NEWS / Foreign Exchange

Swiss Unemployment Falls to Four-Year Low

- The European indices are currently trading in positive territory in the session led higher by the auto sector following work that Tracinda corp. offered to acquire Daimler Chrysler??™s Chrysler unit.

- European government bonds opened lower today as investors further digest Friday??™s stronger than expected employment report in the US, which reduced the probability of an early Fed rate cut this year. Similarly in the UK gilts are trading lower, however they are currently outperforming their European counterpart.

- Swiss unemployment fell to a four year low of 3.0% during the month of March as continued economic growth prompted companies to hire more employees. Similarly the adjusted unemployment rate fell to a four year low of 2.9%.

- The German trade balance fell to a surplus of ?‚¬14.2B in February, below estimates of ?‚¬15B. Similarly, the current account fell to ?‚¬8.4B, below estimates of ?‚¬10.6B. Imports were above estimates of 1.0% at 5.6%, while exports were 1.9%, above estimates of 1.1%.

- French industrial production rose more than expected to 1.1% m/m and 2.6% y/y boosted by increased spending at home and continued economic growth. Manufacturing production was also above estimates at 1.4% m/m and 3.6% y/y. The rise in manufacturing production resulted from all around strength, with an especially strong reading in the auto sector, which rose to 4.7% from 0.4% in January.

- Front month crude oil futures are currently trading in positive territory in the session and sit in the middle end of their session range. Spot gold, spot silver, and front month copper futures are also trading higher in the session and are in the mid-to-upper end of their respective session ranges.