EURUSD and GBPUSD stable, USDJPY trends upward today

The EURUSD and GBPUSD currency pairs had little movement at the start of the trading day, while the USDJPY rose. Traders are focused on a scheduled call between former President Trump and Russian President Putin, set for later today. This discussion comes after a positive visit by a U.S. envoy to Moscow. It is expected to cover a proposed 30-day ceasefire in Ukraine. In Germany, a key vote on fiscal policy reform is approaching. This reform aims to increase defense spending and create a significant infrastructure and climate fund. It has support from major political parties, but requires a two-thirds majority to pass. In the U.S., Treasury Secretary Scott Bessent discussed potential changes to policies regarding Chinese investments. He confirmed that new tariff numbers will be assigned to different countries next month. Some countries may deal with lower tariffs, while others face higher rates on steel and aluminum. Bessent reassured that the U.S. economy remains strong and dismissed recession fears. Meanwhile, economists in Japan expect the Bank of Japan to maintain its interest rate at 0.5% in their meeting on March 19. Concerns about the global economic climate are influencing their decision. In Australia, Reserve Bank official Sarah Hunter highlighted the need to watch U.S. economic policies closely, as they affect Australian inflation. Today, several U.S. economic reports will be released, including housing starts and building permits. There is also anticipation for the Federal Reserve's decision on interest rates. U.S. stock markets are starting the day on a lower note, reflecting slight declines in key indices.