TODAY FOREX IN REVIEWS

Mario Draghi tossed the ball into the politicians' court following the announcement of the asset purchase plan however wary nations have yet to join the program. Spain which has been analyzing the terms and conditions is still unwilling to come to the table to ask for aid ahead of today's €5.2 billion auction. The same countries that suggested asset purchases are now shunning the very same program. Meanwhile, the Bank of England and ECB will decide rates today with both Central Banks expected to hold rates constant. Equity indices closed mixed yesterday as fears caused the Spanish IBEX to fall -0.51% followed by a -0.44% loss in the Swedish OMX. The FTSE 100 outperformed peers, rising 0.28% while the Italian MIB climbed 0.25%. EURUSD is trading slightly higher at 1.2925.

Asian stocks are trading with a more optimistic tone following better than expected data from the United States. The Nikkei has rallied 1.35% as today kicks off a 2-day Bank of Japan policy meeting and before a leadership shift that might put more pressure on the Central Bank to fight deflation. The Australian ASX is also higher, rising 0.27% as the Hang Seng strengthens 0.20%. USDJPY has a massive run the day before, continuing to edge higher 0.18% to 78.620 while NZDUSD has ticked up 0.15% to 0.8206 after yesterday's slump. AUDUSD remains weaker following the nosedive earlier this week, ticking down -0.03% to 1.0213. In other major news, India is seeking to increase foreign direct investment (FDI) by slowly eliminating barriers to entry and paving the way for more investment in insurance and pensions.

Even though Europe continues to spiral lower as austerity bites at growth, the U.S. economic picture has continued to improve as highlighted by yesterday's ADP employment figures and improved ISM non-manufacturing index. Today will see initial and continuing jobless claims data ahead of tomorrow' s NFP figure. The FOMC statement due later will also provide some insight into the recent Fed decision to promote unlimited quantitative easing. Major U.S. indices rallied off the positive data, led by a 0.49% gain in the Nasdaq. The S&P 500 and Dow Jones both strengthened, rising 0.36% and 0.09% respectively. Oil prices hit a 2-month low, sliding nearly 4 points following inventory data from the U.S. Department of Energy. Prices have since recovered modestly are presently trading at $88.27 per barrel.
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