The Japanese yen is the main mover in the major currencies space so far today. The post-BOJ fallout in the yen continues and we're seeing USD/JPY race higher to above 151.50 currently. Besides that, the dollar remains largely steady as the focus and attention turns towards the Fed later today.
Treasury yields did ease off a little but are still elevated for the most part. 10-year yields are sitting near 4.30% for now and that is still much higher than the 4.05% lows seen last Monday. Besides that, Wall Street saw modest gains in volatile trading but it's now on the Fed to settle the score for the week.
Looking to European trading today, it should be a quieter one as we await the FOMC meeting decision. UK CPI is the highlight of the agenda and estimates indicate a fall in inflation pressures for February. The pound will be one to watch as such, in gauging if the BOE can stay on track for a rate cut in Q3.
0700 GMT - Germany February PPI figures
0700 GMT - UK February CPI figures
1100 GMT - US MBA mortgage applications w.e. 15 March
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
