Trump’s inauguration, ECB & BoC policy meetings, key data in focus

Next week’s market movers

1. In the US, the inauguration of Donald Trump as the 45th US President is likely to be the epicenter
   of market attention.
2. In Eurozone, the ECB will probably keep its policy unchanged, having extended the duration of the
   QE program at the latest meeting.
3. We expect the Bank of Canada to keep its easing powder dry as well, amid mixed economic data and elevated oil prices.
4. We also get key economic data from the UK, the US, New Zealand, China, and Canada.

On Monday, we have no major events or indicators on the economic agenda. Markets will remain closed in the US for Martin Luther King Jr. Day. World leaders and key officials will gather in Davos, Switzerland, for the 2017 World Economic Forum, though the actual event won’t kick off until Tuesday.

On Tuesday, market participants will shift their attention to the UK, where PM Theresa May will give a speech on “Brexit”. Even though many of the discussion topics have not been made clear yet, given all the recent political pressure on the PM to clarify her negotiating strategy and objectives, we think that investors will be scanning her comments for indications of a “soft” or “hard” Brexit….

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