- Asian Equities: The Nikkei 225 is lower my more than 0.40% as traders took profits on recent gainers. Declines on the Nikkei were led by steel and real estate shares. Bucking the trend, chip shares gained on positive commentary from Micron. The ASX 200 index is lower by close to 0.50% as declines were led by miners. Aussie exporters were lower as the AUD/USD consolidated near record levels. Despite the overall downward momentum in today's ASX 200 trading, shares of Rinker rose sharply after Cemex received US Department of Justice approval for its bid for the company. The Kospi index is lower on profit-taking in shipbuilders and shares of Posco Steel. Chinese equites are trading mixed as gains in shares of CITIC Securities counterbalanced sharp losses in shares of Hangxiao Steel and Datang Telecom.

- Commodities: Crude oil prices are lower in Asian trading after Iran agreed to release the UK soldiers. There was some profit taking on gold as traders get ready for the long Easter weekend. Gold prices are expected to remain well supported at current levels on slowing central bank sales, expectations for a weak USD and near term demand as the Indian wedding season starts in April. Additionally, a sharp gain in the ISM Non-Manufacturing price paid index and technical trends are all supportive for gold prices. Shanghai copper is trading higher, tracking gains in the LME contract. Copper prices are also being supported by a strike at Doe Run Resources' Peruvian copper and zinc smelter. Zinc prices opened higher in Shanghai by its 4% daily limit on gains in other metals prices.

- Aussie dollar briefly moves above 0.8200 as rate hike expectations fade: Despite the pause in rates yesterday, 30-day interbank futures market are now only pricing in a 50% chance of a rate hike in May. In a poll conducted by a major news agency, a median 40% of analysts expect further tightening in May. There was some evidence of Aussie consumer spending momentum continuing during March, as the Cashcard Retail Index improved (AU March Cashcard Retail Index MoM: 1.1% v -0.6% prior; Prior revised to -0.3% from -0.6%). Some suggest that the RBA left rates on hold due to fears over the U.S. economy, and Friday's payrolls data could dictate near term direction for the AUD/USD.