Market Update

Bank of Japan keeping rates fixed and stating in their monthly report that inflation is expected to be around zero in the coming months telling us that the JPY will weaken further in the short to medium term.

AUDUSD broke 2004 highs but did not manage to close above. We see more upside in the pair towards 1996 highs at 0.8214.

US stocks gain on high M&A activity. Expect Europe to move higher today.