Markets are mixed into the NA open but the overarchingtheme is a weak USD. This is an important week with ChairYellen being sworn in today, but only speaking for the first time on February11th. Nonfarm payrolls, developments in the EM and central bank meetings are likely to be market drivers this week. Today’s U.S. ISM willprovide a timely update on manufacturing in the US but is unlikely to shift current trends. The DXY USD index is trading essentially at its averageone‐year level (see middle chart) and providing no clear technical direction.
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Scotiabank