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European Forex Recap

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European Forex Recap

Date:  Thursday, March 29, 2007 12.00am until 7.00am EST

Market Recap:

In earlier news

The Dow Jones Industrial Average closed Wednesday down 96.93 points at 12,303.36

S & P says the New Zealand current account deficit is still a worry. On the comments the kiwi dropped from 0.7105 to a low of 0.7095 before turning back higher to 0.7130.

Japanese retail sales for February were -0.2% m/m from -0.8% in March.

• Opening levels:-GBP/USD 1.9633/38  EUR/USD 1.3311/14  USD/JPY 116.96/99  USD/CHF 1.2164/68  USD/CAD 1.1595/00  AUD/USD 0.8062/66  NZD/USD 0.7107/11 (11.00pm EST
• Japanese stocks closed Thursdays session up slightly by 9.21 points at 17,263-94
• Italian PPI in February was +0.4% m/m +4.0% y/y (4.00am EST)
• UK services output for January was +0.1% m/m +3.5% y/y (4.30am EST)
• UK mortgage approvals for house purchases in February were 119,000 marginally lower than the 120,000 posted in January.  Net mortgage lending in February stood at ??10.258 billion from ??9.520 billion in January (4.30am EST)
• Cable on the UK data releases hardly moved and currently trades at 1.9638/43 (4.30am EST)
• Swiss customer sells 300 mio Euro-Swiss around 1.62100. The currency seemingly well supported there with UK clearers on the bid (5.00am EST)
• In the UK the Confederation of British Industry in its monthly report on distributive trades shows the sales balance for March +32% from +19% in February. Cable on the news is marginally higher at 1.9646/51 (6.00am EST)
• Closing levels:-GBP/USD 1.9645/50  EUR/USD 1.3344/47  USD/JPY 117.45/48  USD/CHF 1.2144/48  USD/CAD 1.1587/92  AUD/USD 0.8095/99  NZD/USD 0.7136/40 (7.00am EST)

Economic data due out later today

8.30am   US Final reading for Q4 GDP

8.30am   US weekly jobless claims for the week ending March 24th

Session Ranges

GBP / USD:                 1-9629             1-9659

EUR / USD:                 1-3310             1-3346

USD / JPY:                  116-96             117-56

USD / CHF:                 1-2138             1-2178

USD / CAD                 1.1579             1.1614

AUD / USD                 0-8057             0-8101

NZD / USD                 0-7095             0-7145