The recent meeting held by the central banks revealed some interesting changes to monetary policy from some areas, where it was business as usual in others

USD - Yellen did not say anything unusual to what she has been saying for some time. She is remaining firm that the market should not expect interest rates to come soon, as it will be determined by jobs data, which has room to improve.

The USD did rally however. A possibility is that the market largely expected her to be dovish. Her speech was straightforward without releasing any new data that could lead to further dovishness.

JPY - Abe is still not satisfied with current rate of inflation. The BOJ will be looking to release a new round of QE. This is extremely bearish for the Japanese Yen, and bullish for all Yen crosses.

USDJPY made new highs, but has already started to pull back from weekly opening levels.

EUR - Draghi has remarked that he is willing to implement a QE program. Inflation stats don't seem to show major improvements on the back of a negative interest rate. The QE program should have a bigger impact on the EUR than negative interest. However, he also stated in the meeting that he was content with the current progress having implemented negative interest rates.

The QE program can potentially take some time to come in effect. Trader's may start pricing it in now, or look to higher levels to build short positions. Draghi has been leaning on the FED in anticipation of a US rate hike to subsidize his monetary policy as many other central banks have. The delay in the hike can have an impact.

GBP - The BOE has some concerns regarding their labor markets and is sticking with their revised as of late stance that interest rates may not be lifted as soon as expected.

The GBP sold off at the open but has already recovered and is in the green for the week.
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