• CBT to hold an emergency meeting Tuesday

  • DE Jan IFO Bus Clim 110.6 vs 109.5 prev, 110.0 exp

  • DE Jan IFO Curr Cond 112.4 vs 111.6 prev, 112.4 exp

  • DE Jan IFO Exp 108.9 vs 107.4 prev, 108.0 exp

  • ECB Draghi, Rates to remain low or lower for extended period

  • BoJ Gov Kuroda – Optimistic on growth, inflation outlook Rts

Economic Data &Events

  • 23:50    Japan     Trade balance total yen

  • 23:50    Japan     Imports yy

  • 23:50    Japan     Exports yy

  • 09:00    Germany     Ifo expectations

  • 09:00    Germany     Ifo current conditions

  • 09:00    Germany     Ifo business climate

  • 12:30    Turkey     Capacity utilisation

  • 12:30    Turkey     Manufacturing confidence

  • 13:58    US    US-Markit Svcs PMI

  • 15:00    US     New home sales chg mm

  • 15:00    US     New home sales-units mm

Markets Today 


The calendar will be relatively light during NorAm session .Market will pay particular attention to the publication of US flash services PMI and US housing market data .

Market takes a breather  after rollercoaster action  observed at the end of last week.Dollar was better bid in the morning retracing part of steep losses seen in last 72 hrs .CBRT Emergency meeting scheduled on Tuesday helped emerging currencies to regain some ground(TRY,MX,ZAR,PLN,HUF) .Equity markets are still trading defensively .Yields on core bonds market are trading at session highs going into NY open.

Technical Overview 

EURUSD(1,3670)-rate was trading lower in Europe as dollar recovery gained some traction Short term outlook is positive  above 1,3640 for a retest of Fibo resistance at 1,3740 .Sharp rejection from 1,3740 and inability to sustain gains above 1,37 may be worrying to bulls.At this stage pullbacks are still seen as buying opportunity however bulls may struggle to push rate decisively higher ahead of FOMC .Expect heavy battle in in 1,3640-1,3740 area .We stand aside for now 


USDJPY (102,75)  -rate was higher in Europe as dollar recovery got additional boost from CBRT emergency meeting .Short term picture is negative below distant 102,85 .Technically speaking , rallies are seen as selling opportunity .Sharp rebound off 101,70 may point to a temporary halt of recent declines.We see a room for a retracement of recent slide .Big picture turned bearish on a daily close below 102,50  .Expect decent supply in 103,50/104,00 zone. Choppy action in 102,30-103,00 zone to dominate in coming hours  


NZD(0,8255)-Rate was trading sideways in Europe ,forming a short term base in the vicinity of 0,8220.Short term outlook is negative below 0,8280 however proximity of 0,82 may prompt bears to head for exit.We remain long from lvls around 0,8230 for a corrective push twds 0,8275/80 .Reconsider booking modest profits on upticks or trail stops up


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