15.03.16

Good morning,

The Bank of Japan left Interest Rates unchanged at -0.1% overnight as had been forecast. USDJPY trading at 113.40 as the Bank of Japan Chairman Haruhiko Kuroda is giving his post-policy meeting press conference at time of writing. Industrial Production figures were out in line with expectations also, but the Tertiary Industry Index beat expectations. Australian markets were focused on the RBA meeting minutes. The minutes mentioned China's slowdown and little mention was given to the Interest Rate which was left unchanged at 2% except to say that 'continued low inflation would provide scope to ease monetary policy further, should that be appropriate to lend support to demand'. AUDUSD trading at 0.7489 at time of writing.

In Europe this session we will see little data that is likely to move the market. French Consumer Price Index figures for February and will precede the euro stock markets opening, with Turkish 3 month jobless average figures and Budget Balances for last month. USDTRY trading at 2.8763 Sweden's Consumer Price Index and Italian Consumer Price Index figures will lead into the Euro Zone Employment Change data for the 4th quarter of last year. EURUSD trading at 1.1091 at time of writing.

American Retail Sales figures for February are the main focus of USD traders today. A rise would see the Greenback strengthen against other currencies. USOIL falling slightly to trade at $37.90 per barrel. The NY Empire State Manufacturing Index for this month starts the Wall Street data releases, along with Retail Sales and Producer Price Indices for February. The Redbook Index for March 11th and Business Inventories, TIC Flows for January. Tomorrow we will see the FED Interest Rate decision, with is expected to remain unchanged at 0.5% The chart below gives a snapshot of the USD 24 hour performance against the main currency pairs.

I hope you all have a nice day.