Lack of a clear outline of a stimulus....>

DOLLAR-YEN: Lack of a clear outline of a stimulus package from the Trump

Administration weighed on USD/JPY from the off Wednesday. A recovery in risk

appetite seen as the BoE delivered a 50bp rate cut helped the pair trim losses,

but selling pressure returned later in the European session with the pair's

weakness cemented as the WHO declared Covid-19 a global pandemic. 

- Worth noting that seasonality is working for the benefit of JPY. March is the

last month of Japan's fiscal year and the yen typically appreciates this month.

- USD/JPY has inched higher this morning & last sits +11 pips at Y104.65. A

break above the Mar 10 high of Y105.92 is needed to give bulls some momentum. A

fall below Wed's low of Y104.10 would expose the Mar 11 trough at Y102.02.

- RTRS sources flagged BoJ easing at next week's MonPol decision, noting that

"while there is no consensus yet on what steps the BOJ should take, increasing

the size of its exchange-traded fund (ETF) purchases is among the most likely

options." The Nikkei also suggested that the Bank will boost its ETF programme.

Do note this was outlined by MNI in an insight piece published last week.

- BSI Large Survey & PPI data headline the local docket today.