Dear Reader,

Today's overview of economic news and market action

• Focus for markets yesterday was inflation
• Lower than expected readings saw a softening in rate expectations
• Against this backdrop, bond yields fell
• Currency-wise, most of majors were range bound
• However, the yen benefitted from interest rate differentials
• Meanwhile, EUR/USD has remained in and around $1.03
• Today’s macro highlights include US retail sales (Dec) and the ECB meeting account

All rates quoted are indicative market rates.