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Early effect of Italian election and German SPD voting

USD lowers down gradually in Asian session with the slightly retrace of UST yield (10 years UST yield 2.86%). And also with nothing special on Kuroda’s speech driven the effect of more selling on USDJPY and YEN cross. As the USDJPY lowers further to 106.37 earlier with topside heavy selling above 107 but still capping the pair in short term. Risk sentiment in steady move but remains fragile and exporter hedge remains capping on any meaning rallies in short term despite the technical oversold. Overall, medium term USD bearish trend remains firmly intact.

EUR grids up but the cross remains slightly under pressure ahead of the Italian election and German SPD voting that both happening on March 4. But overall tone remains in basing process between 1.22-1.2450 region.

Commodity currencies slightly higher and overall remains reflecting on broad USD direction. Tomorrow in Powell testimony as the market chats that he might tolerate the inflation over 2.5% for securing the economy growth extension etc. and that will pulls back the aggressive hike and yield will be capping.

The ECB’s Coeure and Draghi speech, US New Home Sales, Chicago Fed National Activity Index, Dallas Fed Manufacturing Business Index, Fed’ Quarles speech, BOE’s Cunliffe speech together with stock/bond market move will dominate the intraday action.

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