Currency Updates:
AUD/USD
• Intra-day supt near 0.7560 holds in Europe, drift higher into NY open
• Steady rise in NY morning as commodities firm and USD soft
• Large USD wash-out in afternoon sees spike through 200-HMA
• 21-DMA tested as 0.7700 touched, little pullback late in day
• Oz March jobs due, if upbeat 55-DMA & April high in play
EUR/USD
• Europe sees several pushes into 1.570/80 repelled, good demand noted
• NY makes early push lower but it’s bought pre-Draghi presser
• Draghi less dovish, notes depo rate won’t be lowered, FX rate not targeted
• Pair gains but fades as German 10yr yield hits new low, dip bought though
• Broad based USD weakness sees pair near key 1.0710/20 resistance
• Little pullback seen as US yields stay soft, 1.0775/90 test possible
USD/JPY
• USD/JPY succumbed to more bad US data, tech break & oil surge
• Cloud base & 50% of the Jan-Mar rise at 118.94 were broken below in NY
• Mar 26 low at 118.33, 61.8% Fibo at 118.22 & Feb 16 low at 118.11
• German FinMin raised doubts about Greek debt deal in April
• EUR/JPY choppy above key 76.4% Fibo at 126.07
• WTI sprints past Feb range highs, bad for Japan Trade balance, JPY+
• Weekly MOF flow data tonight
Looking Ahead – Economic Data (GMT)
• 22:30 NZ Manufacturing PMI* Mar 55.9-prev
• 23:50 JP Foreign Bond Investment w/e -3073.5b-prev
• 23:50 JP Foreign Invest JP Stock w/e 1036.1b-prev
• 01:30 AU New Motor Veh Sales m/m Mar 2.90%-prev
• 01:30 AU Employment Mar f/c 15.0k, 15.6k-prev
• 01:30 AU Full Time Employment Mar 10.3k-prev
• 01:30 AU Participation Rate Mar f/c 64.6%, 64.60%-prev
• 01:30 AU Unemployment Rate Mar f/c 6.3%, 6.30%-prev
Looking Ahead – Events, Other Releases (GMT)
• No Significant Events
