Just in our previous article under the series, we argued from now on central bankers' around the world after embracing negative rates, will act cautiously before dragging it down further.

Today Bank of Japan (BOJ) chief indicated such possibility. Mr. Haruhiko Kuroda, while speaking at parliament indicated that he has no plan to push rates further into negative territory for now, however adding that since economic changes are dynamic, banks won't hesitate to act to reach its inflation target if necessary.

Despite so, Yen has failed to capitalize on the comments and fading risk aversion pressure it on the downside, despite broad based weakness in Dollar. As equities reach higher and break above key resistance level, Yen has become worst performing major this week. Currently it trades at 113.8, down -0.12% today.

Similar reactions, we are expecting from European Central Bank (ECB) next week, when governing council decide over next set of actions on March 10th. There is strong possibility that ECB might do more but we expect that such actions to come in the form of quantitative easing rather than further cuts in rates.

Euro is currently trading at 1.095 against Dollar, flat for the day.