Central banks remain the key driver...........>

FOREX: Central banks remain the key driver

-Following the fallout from the Fed yesterday, central banks remain the key

drivers for markets early Thursday, with decisions from the Bank of Japan, Swiss

National Bank and Norges Bank all crossing. The BoJ kept rates unchanged,

helping underpin a modest rise in the JPY, but the SNB decision prompted the

largest market response. While many were eyeing a rate cut further into negative

territory, the SNB chose instead to tweak the rules surrounding NIRP -

protecting banks from the worst effects of negative rates. CHF reacted

positively, pressuring EUR/CHF back toward the 50-dma at 1.0943, but the bank's

recommitment to FX intervention could slow the decline.

-Norges Bank remained a G10 outlier by hiking rates, but today could mark the

end of their tightening cycle, with the terminal rate dropping and helping

EUR/NOK recover off the lows of 9.8210.

-Weekly US jobless claims and existing home sales, the Bank of England rate

decision and speeches from ECB's Rehn, Coeure and Lautenschlaeger are also on

the docket.