Forex: Wednesday's review

The dollar touched a two-month low against the currencies of major U.S. trading partners on expectations that the Federal Reserve will reiterate the need to buy $600 billion in Treasuries to support the economy.

Sterling climbed from the lowest level against the dollar in almost two weeks as the Bank of England said two policy makers out of nine voted this month for an interest-rate increase. The euro rose earlier versus the dollar on speculation the currency region’s debt crisis will be contained and after a report showing a gauge of German inflation accelerated.

FOMC leaves all policies unch, affirms QE2 for $600b Tsys thru Q2 subject to review - to adjust as needed. Keeps extended pd, keeps FF target 0 to 1/4%. Vote 11-0 with no dissents. Repeats progress towards dual mandates 'disappointingly slow.' FOMC says econ recov is continuing but at insufficient pace to bring about 'significant' improvement in labor mkt conditions. Employers remain reluctant to add to payrolls. Hsehold spending picked up late 2010 but remains constrained by high unemp, tight credit etc. Although commodity prices have risen, long-term infln expectations remain stable, underlying infln measures trending downward.

EUR/USD: the pair bargained in the field of the reached high.

GBP/USD: on results of yesterday's session the pair become stronger above a mark $1.5900.

USD/JPY: the pair shown high in the field of Y82.50 then decreased.

UK data includes the January CBI Distributive Trades Survey at 1100GMT.

Today sees the meetings in Davos continue, with US Treasury Secretary Tim Geithner and ECB President Jean-Claude Trichet among the attendees. Thursday also sees the release of the state CPIs from Germany, which lead up to the release of flash HICP for January, which at the time of writing is forecast to come in at -0.3% m/m, +2.1% y/y.

At 1000GMT, the EMU economic sentiment survey is expected to edge up to a reading of 106.6. The EMU business climate indicator is also released.

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