• Dow Jones Industrial average closed up 4.71 points on Tuesday at 12,573-85

• FX rates as of 12.ooam EST:- GBP/USD 1.9753/58  EUR/USD 1.3419/22  USD/JPY 119.08/11  USD/CHF 1.2177/81  USD/CAD 1.1471/76  AUD/USD 0.8237/41  NZD/USD 0.7261/65

• Financial Times article saying that British based multinationals would be allowed to repatriate billions of pounds of foreign profits tax free under proposals being drawn up by the Treasury to improve the competitiveness of the British tax system

• Japans Nikkei 225 closed Wednesday higher by just 5.38 points at 17,670-07

• German Wholesale prices were +0.5% m/m in March +3.1% y/y from +3.0% in February (2.00am EST)

• French Merchandise trade data for February showed the deficit widening from -?‚¬2.612 billion in January to -?‚¬2.702 billion (2.45am EST)

• Concerning the FT article UK Treasury sources reported on the wires saying that any change in the foreign dividend tax regime would be consider3ed ???revenue neutral??? (3.30am EST)

• Kiwi  having climbed to 0.7294 has slipped back down to 0.7270 area (3.40am EST)

• FX rates as at 7.10am EST:-GBP/USD 1.9770/75  EUR/USD 1.3422/25  USD/JPY 119.22/25  USD/CHF 1.2202/06  USD/CAD 1.1449/54  AUD/USD 0.8250/54  NZD/USD 0.7284/88.

Economic data due out later today

2.00pm  US The release of the FOMC minutes from the March meeting

Session Ranges

GBP / USD:                 1-9742             1-9815

EUR / USD:                 1-3415             1-3435

USD / JPY:                  118-96             119-28

USD / CHF:                 1-2170             1-2215

USD / CAD                 1.1450             1.1480

AUD / USD                 0-8236             0-8260

NZD / USD                 0-7261             0-7294