• Dow Jones Industrial average closed Friday higher by 153.35 at 12,961-98

• Australian PPI for Q1 comes out flat m/m weaker than the +0.6 the market had been expecting. On the news the Aussie fell from 0.8366 to 0.8346 (9.30am EST)

• FX rates as of 11.00pm EST GBP/USD 2.0030/35  EUR/USD 1.3592/95  USD/JPY 118.73/76  USD/CHF 1.2074/78  USD/CAD 1.1229/34  AUD/USD 0.8346/50  NZD/USD 0.7464/68

• Nikkei 225 closed Monday slightly higher by 6.54 points at 17,459-16 (2.00am EST)

• ECB Garganas: says strong Euro may stop further rate hikes: "to the extent that a strengthening of the single currency helps scale down inflationary pressures, reasons for a new rate increase become more distant", quoted by a Greek paper. -- Garganas usually a hawk. Supports case for ECB pause after hike to 4% June

• Cable being sold off my a UK corporate name in early London trading triggering stops as it breaks through 2.0000 being sold off from 2.0015 to 1.9975 (2.45am EST)

• UK provisional M4 money supply for March +1.0%m/m +12.8% y/y. On the news cable was little changed currently trading 1.9989/94 (4.30am EST)

• Aussie dollar continues to slide lower falling from 0.8340 to 0.8326 (4.30am EST)

• FX rates as at 7.00am EST GBP/USD 2.0001/06  EUR/USD 1.3551/54  USD/JPY 118.55/58  USD/CHF 1.2115/19  USD/CAD 1.1221/26  AUD/USD 0.8327/31  NZD/USD 0.7435/39

Economic data due out later today

No significant economic data due out today.

Session Ranges

GBP / USD:                 1-9975             2-0040

EUR / USD:                 1-3555             1-3592

USD / JPY:                  118-23             118-83

USD / CHF:                 1-2067             1-2105

USD / CAD                 1.1215             1.1240

AUD / USD                 0-8324             0-8352

NZD / USD                 0-7429             0-7466