Themes

• General mood is “risk off”
• Japanese Retail Sales -0.8% and weaker than expected
• Quiet trade on currencies in Asia today, light volumes and tight ranges

What’s Moving

Very quiet trade in Asia today, with the market taking a lack of fresh cues from overnight dealings to see tight ranges and light volumes. The market also shrugged off a much weaker than expected Japanese Retail Sales number, with eyes again on a possible ceasefire in the Ukraine.

Early afternoon dealings saw some Dollar selling pressure against the Yen and CHF, while the NZD seemed to catch a bid on no news out of New Zealand. It looks like position adjustment from here.

USD/JPY also took the elevator down after the BoJ announced another JBG bond buying operation.

Data tonight sees:

• German Preliminary CPI (E: 1.6%)
• U.S. ADP Non-Farm Payrolls (E: 455k)
• U.S. Final GDP (E: 7.1%)
• U.S. Crude Oil Inventories (E: -2.0mln)