 Asian markets are showing signs of mild risk-off sentiment today, with Hong Kong and China stocks retreating from recent gains. The weaker regional tone contributed to a stronger Yen. Additionally, Yen’s rebound is also fueled by post-FOMC Dollar softness. The technical picture suggests that the recent pullback in Yen against Dollar has likely run its course, allowing the currency to regain some ground. Meanwhile, the weaker regional sentiment has put pressure on New Zealand Dollar, despite the strong GDP data that showed the country exiting recession. Aussie is also under pressure, not just due to the broader market risk aversion but also because of softer-than-expected employment data, which saw a surprise contraction in jobs. While both the Kiwi and Aussie have had some resilience earlier this week, today's price action suggests that traders are probably turning more cautious. SNB rate decision will be the first major focus in the European session, with the central bank widely expected to deliver another 25bps rate cut. A key question is whether SNB signals that the current easing cycle is nearing its end. Attention will then shift to BoE, which is widely expected to keep its benchmark interest rate steady. The focus will be on the voting composition within the MPC.... | 
