Markets tread water ahead of central bank.....>

FOREX: Markets tread water ahead of central bank deluge

-There are no fewer than 13 global central bank rate decisions this week, with

the Federal Reserve, Bank of England and Bank of Japan topping the bill. As a

result, market price action and volumes have been sapped Monday morning as

traders sit on the sidelines to wait it out. Across G10, NZD is mildly firmer

and NOK mildly weaker but recent ranges are being respected and there's little

to read into.

-Equity markets are mirroring currencies at present, trading with little

direction, but US futures are slightly higher, indicating a positive open on

Wall Street today. As a result, US bond futures are a touch lower, allowing the

US 10yr yield to recover above 2.10% - but there's no read through in the

greenback just yet.

-The Monday schedule is light, with no tier 1 data due. US Empire manufacturing

crosses, followed by US TIC flow data late on in the session. ECB's Draghi is

set to speak (he's also due tomorrow and Wednesday) at the ECB forum taking

place in Sintra, Portugal.