The Bank of Japan is, of course, Japan’s central bank and yes, you can buy publicity-traded shares in it.

Today the share price is up 17.5% and has hit its daily limit up. Imagine what would happen if they were actually doing a good job, hitting their targets at the bank and such ….

Today’s dip below 1.20 in EUR/USD has been met by steady buying. Some USD selling is mixed in but it’s been an impressive rebound, rising a full cent from the lows.

The bounce comes even with the ECB’s Panetta saying that unwanted tightening in the market will not be tolerated. The ECB will get a chance to underscore that at the March 11 meeting.

With this bounce and the one in February, it’s getting tougher to bet against the euro, even with a lot of negative fundamentals in place. The problem is that the negative story is so well known. A slow vaccine rollout, negative yields and a dovish ECB is all priced in. Leaning against that are some decent valuations in asset prices.

Some large dollar sales are going through ahead of the London fix and weighing on USD across the board. We’re seeing session extremes in USD/CAD, GBP/USD and EUR/USD with 10-20 pips moves relatively quickly.

There’s no fundamental news.

Fronterra’s GlobalDairyTrade auction put the average price at $4231, which is a 15.0% increase, including 21.0% in whole milk powder.

Not only is that huge jump, but it’s the 8th consecutive auction with higher prices. Prices are up around 40% since November.

OPEC sees oil stocks dropping by about 400 million barrels in 2021 in latest supply and demand outlook presented to the technical meeting.

What that that doesn’t show is how much OPEC is pumping.

WTI crude was down by 1% at the start of European trading just below $60 but has clawed its way back higher on the session as traders brush aside fears of OPEC+ increasing supply at the meeting later in the week.

There is talk about OPEC+ allowing as much as an increase of 1.5 mil bpd back into the market but in the bigger picture, I don’t think this puts much of a dent in oil sentiment.