Analysts at Westpac explained the day ahead to close the week. Key Quotes: "The Asian calendar is thin. In the UK, Jan retail sales are expected at 0.7% m/m and 3.4% y/y after a drop in Dec. The two day EU summit focusing on “A new settlement for the United Kingdom in the EU” and migration concludes today. If discussions are successful, PM Cameron is expected to formally announce the Brexit referendum when he returns to the UK later today. Another soft -0.1% m/m print is expected for US Jan CPI, though the y/y measure is seen to rise to 1.3%. Oil remains a deflationary force. The ex food and energy numbers should also be stable though more robust, at 0.2% m/m and 2.1% y/y. Prices for services, notably rents and recreational services though also health care and insurance, have persistently risen. This is of course not the Fed's preferred inflation measure. Canada Dec retail sales are expected to fall after a bounce in the previous month. Jan CPI is forecasted to rise to 1.8% y/y, the highest since Nov 2014." For more information, read our latest forex news.