Forex Today: Yen weakest on Yellen, ECB Draghi, Fedspeaks – Key

There was limited economic news from the Asia-pac regions in the Asian session today, with the Chinese house prices continuing its rise, while the NZ statistics finally published NZ retail sales and PPI data that were delayed in wake of twin earthquakes.

Markets largely ignored the economic news, as main focus today remained broad based US dollar buying, re-fuelled by Yellen’s commentary. The yen emerged the biggest loser in Asia, as USD/JPY rallied to fresh five-month highs near 110.78. While the EUR/USD pair broke below 1.06 handle for the first time since Dec 2015.

In the EUR calendar ahead, we have no economic release except for the Eurozone current account, while a scheduled speech by ECB President Draghi will take the center-stage. While the speeches from BOE member Broadbent, SNB policymaker Maechler and Bundesbank Chief Weidmann will be also eagerly awaited.

Moving on, we have the Canadian CPI report due to be reported in the North American session. Besides, a slew of speeches from Fed officials will be also released.

Main topics in Asia

EUR/USD breaks below 1.0600, targets December lows?

The bullish pressure behind the US dollar keeps intensifying as we head towards mid-Asia, knocking-off EUR/USD below 1.06 handle for the first time since Dec 2015.

OPEC members to hold ‘informal’ Doha meeting – The Gaurdian

The Guardian reports comments from Qatar’s energy minister Mohammed Saleh al-Sada, as he confirmed that at least 11 OPEC members will hold an informal meeting in Doha on Friday.

BOJ’s Kuroda: Desirable for FX moves to reflect economic fundamentals

More comments flowing in from BOJ Chief Kuroda, via Reuters, commenting on the fx moves, after having declined to comments on the exchange rate level.

NZD/USD: Bulls rescued by upbeat NZ data, keeps 0.70

The NZD/USD pair is seen attempting a minor-recovery from multi-month troughs, as the NZD bulls received some support from slightly upbeat NZ datasets.

Key focus for the day ahead

Draghi and Fed members speeches amongst market movers today – Danske Bank

Research Team at Danske Bank, suggests that there are no significant key economic data releases due today, but there are speeches expected from the ECB's Mario Draghi and Bundesbank's Jens Weidmann as well as several speeches from the Fed's Esther George (voter and hawkish) and Robert Kaplan (non-voter and dovish, respectively).

USD/JPY: Bulls gather pace for further upside, near 110.65

The bulls extend their control after Yellen-led extensive rally, now pushing USD/JPY further into the green zone, in a bid to test fresh multi-month highs on 110 handle.