EURUSD: The euro rose sharply to 1.0927 from 1.0880 ( 47 pips) pushed higher by EURJPY buying interest following the news of the resignation of Japan's Economic Minister Amariover a job scandal. The yen fell against the euro and rose to 129.74 from 129.10 ( 64 pips) prompting EURUSD buying as well to the high of 1.0927, whereas the US dollar has weakened modestly after the Fed shifted their stance into a "wait-and-see" position diminishing hopes of a rate hike in March. Offers noted at the 1.0925 level with a resistance at 1.0935. European stocks are lower once again. Euro Stoxx -1.08%, DAX -0.99%, FTSE -0.63% as of 11:30 GMT.
USDJPY: The Japanese yen was steadily being sold at the European open and pushed the rate higher from 118.55 to 118.95 ( 40 pips)) versus the US dollar. The yen has weakened resulting from the resignation of Japan's Economic Minister, Amari who was allegedly reported to have received illicit cash as polictical donation. USDJPY holds steady at the 118.80 region before the US open, while EURJPY show cased most of the price action of the yen falling. EURJPY rallied from the low of 128.95 to the European high of 129.74 ( 79 pips) and remained firm. Nikkei closed -0.71% to 17,041.45, while China CSI 300 closed -2.61% to 2,853.76.
GBPUSD: Cable rose sharply to 1.4345 from 1.4250 ( 95 pips) following the better than expected UK's 4th quarter GDP. The market responded well to the headline data more, despite the decline of the year-on-year data. UK's 4th QTR GDP grew at 0.5% compared to the 3rd quarter of 0.4%, while the year-on-year fell to 1.9% from 2.1%. Profit taking pullback took cable lower to 1.4285 as the lower European stocks weighed on the pound. FTSE fell -0.63% to 5,952.67 as of 11:30 GMT.
AUDUSD: The australian dollar was well bid throughout the European session and rose 54 pips to 0.7090 from 0.7036 on extended gains from the the Asian session low of 0.7005. The Reserve Bank of New Zealand kept their monetary policy and interest rate unchanged at 2.5% pushed the NZDUSD lower from 0.6480 to 0.6420 (-60 pips), which gave buoyancy to the australian dollar. The AUDNZD cross rose from 1.0820 to 1.0960 ( 140 pips), coupled with the modest decline of the US dollar.