[B]OPENING COMMENT[/B]
So far in the early stages of the day, the [B]Euro[/B], [B]Aussie[/B], [B]Swissie [/B]and [B]Sterling[/B] are up marginally against the buck, while [B]Kiwi[/B], [B]Cad[/B] and the [B]Yen[/B] show marginal setbacks. In Japan, the [B]BOJ [/B]kept the call rate unanimously unchanged at 0.10% as was widely expected. However, the [B]upgrade of the central bank’s economic assessment[/B] was not expected, after saying that there were [B]signs of recovery[/B] rather than the previous language which stated that the economy had stopped worsening. This was taken as a general positive for risk appetite, helping to fuel additional buying in equities. Looking ahead to the European session, [B]UK retail sales[/B] (0.1% expected) are due at 8:30GMT, followed by[B] Eurozone trade balance[/B] (6.4B expected) at 9:00GMT, and then [B]UK CBI industrial trends [/B]at 10:00GMT. However, the key event risk will come later at 12:00GMT, with the [B]SNB[/B] set to decide on rates. While it is widely expected that they will stay on hold at 0.25%, market participants will be watching closely for any additional [B]insights into the central bank’s stand on the currency[/B].
[B]Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel’s reports in a more timely fashion, e-mail [/B][B][email protected][/B] [B]and you will be added to the [/B][B]“distribution” [/B][B]list.[/B][B][/B]
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