During today’s early trading session, Asian markets traded higher following the Bank of Japan’s press conference. BoJ officials upgraded its assessment of exports and factory output due to the weaker Yen. The Yen was little changed against a basket of major currencies after the BoJ voted to keep interest rates unchanged as the Japanese economy is expected to continue to make a moderate economic recovery. Japan is to release a number of economic reports later this evening, including the adjusted Trade balance and yearly Exports.

During the European session, the British Pound rallied against the Dollar after a number of strong economic reports.

During today’s early US session, the Dollar traded cautiously against a basket of major currencies due to the ongoing debt situation in Greece. Greece is expected to reach a deal before the current bailout expires on February 28th. Furthermore, a number of negative economic reports were released at the open of the US session, including new Building Permits and the Producer Price Index showed a decline of -0.8%, the expected figure was a decline of -0.4%. American stocks are trading lower ahead of the FOMC meeting minutes later today.

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