Data in the prior week provided very Euro and Sino-centric. The ECB kept monetary policy on hold, with asset purchases static at €60 billion monthly and the key rate at 0.05% with the deposit rate firmly in negative territory at -0.30%. President Mario Draghi alluded to additional actions the Central Bank could take in an effort to spur inflation which continues to languish mainly as the result of still falling energy prices. This raises the stakes for the March meeting when the Central Bank is expected to accommodate policy further. China released its latest fundamental data showing GDP expansion at the slowest pace in 25 years at 6.80%. Other indicators such as industrial production and retail sales fell below expectations in a growing sign of turmoil in the real economy. Policymakers injected a record $91 billion in liquidity to offset the pace of capital outflows as the situation becomes more precarious. Across the Pacific, the Bank of Canada left rates on hold, citing rising inflation and the risks from the devaluation of the Canadian dollar as the reason behind the unchanged policy as the outlook crumbles further.