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As is usually the case, overnight implied volatility has spiked ahead of the central bank meeting, irrespective of the fact that most expect rates to remain unchanged at 1.75%. Still, it remains prudent to assume volatility could spike in the event of new or unexpected information.

A snapshot view of currency moves throughout the Asia session, ahead of the UK open.

See a summary of the top themes and trends from today's US session!

See a summary of the top themes in trends from today's European session!

A snapshot view of currency moves throughout the Asia session, ahead of the UK open.

A summary of the weekly Commitment of Traders Report (COT) from CFTC to show market positioning among large speculators.

But after an eventful week, next week is understandably quieter from a data point of view. However, the ongoing Brexit situation should keep traders busy all week, while the Reserve Bank of New Zealand will garner some attention as it is the sole major central bank meeting next week.

A snapshot view of currency moves ahead of the US open.

Earlier, the euro and European stock markets sunk after purchasing managers in the services and particularly manufacturing sectors reported sharply deteriorating conditions for March.

The EUR/GBP has been on a rollercoaster ride over the past couple of weeks as market participants reacted to the latest Brexit headlines while keeping a close eye on a deteriorating Eurozone economy.

The past few weeks has seen NZD have the upper hand over its commodity FX rival, CAD. Yet it could be approaching crunch time as yesterday’s high almost perfectly bounced of a 2-year trendline (just in time of Canada’s data dump today).

A snapshot view of currency moves throughout the Asia session, ahead of the UK open.