Another big looser last week was the Japanese Yen that lost 1.54% over a week. The USD/JPY pair showed an impressive rally, starting the week at 98.649, then hitting 97.76 on Bernanke and recovering up to 99.5 by the end of the week, providing great opportunity for traders. The lost mostly was driven due to BoJ' Governor Kuroda comments, who once again assured they will keep injecting enormous amount of liquidity into markets for as long as needed, while also mentioning a positive outlook for overseas economies. Meanwhile, the nation's trade balance and industrial production came above estimates, reinforcing a view the world's third largest economy is on the right track.
This week is not likely to be as volatile as the previous one, while Bernanke's comments are expected to push the greenback lower at least until the next Fed gathering. During the next 5 trading days, there will be several economic releases from the Alpine country, including UBS consumption indicator on Wednesday, SNB Quarterly Report a day later and KOF economic barometer on Friday. The economy is performing better than expected, hence some upbeat data might be expected. Moreover, until the Franc is trading highly above 1.20 versus the single currency, there should not be any market interventions from the SNB, which once again pledged to protect the cap for as long as it is needed. The only day, when market will probably go wild is Thursday, when U.S. and U.K. GDP figures will be published, while Japanese Statistics Bureau will unveil the closely-watched inflation data.