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Forex pairs in this Article » EUR/CHF, USD/JPY (Barcelona) - According to Gareth Berry, a Research Analyst at UBS, "BoJ and government officials met to discuss the content of the joint statement which is to be issued after the BoJ meeting on Tuesday" - the final agreement on the text was not reached, but this did not hold down the USDJPY for long.

Still with Japan, Fitch implied the sovereign rating is safe for now given: Abe's fiscal stimulus plans are not large enough to warrant a downgrade due to more spending and sustained yen depreciation may generate export-driven growth. Elsewhere, NZ CPI came in much weaker than expected - "our New Zealand economist acknowledges that this puts his call for a June hike at risk, but he maintains his existing view for now." Berry adds.

Finally, the rally in the EURCHF continued for another day and we raised our target to 1.2750 from our pre-existing level of 1.2550. We also trailed the stop to 1.2500 (well above the 1.2260 entry level for the trade).
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