Article Highlights

  • Nikkei chalks up 2.88% gain
  • BOJ Governor Kuroda doesn’t give QE exit specifics
  • German Finance Minister Schaeuble says G20 will discuss emerging markets
  • UK retail sales to show 0.9% decline?
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Mum’s the word! In today’s testimony in Parliament, BOJ Governor Kuroda refrained from disclosing any details on further monetary policy plans. According to him, Japan is still on track to meet the central bank’s 2% inflation target and that their priority is to maintain confidence in the country’s finances. Yen pairs barely reacted to his statement, as it provided no clues on further easing.

No other economic events took place during the Asian trading session, leaving most currency pairs in consolidation. EUR/USD is holding on to the 1.3700 handle while GBP/USD is still carefully edging towards 1.6600.

For today’s London trading session, traders’ eyes will be glued to the UK retail sales release. The report is slated to show a 0.9% decline in spending, following the previous month’s 2.6% increase, but a stronger than expected figure might be in the cards as hiring was much stronger than estimated in January. Along with this, the public sector net borrowing report is also due.

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