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Looking deeper into the decision of the BOJ, we find that the additional quantitative easing wasn’t actually as large as the headlines suggested (10 trillion yen). In the video below, Simon Smith of FxPro discusses the BOJ decision and also the downgrade of Spain by S&P.

The text of S&P’s announcement didn’t provide any real news to markets: there wasn’t anything that was unknown. Nevertheless, the impact was strong.

The main story remains growth: purchasing managers indices have been quite low for the euro-area, and we’ll get to see the situation in the US next week, before the highly anticipated NFP, which will tell us if the weak figures in March were a one time event or not.

Recent US signs aren’t pointing in the right direction though.