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Hardy: Cheer from China spurs good mood in markets

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A welcome good mood in the markets at the end of last week has been boosted by China's appreciation of the Yuan designed to send a signal of stability and dampen down fears of a currency war with Japan. Japanese equites responded accordingly. 

Saxo Bank's Head of FX Strategy John Hardy gives us his look at the week's trading with a focus on USDJPY, which has been a 1000+ pip drop in the pair from the post-negative rates policy move from the Bank of Japan on January 29th.          

Mario Draghi is speaking in Brussels and analysts are watching for a move in EURUSD, but only if the President of the European Central Bank can impress the markets, as John points out: "The market may be in a more receptive mood for dovish tones if risk sentiment remains in a positive mood or if the rhetoric is aimed at specific recipes that will bring relief to banks, rather than hand-waving/hot air."