FXStreet (Mumbai) - With the FOMC and RBNZ behind, focus turns back on the oil prices, they once again drive the market sentiment in Asia. Oil prices came under renewed selling pressure this session and triggered risk-aversion across the financial markets, boosting the demand for the safe-havens. Key headlines in Asia Japan Retail Trade s.a (MoM): -0.2% (December) vs -2.5% PBOC injects 590 bln Yuan this week, highest since Feb 2013 Dominating themes in Asia – centered on JPY, AUD and NZD Risk/ higher yielding assets are seen under mild pressure as risk sentiment gradually deteriorates as the black gold snaps previous rebound and falls back in the red zone. While markets also remain wary over the Fed’s outlook on interest rates after it remained concerned over the recent global headwinds and its implications on the labour market and inflation. The Asian equities turned lower, with the Nikkei falling -0.68%, while the Chinese benchmark, the Shanghai Composite index drops -0.48%. Among the G10 currencies, the Kiwi remains the best performer and attempts a solid recovery from the RBNZ-led drop. The NZD/USD pair trades 0.23% higher near 0.6450. The Aussie also remains well bid and trades near 0.7040 levels, underpinned by upbeat Aus fundamentals, including the latest CPI and import prices data. While the dollar-yen pair failed once again near 119 handle and recede towards the midpoint of 118 handle as the yen was back in demand amid reducing appetite for risk. Heading into Europe and North America A busy, action-packed trading session ahead, with a host of crucial macro data lined up from release from both Europe and America. The trading calendar will kick-off with the UK prelim GDP data, followed by the German CPI and a slew of US economic news. The UK's GDP growth is expected to post a slight slowdown to 1.9% y/y in Q4 2015, as compared to a 2.1% increase seen in previously. While on quarterly basis, the growth is expected to improve 0.5%. While the German inflation is coming in at 0.4% y/y in January, and is likely to post a 0.8% drop m/m amid the recent sharp fall of crude oil prices. The maim market moving event for the day is likely to be the US durable goods orders for December, which is expected to show a 0.5% fall after muted growth in November. For more information, read our latest forex news.