Daily Forex News March 19th 2013FCTOFX: The Euro continues to consolidate above yesterday's low as markets were calmed by the so far limited impact of the Cyprus news on peripheral yields. The situation showed that investors are so far relatively confident that the bank deposit tax in Cyprus is a one-off: rather than the start of a wider move in the Eurozone. Also while keeping the 5.8 billion Euro revenue target, Eurozone ministers urged Cyprus to consider restructuring the plan to refrain from charging smaller depositors. The original plan was that a 6.75% tax would be charged to deposits up to 100,000 Euros and 9.9% for anything above that. The new plan could be just a 15.6% levy on deposits of more than 100,000 and no levy for amounts below that level. The parliamentary debate on the issue has been delayed until later in the week with the current bank holiday extended until Thursday.

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Daily Forex News March 19th 2013The Japanese Yen retreated from yesterday's rebound as risk markets recovered. Outgoing Bank of Japan head Shirakawa will end his five year term a few days earlier today and will give his final press conference. New Bank of Japan head Kuroda and two deputies Iwata and Nakaso will take office tomorrow. It's also been reported that a veteran of quantitative easing Amamiya was brought back as Kuroda's top policy planner. It's reported that Amamiya is excellent at finding the middle ground and could help Kuroda pursue aggressive easing while keeping the Bank of Japan from crossing the line.

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Daily Forex News March 19th 2013In Australia, the Reserve Bank of Australia deputy governor Lowe said that the strong currency and high saving rates helped "digest a huge investment boom without generating substantial imbalances in the economy." The Reserve Bank said in its minutes that " Sensitive parts of the economy continued to show signs of responding to these low rates and it was likely that this still has further to run." The Central Bank said the current rate is "appropriate" even though further reductions "may be required" and pledged "to assess further developments over the period ahead."

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Daily Forex News March 19th 2013On the data front, UK inflation data will be a major focus in the European session. Consumer Price Index is expected to rise slightly to 2.8% year on year in February. Though Producer Price Indexes are expected to moderate. German Z-E-W is expected to drop slightly to 47.5 in March while Eurozone Z-E-W is expected to rise slightly to 43.7. And New residential construction data will be released from the US later in the day.

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