Canada Exports registered at $44.06B above expectations ($42.9B) in December

Sebastián Rondeau, Global EM and Latin America FI/FX strategist at BofA-Merrill Lynch, expects a project 50% drop in oil prices for 2015 vs 2014, might lead real exchange rates to appreciate by 8% for Turkey and India, and 6% for South Africa, while Russia would likely see a depreciation of 26%.