Overall, the majors had no direction in the last few sessions,and were probably affected by negative equity markets and the expected ECB press conference on Thursday. The euro, cad and the yen closed the day mixed. The swissy lost ground, while the pound and the aussie strengthened. However, the majors were right on track during the Asian session and traded again inline with the dollar being sold lower.

The Euro (Eur/Usd) continues to look weak on the daily chart, and the pair was unable to hold a trend over the last three days. This was a reaction to the ECB’s press conference scheduledon Thursday, when the markets expect the European bank to reduce the overnight rate by 50 basis points. The Euro added 40 pips in the Asian session.

The Pound (Gbp/Usd) gained 100 pips in the U.S. session, with strenght coming from the U.K. Treasury that managed to sell all of its gilts, unlike last week when the auction failed for the first time in the last seven years. During Wednesday’s Asian session the pound added another 40 pips.

The Aussie (Aud/Usd) was sold in early overnight trade, but recovered strongly during the rest of the day. At the close of the U.S. session, the aussie rose 80 pips, with these gains being extended further in the Asian session. The aussie will soon hit the 0.7050 area, an important swing area.

Australia has posted a higher than expected trade balance for the month of February. Analysts were expecting a 0.70B reading when in fact; the country had a surplus of 2.11B. This is mainly due to imports of consumer goods declining while the price of gold surged higher. However, this may not be enough for Australia to avoid a recession, the nation’s first in two decades. This is the seventh consecutive month in which the Australian trade balance has been in the black.

The Cad (Usd/Cad) traded above the 20-day moving average, but was still unable to develop a decent trend. The cad tried to break above TheLFB R1 (1.2685) area during the overnight session, but failed. At the end of the day the cad formed a pin-bar pattern.

The Swissy (Usd/Chf) finished the session some 80 pips higher; recovering almost every pip lost during the previous session. On an intra-day basis swissy gained in the Asian and U.S. sessions, but was sold during the middle of Wednesday’s European session. In the current session, the swissy has fallen 30 pips.

The Yen (Usd/Yen) started the last day of trade strongly, but overall the pair failed to break any important price points. The yen traded in a range, initially between the high of the previous trading session and TheLFB neutral pivot point., At the end of trade the range came down to only 30 pips, which was extended into the Asian session.

The Japanese monetary base came in with a reading of 6.9 percent year over year in February. Banknote circulation in January was up 0.8 percent. Meanwhile, coins declined 0.1 percent.