- World bank says that global economy will shrink for the first time since WW II
- Japan recorded a record current account deficit, the first deficit in 13 years.
- Switzerland, Austria and Luxembourg combine to defend their bank secrecy laws against increasing attacks.
The first half of the Asian session saw JPY crosses move higher with EUR/USD getting to 1.2720 as EUR/JPY touched 125.00. Regional equity markets all opened 0.5%-1.5% higher, improving the risk appetite but these gains have been given back as rthe day progressed. The JPY crosses have also fallen back to their opening levels but most traders have been desperately seeking inspiration, with none to be found.
The Shanghai stock market fell by 1%, the Hang Seng by 1.8%, the Nikkei by 0.7% but the Kospi bucked the regional trend by gaining almost 1%.
Gold fell back to $936/oz and oil was steady above $46/bbl.
Ranges: EUR/USD 1.2648/1.2727, USD/JPY 97.92/98.52, cable 1.4093/1.4181, USD/CHF 1.1538/1.1609 and AUD/USD .6389/.6450.
