Forex Today: NZD sold-off into dovish RBNZ, RBA’s Lowe, BOE – Up next

Asia witnessed a data-heavy session, but most majors traded mixed amid broad-based US dollar strength. The USD/JPY pair regained the 109.50 barrier, having shrugged-off moderate risk-aversion, as reflected by a softer tone around the Asian equities and negative oil prices.

Meanwhile, the Antipodeans were broadly offered, with the massive surge in China’s imports doing little to help them. The Kiwi was offered into the dovish RBNZ policy statement as well as comments from the RBNZ policymakers while the Aussie was hit by downbeat NAB business confidence data.

Main topics in Asia

RBNZ's McDermott sees NZD easing on Fed rate hikes

Comments from Reserve Bank of New Zealand Assistant Governor McDermott are crossing the wires via Bloomberg…

San Francisco Fed head Williams comments during audience, press Q&A

Head of the San Francisco Fed John Williams held a Q&A session with audience members at the San Fran Fed, as well as members of the press.

BoJ’s Suzuki: Some distance to achieving price target but economic expansion continuing

Bank of Japan (BoJ) monetary policy board member Hitoshi Suzuki is out on the wires now, via Reuters, making a speech on the central bank’s ultra-loose monetary policy programme.

China’s Jan trade data (Yuan terms): Surplus shrinks on huge imports surge

China's trade balance for January, in Yuan terms, came in at CNY +135.8 bn vs +330 bn expected and +262 bn last.

Oil down as the US opens the spigot wider, pumping record levels of crude

Crude oil is down again, with WTI trading near 61.50/barrel and Brent last seen at 65.20/barrel.

Key Focus ahead

Today’s macro calendar for Europe also remains eventful, the German trade report on the cards ahead of the Bundesbank President Weidmann’s speech titled "Monetary Policy in the European Context" at the Monetary and Economic Policies on both sides of the Atlantic conference, in Frankfurt. Also, the speech by the RBA Governor Lowe will be closely eyed at 0900 GMT for fresh insights on the monetary policy outlook.

The big event for today remains the triple release from the Bank of England (BOE), coined as BOE’s ‘Super Thursday’. The BOE rate decision will be announced alongside the minutes release and quarterly inflation report (QIR). Rising price pressures combined with the appreciation in the pound likely to pose a double whammy to the BOE policymakers, leaving them to sit back on their rate hike plans until summer.

In the NA session, the Canadian housing and US jobless claims data will be reported at 1330GMT. Besides, the BOC Wilkin’s speech will also keep the traders busy ahead of Friday’s Canada’s jobs report.

GBP/USD - Puts in demand ahead of the BOE Super Thursday event

The Bank of England (BOE) will release a triple whammy of data today - the interest rate decision at 12:00 GMT, minutes from the monetary policy committee (MPC) meeting and the quarterly inflation report. 

EUR/USD looking for a foothold ahead of German trade data, UK Super Thursday

EUR/USD has bounced following yesterday's decline from 1.2373, and is trudging upwards into 1.2280 during Tokyo. The pair is down 2% from last week's close, and currently trading into two-week lows.

Kuroda to appear in Parliament - BoJ

Bank of Japan Governor Haruhiko Kuroda will be appearing in Japan's Parliament again, at 6:20 GMT today.

BOE Preview: Do not expect any changes in policy from the MPC - Nomura

Analysts at Nomura offer a brief preview on BOE’s ‘Super Thursday’, with no changes expected to the BOE’s monetary policy program.