• German Gfk consumer confidence for April 2.4 from revised 2.5 in March, weaker than median forecast of 2.5
  • French consumer confidence March -43 compared to median forecast of -44
  • BOE’s Sentance: UK fiscal deficit already very large, must be sustainable over mid-term
  • Italian business confidence March 59.8, down from 63.2 in February and weaker than median forecast of 63.0 Record low
  • Euro zone February M3 money supply 5.9%, down from revised 6.0% in January, but more robust than median forecast of 5.5%
  • UK retail sales for February -1.9% m/m, +0.4% y/y, much weaker than expected, vs forecasts of -0.4% and +2.5% respectively
  • Cable most active major this morning, which isn’t saying much at all given lethargy seen elsewhere as the market remains stuck in consolidation mode. Cable having rallied overnight in Asia built on those gains and moved above 1.4600 in early Europe but was already headed south (1.4595) when a much weaker than expected UK retail sales report sent the pound plummeting lower, cable reaching a session low 1.4538 before steadying. Stands presently at 1.4555.
  • USD/JPY has ticked higher, up about 35 points on the morning. This is pretty good going as there is talk in the market that there will be some very large sell orders in USD/JPY hitting the market tomorrow (repatriation flows as financial year draws to a close.)
  • USD/EUR busy going nowhere. At 1.3575 presently, effectively unchanged on the day.