The actions of the Federal Open Market Committee caught the entire market completely by surprise. The FOMC ‘s decision to buy $300 billion in longer-dated Treasuries over the next six months, along with another $850 billion mortgage-related debt was a bid to improve credit markets and pull the U.S. economy out of the doldrums.  It is unlikely that any fundamental news today can possibly have the same impact on the market as the FED news from last night and indeed the economic calendar can best be described as “thin” for the euro to dollar.  The only significant release is in the US with the unemployment claims which are forecast to show a very slight fall to 652k from 653k last time.   This is the number of people filing for unemployment insurance in the previous week and have recently become an important barometer of the health of the economy despite being a lagging indicator.

The only other piece of news of any note is a speech by Daniel Tarullo, a FED Reverse Governor who is due to testify before the Senate Banking Committee.  However, any comments he may make will be overshadowed by last night’s events and likely to have far less impact than usual.

Just as a matter of interest its a national holiday in Japan which will affect trading volumes.