Highlight of the night comes from New Zealand, the kiwi is losing more than one percent across the board following RBNZ assistant governor comment: "evidence of weakening demand...would prompt us to consider lowering the rates". As a result, NZD/USD continued its bearish move initiated yesterday from the top right below 0.7740 and trades now at 0.7555 almost 200 pips lower.

Other interesting market activity to point out is the volatility fade play on the CHF following yesterday's volatility spike triggered by the SNB that disclosed more details regarding its negative interest rates policy. As an illustration, the EUR/CHF already retraced 38.2% of this move from low of 1.024 to a high of 1.0414.

The JPY benefited from Kuroda's decision not to weaken the yen as he is confident that the inflation will peak up in second half of this fiscal year. The Nippon currency gained 0.36% over the rest of the G-10 currencies since the opening following this decision.

Today the economic calendar will present some interesting risk events for both eurozone and the US with PMI figures release this morning for the eurozone and employment data for the US in the afternoon as well as PMIs and other key economic indicators. Expect the USD to lose ground in case of weak employment figures.