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Forex: USD/JPY continues daily surge to post 2009 highs on Draghi speech

USD/JPY has steadily climbed throughout today's European session to post highs since 2009 following BoE and ECB decisions to hold policy.

The pair has posted a high at 94.63 with hourly RSI moving above 80 into overbought territory as ECB President Draghi delivers his Policy Statement in which he states that inflation has declined further than expected and expectations remain anchored. Looking to the broader economy he believes that it will eventually recover in 2013 and that the ECB is monitoring the impact of LTRO repayments on the money markets. Further he has downgraded his growth forecasts for 2013 and 2014, citing foreseeable downside risks ahead. Further, he adds that labour market reforms are necessary to stimulate growth.

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The US Non-farm Productivity contracted 1.9% during the fourth quarter, missing the median at -1.6% and markedly lower from +3.2% in the previous quarter...
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Forex: EUR/USD advances as Draghi speaks

Even though the euro saw a quick slide against the dollar at the beginning of ECB Draghi speech, EUR/USD quickly bounced to fresh daily highs as investors continue to assess the latest string of US data and central banker's words.
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