An understandably quiet session as all eyes will be on the BOE and ECB rate announcements due out later today. The just released BOJ rate announcement was a non-event as they left their policy unchanged and basically reiterated the need to take concrete steps to stimulate growth. USD/JPY doesn't seem too impressed by this and is currently hovering around 93.90. Given the weakness of the economic data stream from the UK, most analysts expect the BOE to maintain the course and leave QE at 375 billion pounds. The ECB is also expected to stand pat and not lower rates but Draghis' post announcement press conference could prove to be interesting. Any hints from him that the council even discussed the prospect of cutting rates could provide some volatility in the markets. The risks appear to be skewed towards near term weakness in the common currency as the market might interpret any signs of dovishness from the ECB as admission that the only way to spur growth in countries such as Italy would be through a weaker Euro.