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Currencies Tread Water, An Eye on CBs

FOREX
  • Markets are treading water ahead of a particularly busy week of global central bank rate decisions, as the BoJ, RBA, BoE, Fed, Norges Bank and SNB are all set to make rate announcements by the end of the week. As a result, recent market ranges are being respected and there are few fresh technical signals to trigger conviction in either direction.
  • On the day, the JPY is marginally weaker as the USD/JPY bounce off lows persists. This puts prices just shy of the Y149.50 level and extends the bounce off lows to 300 pips.
  • NOK is modestly outperforming all others, building on the back of positive crude oil prices and a generally stronger European equity market. USD/NOK has slipped off last week's highs as a result, with the 50-dma below marking the first area of interest at 10.5037.
  • Focus for the session ahead turns to the final Eurozone CPI reading for February, and the NAHB Housing Index for March from the US. The Fed remain inside their pre-meeting media blackout period, leaving the central bank speaker slate muted. ECB's Centeno is set to appear at an awards ceremony, but policy-relevant comments are likely to be minimal.
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