NEWS / Foreign Exchange

European Forex Recap

F/X Solutions

European Forex Recap

Date:  Wednesday, April 04, 2007 12.00am until 7.00am EST

Market Recap:

In earlier news

The Dow Jones Industrial Average closed Tuesday??™s trading session higher by 128.00 points at 12,510-30

The Reserve Bank of Australia left Australian interest rates unchanged at 6.25%. On the news the Aussie dropped from 0.8115 to 0.8065 in a heartbeat. However real money, macro and Japanese names saw this as an opportunity to buy the Aussie on the dip taking it back through 0.8100 to 0.8115.

• Opening levels:-GBP/USD 1.9736/41  EUR/USD 1.3334/37  USD/JPY 118.74/77  USD/CHF 1.2216/20  USD/CAD 1.1582/87  AUD/USD 0.8094/98  NZD/USD 0.7183/87 (11.00pm EST)
• Japans Nikkei 225 closed today higher by 300.04 points at 17,544-09
• Euro-land services PMI for March was 57.4 from 57.5 in February (4.00am EST)
• UK CIPS PMI services for March were at 57.6 from 57.4 in February. There was little reaction in cable with the currency rising just 5 pips to 1.9767/72 on slightly  (4.30am EST)
• Euro-land Retail Sales for February were +0.3% m/m +1.2% y/y from revised figures of -0.8%m/m  +1.1% y/y in January (5.00 am EST)
• German manufacturing orders in February were +3.9% m/m from -0.3% in January (6.00am EST)
• Closing levels:-GBP/USD 1.9737/42  EUR/USD 1.3355/58  USD/JPY 118.94/97  USD/CHF 1.2201/05  USD/CAD 1.1551/56  AUD/USD 0.8126/30  NZD/USD 0.7172/76 (7.00am EST)

Economic data due out later today

8.30am   US ADP employment change for March

10.00am US Factory Orders for February

10.00am US ISM non manufacturing for March

Session Ranges

GBP / USD:                 1-9729             1-9772

EUR / USD:                 1-3327             1-3364

USD / JPY:                  118-63             119-00

USD / CHF:                 1-2190             1-2225

USD / CAD                 1.1545             1.1590

AUD / USD                 0-8091             0-8141

NZD / USD                 0-7180             0-7210