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      Forex: EUR/USD keep the red after US deficit

      The single currency is attempting a rebound towards the 1.3400 mark after the US trade deficit shrunk to $38.5 billion during December from $48.6 billion in the previous month.

      Against the backdrop of yesterday’s Draghi’s press conference, analyst Derek Halpenny at BTMU commented “There is much to worry about in the euro-zone and although the worries of an actual break-up of the single currency may now have been reduced considerably, the economic conditions will remain dire and hence the tolerance of a strong euro will be much less than before”.

      EUR/USD is now losing 0.11% at 1.3380 and a dip below 1.3349 (low Jan.25) would accelerate the descent to 1.3265 (low Jan.23) and the 1.3215 (Lower Bollinger).
      On the flipside, resistance levels line up at 1.3462 (low Feb.5) ahead of 1.3515 (MA10d) and then 1.3577 (high Feb.7).

      Canada: Unemployment rate fell to 7.0% in January

      Canadian jobless rate dropped to 7.0% during January, beating the median at 7.2% and down from December’s 7.1%. The Net Change in Employment fell decreased by 21.9K vs. +5.0K forecasted and +39.8K prior....
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      Forex Flash: Japanese policy shakeup at BoJ stonewalled – Deutsche Bank

      In Japan, “the PM's push for a new governor to lead a policy shake up at the BoJ has run into resistance from his own cabinet.” notes Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank. A recent report suggests that members of Abe's government prefer former deputy BoJ governor Toshiro Muto, who advocates more asset purchases but has also warned that excessive financing of public debt could backfire through a rise in bond yields.
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