欧元：今天上午只有德国工业生产数据，没有什么影响。明天有欧洲央行会议：Draghi 会更新其对欧元的承诺誓言。　　英镑：在09.30卖出，好像在提醒我们对于经济再平衡来说净出口非常令人失望。明天有货币政策委员会（MPC）会议，但我们不期待情况会有变化。　　澳元：午夜后就发布了建筑许可数据，此后是中国的出口和进口数据。两种数据对于澳元的局势都没有影响。目前澳元正在1.02-1.06这个交易带内舒舒服服的躲着。　　YEN WHIPLASH 　　EUR: Only German industrial production figures out mid-morning, otherwise little of consequence. ECB meeting tomorrow – Draghi will renew his vows of commitment to the single currency. 　　GBP:Trade out at 09.30, likely to remind us that net exports has been a major disappointment in terms of its contribution to the rebalancing of the economy. MPC tomorrow, no change expected. 　　AUD: Building approvals are released just after midnight, followed by Chinese exports and imports. Neither is likely to move the dial on the Aussie, which remains comfortably ensconced in a 1.02-1.06 trading band. 　　These days the yen is where the action is, with plenty of flow in both directions. Overnight the yen bulls had their way for a time, with USD/JPY falling below 87.0, before it whip-sawed back up to 87.50 after strong buying from Japanese importers. EUR/JPY has also seen a lot of flow – this cross almost dropped back to 113.50 overnight but has since jumped back to 114.50. Those traders attempting to profit from a yen-retracement are being mercilessly whiplashed. 　　这几天的变动都和日元有关，两个方向上都有大量流动性。前一天日元多头一时间变化独特，在日本进口商大力买入后美元／日元遭到洗盘到了87.50，然后又回跌到87.0。欧元／日元方面也有很多流动性：前一天这个交叉盘几乎回跌到113.50，但是随后又跳回到114.50。交易者在尝试从日元下调中获利，这种行为正在受到无情的打击。　　JPY: After the sustained sell-off of the past couple of months, the first half of this week has been a welcome respite. Noticeable has been the increased trading activity by our Japanese clients, as those with yen-based wealth seek to diversify into other ‘stronger’ currencies. 　　EUR: Subdued for much of the day against the dollar. Some central bank selling pushed the euro back below 1.31. 　　GBP: Cable reached 1.6130 yesterday in Asia, but progressively lost traction over the course of the day, weighed down by some determined selling by central banks. Looks susceptible to a retest of 1.60 in the short term. 　　AUD: Back above 1.05 after earlier sell-off on soft retail sales figures. AUD/JPY buying overnight provided a boost. Aussie still looks remarkably solid. 　　日元：过去几个月持续出清后，这个星期上半段出现了让人期待的暂停。值得注意的是我们的日本客户交易活动在上升，引文那些拥有以日元为主的财富的人在尝试分流到其他“更强势”的货币。　　欧元：这一整天针对美元都受到压制。一些中央银行的销售将欧元推回到1.31。　　英镑：昨天在亚洲英镑美元汇率达到了1.6130，但是一天一下又慢慢失去吸引力，这主要是因为一些国家的央行意志坚定的卖出行为。近期内可能会再次跌到1.60。　　澳元：早先由于零售业不景气而导致卖出后，澳元又回到了1.05。前一天澳元／日元买入证明有了提高。澳元仍然相当稳健。　　YEN BEARS FIGHT BACK 　　日元空头的反击　　EUR: Another discussion regarding the necessity for a rate cut is likely at today’s meeting of the ECB’s Governing Council, just as there was last month. It turns out that a majority of policy-makers were open to the need to reduce the benchmark rate but opted against it amidst fears that it could trigger unnecessary uncertainty. All things considered, the Governing Council is likely to sit on its collective hands once more, in part because a rate reduction would not achieve very much. 　　GBP:MPC decision at midday, no change expected. Last month 8 of 9 members voted for unchanged policy, and since then not much has shifted. If anything, growth data for Q4 has been slightly better than expected, although services PMI was weak. Unlikely to see much response from sterling. 　　JPY: The new Abe government is set to announce a major stimulus package tomorrow, which could be worth 2% of GDP. BOJ set to meet in less than two weeks. Fitch warns that Japan’s debt rating is under threat. All things considered, Yen still on the defensive.欧元：今天欧洲央行理事会的会议上又在讨论降息的必要性，上个月也讨论过。