• IMF pushing for Greek debt restructure- weekend press
  • Floods, cyclones to cost AUD$9 billion- Australian Treasurer
  • BOJ- June Tankan to be impacted by earthquake
  • UK finance sector continues to grow
  • Australian inflation rose 0.6% in March: TD-MI private survey
  • Australian job ads rise 1.3% in March
  • Ex-MoF Sakakibara (Mr Yen) sees USD/JPY rising towards 90 as foreign money leaves due to atomic crisis
  • Nikkei +0.5%, HK +1%
  • Gold $1432/oz; Oil $108.30/bbl

Sentiment remains bullish on the JPY crosses but the presence of some sizeable sell orders in EUR/JPY between 120.00/25 helped stall any fresh bullish momentum. There were two attempts in early trade to break through the next psychological barrier but both failed. AUD/JPY also stalled ahead of strong technical resistance at 88.00. This meant that we had a session of consolidation just below the highs. Ranges: USD/JPY 84.03/38, EUR/JPY 119.62/120.05

EUR/USD managed to breach a small barrier at 1.4250 but the stop-loss buy orders just above were not as substantial as had been feared. With more strong technical resistance looming at 1.4280 (the high post QE2 announcement in November) and with heavy sell orders in EUR/JPY, the bullish momentum soon faded. The EUR ends the session near its lows against the GBP and the CHF. Ranges: EUR/USD 1.4215/68, EUR/CHF 1.3137/95

AUD/USD also breached a barrier, this time at 1.0400 and this happened in early interbank trade. A new multi-decade high at 1.0417 was reached but that was the sum of the excitement and we’ve had a quiet day’s consolidation. Ranges: 1.0377/1.0417

Cable 1.6104/40, EUR/GBP .8809/40, USD/CHF .9235/64