NEWS / Foreign Exchange

European Forex 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