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BoC's Carney: Economic growth expected to pick up through 2013

Speaking before the Canadian House of Commons Standing Committee on Finance on Tuesday, BoC governor Mark Carney said that the timing of the withdrawal of monetary stimulus was "less imminent." He suggested that inflation would remain close to 1% in the short term and it would increase gradually, reaching the 2% target in the second half of 2014.

As far as GDP is concerned, in 2013 it should grow by 2% and in 2014 by 2.7%. According to Carney the Canadian economy will "reach full capacity in the second half of 2014, later than anticipated in October."

The BoC governor added that global tail risks to the economy decreased considerably, owing to a pick up in US and Chinese growth as well as the recent crisis relief in the Eurozone. "Supported by central bank actions and by positive policy developments in Europe, global financial conditions are more stimulative," he said.

US: Redbook Index rose 1.1% MoM

The Redbook index rose 1.1% on a monthly basis, and 2.4% YoY in the week ended on February 3, against previous prints at -0.6% and +1.5%, respectively...
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Forex: USD/JPY breaks through support to trade at 93.86/87

The yen has been the conversation of late amidst conflicting reports surrounding the meaning of the G7 statement earlier today. The USD/JPY plunged nearly 60 pips earlier today during the onset of American trading before rebounding around the 93.70 mark, crashing through support. In recent minutes however, the pair has rebounded slightly and now resides at 93.86/87, down -0.47% on the day.
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