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Forex Weekly Outlook Jan. 25-29

Market mood before it became better in a very busy week. Will the Fed and the BOJ go dovish? Apart from these rate decisions, we have GDP data from the US and the UK as well as other key releases . These are the main events on our calendar. Here is an outlook on the main highlights coming our way.

Worries about Chinese growth and further falls in oil dominated the scene during the week, with a strengthening yen and weaker commodity currencies. For the yen, things turned around on speculation for BOJ action and for the pound, things worsened when Carney came out in a very dovish manner. The euro dropped on Draghi's dovishness while the Canadian dollar escaped the abyss as the BOC refrained from further stimulus. The mood is improving on promises for central bank action. Will the Fed lend some support as well? Let's start: