FX Update: EUR-USD took a rotation lower, to the 1.1020 area from levels above 1.1050, which was driven by broad, albeit moderate, declines in the common currency. The low for the week, seen on Monday at 1.1015, had been left untroubled as of the early London afternoon session. Market narratives pointed to possible position adjusting into tomorrow's ECB policy announcement, along with German Chancellor Merkel's pouring cold water on the idea of fiscal stimulus. USD-JPY printed a fresh six-week peak at 107.84 in what is now a third consecutive day of ascent, which is part of what is now a third consecutive week of gains. AUD-JPY and EUR-JPY posted six-week and one-month highs, respectively, while other Yen crosses also rose as the Japanese currency continued to see its safe haven premium unwind. News that hawkish U.S. national security advisor, John Bolton, was fired by Trump (Bolton claims he resigned), has been something of a sentiment shifter in markets, maintaining an overall risk-on disposition. U.S. PPI, due today, and more especially CPI and retail sales data, up tomorrow and Friday, respectively, will be a focus for markets. Analysts expect an ongoing benign price picture to be painted and a flat performance in the retail sector. Such outcomes would hardly provide a dollar-buying cue, but would neither prompt to hit-the-sell-button reaction. Another focus is on tomorrow's ECB meeting, which is widely expected bring further easing measures. The event risk is that the package of measures will fall short of what markets have been pricing in. Analysts are expecting a small 10 bp cut in the deposit rate to -0.50%, with a tiered system to limit the impact of negative rates. Elsewhere, Sterling has settled to uneventful trading, matching the sudden outbreak of quietness on the Brexit front following the closure of the UK Parliament.