EUR/usd

The single currency didn't venture to attack 1.37 on Tuesday. Growth was impeded by the market's anticipation of further tapering by the Fed. It's noteworthy that yellen's claims were quite reserved and generally in line with the traditions of the obscure rhetoric acquired by the Fed's presidents.  She remarked that should the recovery go on at a forecasted rate, the QE will be curtailed with the current pace (by 10bln monthly). In the meantime, stock traders took her comments optimistically, getting themselves into eager selling. Since the beginning of February the market has recouped three fourths of the losses incurred at the end of the preceding month. As supposed, that decline was nothing more than profit-taking after the record highs had been reached, which let the public purchase potentially prospective American stocks at a bargain price. The further prospects of the market seem doubtful to us, but the current situation is relatively favourable. There are some reasons to expect strengthening of the market with another hit on the record rates and probably even with an attempt to reach 1900 in the coming two months and a half. The growth of US stocks intensified demand for the dollar, pushing the pair down by a figure from 1.3680. It generally brought the pair back to the downtrend. So only decline to its lower bound remains open to question. For that Europe should publish some bad news. The only releases which might serve this purpose are the poor forecasts for Germany and the manufacturing production rates for the eurozone. Also we shouldn't forget about draghi's speech scheduled for this afternoon.

GBP/USD

Most likely, there's too much fuss about today's inflation report by the BOE, as the CB will hardly decide on sharp turns in the policy. Moreover, the forward guidance has contained enough stipulations to avoid changes in the policy even if unemployment reaches 7.0%. It's worth paying attention to the alteration of the  inflation and economic forecasts. If the market's estimates are not too different, it may support the British currency, whose growth stumbled over Yellen's comments yesterday. 

USD/JPY

Growth here was less marked than in the stock exchanges. It points to the strength of bears, but at the same time doesn't imply the end of the uptrend. Most likely, the pair will be growing at an easy pace against the background of the USD strengthening and continued injections on the part of the BOJ. The growth could be stronger but for the pressure imposed by the speculators, who strive to outstrip exporters, repatriating the last year profits.  

AUD/USD

The Australian dollar keeps rallying. audusd has already reached 0.9050, despite the cautious tone of the US currency in general and the decline of the consumer sentiment index straight by 3% this month. Consumers are worried about the future, the report emphasizes a huge difference between the current rate and expectations, now being the biggest since 2000. The currencies of the developing and commodity countries are suffering a deserved pullback after heavy overselling in January. It remains only not to disappoint those who stake on growth with tomorrow's employment statistics.