During today’s early trading session, Asian stocks edged lower as investors made gains from recent profits. Following the RBA announcement that they are to maintain the current interest rate, the AUD jumped 0.88% against the Dollar, market spectators had expected the rate to be brought down from 2.25% to 2%, furthermore, other positive reports showed that the Australian Building Approvals and Current accounts showed better than expected data. Tomorrow morning Australia will release the fourth quarterly and yearly Gross Domestic Product figures.

During the European session, the Euro traded lower despite positive data showing that the German Retail sales during the month of January had increased significantly to 2.9%. Traders are cautious before Thursday’s European Central Bank Press conference and the Interest rate decision. It is expected that ECB officials will announce the plans of its quantitative easing program and a detailed outlook of the economy and inflation. Implementing further stimulus could weaken the Euro against a basket of major currencies over the long term.

During early U.S. trade, the Dollar dropped sharply against the CAD following the release of strong data from Canada. 

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