- NewZealand cuts rates by 50 basis points.
- Latest GFK/NOP consumer confidence poll for the UK rises to -27 from -30.
- March Japan Industrial Production rises 1.6% month-on-month( forecast was 0.8%).
- Australia March Private Sector Credit rises 0.1%
- South Korea March Industrial Output +4.8%
- Article in the WSJ saying that talks with Chrysler have failed and Capter 11 is imminent
Yen crosses were bought throughout the morning, continuing the uptrend from overnight. This in turn kept the likes of EURO, AUDUSD and Cable bid, with buyers on any dip back under 1.3300 in Euro. AUDUSD held tight just under 7300 as traders eyed the previous top at 7325. GBPUSD ran up hard taking out stops above 1.4820 but that that was short lived as article in the afternoon from the WSJ stated that Chrysler talks had failed and that Chapter 11 bankruptcy was imminent. This saw all Yen crosses sold back down to the day lows. Entire up moves were negated on the back of this aricle.
Ranges:
EURUSD 1.3244 – 1.3337
GBPUSD 1.4744 – 1.4854
AUDUSD 7230 – 7291
USDJPY 97.12 – 97.86
EURJPY 128.90 – 130.24
Goodluck
Sam
