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Forex Flash: King and Baily to testify in Parliament but eyes remain on MPC tomorrow - Societe Generale

Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that in the UK, Mervyn King and Andrew Baily testify in parliament this morning but the day before an MPC meeting we will not hear anything on monetary policy.

He writes, “GBP shorts are unlikely to get encouragement. House price and car registration data are due and while UK car sales are hardly ‘rampant’ they are a lot better than in most of Europe. Watch EUR/GBP, now consolidating after the rally from 0.78 to 0.88, and vulnerable to a slide lower if 0.86 breaks.”

Forex: USD/JPY establishes fresh session highs at 93.46/47

The USD/JPY has shot higher during European trading Wednesday, after bottoming out at 93.00 (session low) earlier today during the overnight session. In these moments the pair is now recording fresh session highs at 93.46/47, advancing +0.14% above its opening.
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Forex Flash: Will the CAD capitulate given BoC dovishness? – UBS

The Bank of Canada decision on Wednesday could prove a make-or-break event for CAD. Amongst the G10, only the JPY and GBP have performed worse so far this year, however many investors are voicing concern that capitulation may be upon the currency soon if the BoC chooses to be any more dovish than they were in January.
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