F/X Solutions

European Forex Recap

Date: Wednesday, March 21, 2007 12.00am until 7.00am EST

Market Recap:

In earlier news

            Dow Jones Industrial Index closes on Tuesday at 12,288-10 up 61.93 on the day.

• Opening levels:-GBP/USD 1.9613/18  EUR/USD 1.3316/19  USD/JPY 117.21/24  USD/CHF 1.2116/20  USD/CAD 1.1615/20  AUD/USD 0.8032/36  NZD/USD 0.7056/60 (11.00am EST)
• Japanese markets closed today in observance of the Spring Equinox Holiday.
• Australia??™s Treasurer Costello on the wires saying that a high Aussie dollar is hurting exporters (12.45am EST)
• German Retail Sales for January was revised to -4.3% m/m from -5.1% (3.00am EST)
• Bank of England??™s Barker on the wires saying that inflation in the UK is determined by the MPC and not from outside influences (3.30am EST)
• The MPC of the Bank of England voted 8 ??“ 1 to leave UK interest rates unchanged in minutes released from their March meeting. David Blanchflower was the sole dissenter. The market had been looking for a 7 ??“ 2 vote. On the news cable dropped 50 pips to 1.9570/75 (5.30am EST)
• Cable has rallied back through 1.9600 having posted a low of 1.9557 (6.25am EST)
• Closing levels:-GBP/USD 1.9606/11  EUR/USD 1.3299/02  USD/JPY 117.76/79  USD/CHF 1.2142/46  USD/CAD 1.1620/25  AUD/USD 0.8018/22  NZD/USD 0.7046/50 (7.00am EST)

Economic data due out later today

8.30am   UK Chancellor Gordon Brown  announces the 2007 Budget

8.30am   Canadian Leading Indicators for February

8.30am   Canadian Retail Sales for January

2.15am   US FOMC decision on interest rates

7.50pm   Japanese Merchandise Trade Balance for February

Session Ranges

GBP / USD:                 1-9557             1-9652

EUR / USD:                 1-3295             1-3320

USD / JPY:                  117-20             117-84

USD / CHF:                 1-2115             1-2145

USD / CAD                 1.1610             1.1632

AUD / USD                 0-8000             0-8035

NZD / USD                 0-7035             0-7060