Fairly active forex trade overnight. The markets have given the US toxic asset plan the thumbs up, sentiment has improved and risk appetite whetted. The losers against this backdrop have been the JPY and USD. EUR/USD is up at 1.3640 having closed out Monday in Europe around 1.3550, while USD/JPY has advanced to 98.10 from around 97.25.
Lots of data out in Europe this morning:
07:45 GMT: French consumer spending (Feb) expected -0.9% m/m, -0.4% y/y
07:45 GMT: French own company production outlook (Mar) expected -45
07:50 GMT: French business confidence indicator (Mar) expected 68
07:50 GMT: French production outlook indicator (Mar) expected -77
08:00 GMT: French PMI manufacturing (Mar) provisional expected 35.0
08:00 GMT French PMI services (Mar) provisional expected 40.2
08:30 GMT: German PMI manufacturing (Mar) expected 32.0
08:30 GMT: German PMI services (Mar) expected 41.0
09:00 GMT: Euro zone current account (Jan)
09:00 GMT: Euro-zone PMI services (Mar) expected 39.2
09:00 GMT: Euro zone PMI composite (Mar) expected 36.2
09:30 GMT: UK CPI (Feb) expected 0.3% m/m, 2.6% y/y
09:30 GMT: UK core CPI (Feb) expected 1.3%
09:30 GMT: UK RPI (Feb) expected 209.2
09:30 GMT: UK RPI (Feb) expected -0.1% m/m, -0.7% y/y.
