A busy week expected ahead as the market is going to pay close attention to the central banks. While we have the Federal Funds rate on Wednesday, which is usually priced into the market, traders will focus on FOMC statement. The excitement continues as Bank of Japan releases its Monetary Policy Statement on Thursday which is expected to announce new stimulus measures. On Friday we have Swiss National Bank’s Chairman Jordan who is going to speak at the Swiss National Bank’s General Meeting of Shareholders.

• Oil and Gold: Crude oil price rose as the traders expect that the June 2nd OPEC meeting will see a cut in production. Oil prices soared almost 5% even though the Doha meeting failed to unite oil exporting countries as to freeze outputs, supported by hopes that declining production in non-OPEC countries would help moderate the surplus in the market. Gold tumbled on Friday shedding the gains from the start of the week, Gold is trading at $1235 levels at the time of this writing.
• Stocks: Asian markets tumbled as the Japanese stocks fell from the rally last week amid rising expectations of further central bank easing. Nikkei ended down 0.8 percent as the yen pulled off its lows. Shanghai Composite was one of the worst performers while Australian markets were closed in observance of Anzac Day.
• Currencies: The Euro started the week on a strong note against the US dollar as the market awaits for Germany IFO- business climate, IFO-current condition, IFO-expectations today, the GBP climbed last week as BoE Governor Mark Carney has recently defended his stance on a ‘Brexit’, while we wait for the CBI Industrial Order Expectations from the UK today and the Prelim GDP on Friday. The USD/JPY dipped 54 points after the pair rallied to a new short term high as the yen tumbled ahead of the Bank of Japan meeting this week and comments from Minister Aso and BoJ Governor Kuroda.