riday: Jan employment report, Trade balance Dec, Consumer credit Dec, German Factory orders Dec, Earnings (AME, AON, CME, EL, MCO, TSN, WY) Sunday: China FX reserves Jan Key Events on the Horizon Feb 9 — New Hampshire primary Mar 1 — 'Super Tuesday" for US primaries Mar 16 — FOMC rate decision EFTA00

s are seen as likely to be slow and broad-based, spread fairly evenly between G4, commodity FX and EM FX. If on the other hand, China, particularly China FX policy, becomes a source of instability, USD gains will likely be heavily concentrated in commodity and EM FX, while the G4 majors all outperform.