- USD/CNY fixed at record low of 6.2823
- UK consumer confidence rises sharply
- RBNZ leaves New Zealand’s interest rates unchanged, as expected
- Reuter’s poll of US primary dealers sees less than 30% chance of eventual QE3
- South Korean Q1 GDP +0.9% QoQ, as expected
- Japan February total wages revised +0.1% YoY
- Geithner: Challenge to rebuild confidence in government
- Regional stocks +0.4% on average
- Gold $1645/oz; Oil $104/bbl
USD/JPY has traded a 30 pip range after cloing in NY at 81.30. The positive close on Wall Street encouraged some early risk-on sentiment and USD/JPY edged up top 81.40 but the low USD/CNY fix encouraged selling across the USD/Asia pairs and this sent USD/JPY down to session lows. The pair was basically happy to range trade ahead of a big risk event tomorrow with the BOJ but with the extended holidays next week through Golden week, corporate flows were brought forward and these have weighed USD/JPY down a bit in late trade. The sharp revision lower in wages data may encourage the BOJ to spend a bit more? Ranges: 81.08/42; EUR/JPY 107.28/65
AUD/USD triggered stops above 1.0360 right on the NY close and has consolidated these gains for the rest of the session. Solid bids are noted now at 1.0325/35 as the market looks to reduce short-term speculative positioning ahead of Golden week next week and of course the RBA. Ranges: 1.0346/71
EUR/USD has once again traded in a range of less than 20 pips, 1.3214/33 and there have been no important statements affecting the EUR.
Cable still holds at important technical resistance 1.6165/75 and EUR/CHF was usual 1.2012/17
