After what can only be described as a wacky day in the US yesterday with Treasury Secretary Geithner making comments that crushed the Dollar and subsequently brought it back, today in Asia can only be called calm. And during the calm session, the Yen dropped again against the Euro and the Greenback as rumors of a larger Japanese brokerage dumping Yen were spread. USD/JPY hit its session low of 97.44 within the first few hours of trading and eventually made modest gains to just under 97.95 before sliding into the European session at 97.78.
EUR/JPY made a nice run higher out of the gate to 133.07 in a risk seeking environment, and after a 132.32 low, left the session close to 132.70. With global stock markets making gains, the Yen has dropped against higher yielding currencies with the new found optimism bringing out higher risk appetite. In Europe, the action was sparse as the EUR/USD stayed in between 1.3587 and 1.3618 all session, with the Dollar gaining a tiny bit of real estate as the net result. The big mover for the session was down under as the New Zealand Dollar made positive gains on the heels of a positive current account deficit. NZD/USD opened the session near .5660 and blasted off to over 0.5770 and NZD/JPY ploughed from 55.11 to 56.43 before settling down.

As many traders are becoming painfully aware, when Geithner speaks, anything can happen so always be prepared.

Upcoming Economic Data Releases (London Session):

3/26/20097:10GE GfK Consumer Confidence SurveyAPR 2.62.5
3/26/20097:45FR Consumer Confidence IndicatorMAR-43-44
3/26/20099:00US Fed's Lockhart Speaks at Banque de France Conference26-Mar
3/26/20099:00ECEuro-Zone M3 s.a. (YoY)FEB 5.90%5.50%
3/26/20099:00ECEuro-Zone M3 s.a. 3 mth ave.FEB 7.00%6.30%
3/26/20099:30UK Total Business Investment(QoQ)4Q F-3.90%-3.90%
3/26/20099:30UK Total Business Investment(YoY)4Q F-7.70%-7.70%
3/26/20099:30UK Retail Sales (MoM)FEB 0.70%-0.40%
3/26/20099:30UK Retail Sales (YoY)FEB 3.60%2.50%