More selling is seen in Dollar on news that US Secretary of State Rex Tillerson is fired by Trump.

Trump also tweeted:-

“Mike Pompeo, Director of the CIA, will become our new Secretary of State. He will do a fantastic job! Thank you to Rex Tillerson for his service! Gina Haspel will become the new Director of the CIA, and the first woman so chosen. Congratulations to all!”

Yen is staying as the weakest currency for today and selling intensifies entering into European. Meanwhile, Euro is also showing much resilience. And buying also emerges at during the 4 hour period.

EU Chief Brexit negotiator Michel Barnier warned UK:-

• The EU and Britain are hoping to seal a deal this month on a transition period after Brexit, and start talks on the future relationship this spring.
• “One cannot have at the same time the status of a third country and demand at the same time the advantages of the (European) Union,”
• “It is time to face up to the hard facts,”

Earlier today, European Commission President Jean-Claude Juncker in European Parliament on Brexit:-

• “There is increasing urgency to negotiate this orderly withdrawal.”
• “As the clock counts down, with one year to go, it is now time to translate speeches into treaties, to turn commitments into agreements.”
• “It is obvious that we need further clarity from the UK if we are to reach an understanding on our future relationship.”

OECD Interim Economic Outlook: GETTING STRONGER, BUT TENSIONS ARE RISING

The world economy will continue to strengthen in 2018 and 2019, with global GDP growth projected to rise to about 4%, from 3.7% in 2017.

Stronger investment, the rebound in global trade and higher employment are helping to make the recovery increasingly broad-based.

New tax reductions and spending increases in the United States and additional fiscal stimulus in Germany are key factors behind the upward revision to global growth prospects in 2018 and 2019.

Inflation remains low, but is likely to rise modestly.

Still-elevated risk-taking and high debt levels in many countries raise financial vulnerabilities. Monetary policy normalisation could also result in greater volatility of exchange rates and capital flows, particularly in emerging market economies.

Medium-term growth prospects remain much weaker than prior to the financial crisis, reflecting less favourable demographic trends and a decade of sub-par investment and productivity.

Economic policies face several challenges:

• A gradual normalisation of monetary policy is needed, but to a varying degree across the major economies. Continued clear communication about the path to normalisation is essential to minimise the risk of financial market disruptions.
• Fiscal policy choices should avoid being excessively pro-cyclical and be clearly focused on measures that strengthen the prospects for sustainable and more inclusive medium-term growth.
• Structural reform efforts should be revived, seizing the opportunity of the stronger economy to help secure a more robust recovery of productivity, investment and living standards.

Safeguarding the rules-based international trading system will help to support growth and jobs. Governments should avoid escalation and rely on global solutions to resolve excess capacity in the global steel industry.

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The Bank of International Settlement said in the quarterly review: –

• “Some of the breathless commentary gives the impression that cash in the form of traditional notes and coins is going out of fashion fast,”
• “Despite all the technological improvements in payments in recent years, the use of good old-fashioned cash is still rising in most, though not all, advanced and emerging market economies.”
• “The resilience of cash as a social institution reminds us of the importance of understanding the economic functions of money, beyond just the innovations in technology,”

ECB Executive Board Member Benoit Coeure said that interest rates will stay at “very low levels”, “far beyond the end of QE.

He said in French radio BFM business:-

• “It is very clear to us that short term interest rates, the ones that are controlled by the central bank, will remain at very low levels, far beyond the horizon of our asset purchases,”
• “Inflation is not quite where we would like it to be,”
• There was no discussion on a first rate hike in mid-2019