US

Natural Gas (XNG/USD) dips lower in a horrific week amounting to near 7% of losses. Markets seem to have reached the end of their enthusiasm when it comes to pricing in rate cuts by the world’s major central banks. Meanwhile, recent data

The Pound Sterling (GBP) falls sharply on Tuesday's European morning session as the United Kingdom Office for National Statistics (ONS) reported a sharp slowdown in the Average Earnings data for three months ending November.

The Euro (EUR) is under increasing bearish pressure on Tuesday.

Canada Housing Starts s.a (YoY) registered at 249.3K above expectations (243K) in December

West Texas Intermediate (WTI), futures on NYMEX, has climbed to near $73.50 as investors see a strong tightening of oil supply amid fears of more airstrikes by Iran-backed Houth rebels on commercial shipments from Red Sea including US ships.

<p>Yikes…The spigot from manufacturing in NY was quickly turned off. </p><p>This reading is the lowest since May 2020 at the height of the pandemic with.</p><ul><li>Prior month -14.5 (the expectations last month was for a gain of 2.0). The decline last month was the lowest since August</li></ul>

<ul><li>Prior was 3.1%</li><li>CPI m/m -0.3% vs -0.3% expected</li></ul><p>Core measures</p><ul><li>CPI Bank of Canada core y/y 2.6% vs 2.8% last month</li><li>CPI Bank of Canada core m/m -0.5% versus +0.1% last month</li><li>Core CPI MoM SA +0.1% vs +0.3% last mont

<ul><li>Prior was 212.6K (revised to 210.9K)</li></ul><p>Canada desperately needs housing but until there is some clarity on the direction of house prices, builders will be reluctant to bring projects into the pipeline. Moreover, December starts are the trough for the year.</p> This article was written by Adam Bu