US Mar 22 EIA Crude Oil Stocks change rises to 3.256M vs -1.314M

After a first upside momentum to 94.91 high during the Asian session on reports that the BoJ is preparing to merge its two JGB buying programs into one, with the intention of making the scale of the BOJ's easing programs more transparent, the USD/JPY started to reflect the risk-off sentiment felt because of Dijsselbloem’s comments, rumors of a downgrade to Italy’s rating, and tomorrow’s re-opening of Cypriot banks and Italy’s Bersani talks with President Napolitano tomorrow regarding the progress of coalition negotiations.