- South Korea’s GDP grows 1% in Q1.
- Japan Corporate Services Prices Index -2.1% for March and the All Industries Activity number came in at -2%.
- Rating Agencies raising fears about UK Govt’s debt burden.
- Shirakawa says US stimulus not enough.
Focus for today was on USDJPY. YEN crosses came under consistent selling pressure all day. Once 97.50 gave way and stops were triggered we saw USDJPY head down to 97.00 very quickly. EURJPY was held up temporarily at 127.80-00 area by some good bids above 1.3100 in EURUSD, but eventually the selling pressure in USDJPY saw EURJPY give way. AUDUSD flirted with the 7150 level but was unable to convincingly break above with AUDJPY selling keeping a lid on it and helping it drift off into the afternoon. Buyers at 7100 held tight helping the AUDUSD trade in a tight 50 pip range.
Ranges:
AUDUSD 7104 – 7155
EURUSD 1.3111 – 1.3162
GBPUSD 1.4635 – 1.4720
USDJPY 96.96 – 98.12
EURJPY 127.47 – 128.90
Goodluck,
Sam
