Risk appetite was back in the markets to start the week as Wall Street's gains from last week carried over to Asia, boosting stocks and in turn pushing the Yen lower.
As traders bought the crosses the yen dropped across the board, as investors saw what looked like a return of the carry trade. USD/JPY opened at lows near 101.00 and got pretty close to crossing the 101.00 line but missed by about 8 pips.
EUR/JPY continued its rise, moving from 135.13 to just over 137.00 as any attempt to fade the move was shunned. The moves were consistent across the board, with GBP/JPY, AUD/JPY and NZD/JPY all making solid gains. Elsewhere, the US Dollar lost ground as investors looked to dump the safe haven greenback as the optimistic masses feel that the end of the global crisis could be around the corner. The Euro flirted with 1.3580 and the Pound crossed 1.4945 during the session. The AUD/USD and NZD/USD also booked gains while USD/CAD and USD/CHF were in the red for the day. Be on the lookout for Euro Zone PPI later at 9:00GMT.
Upcoming Economic Data Releases (London Session):
| 4/6/2009 | 8:20 | EC | ECB's Bini Smaghi Speaking in Brussels | 6-Apr | ||
| 4/6/2009 | 8:30 | EC | Sentix Investor Confidence | APR | -42.7 | -40.7 |
| 4/6/2009 | 9:00 | EC | Euro-Zone PPI (MoM) | FEB | -0.80% | -0.50% |
| 4/6/2009 | 9:00 | EC | Euro-Zone PPI (YoY) | FEB | -0.50% | -1.50% |
| 4/6/2009 | 9:00 | EC | Euro-Zone Retail Sales (MoM) | FEB | 0.10% | -0.40% |
| 4/6/2009 | 9:00 | EC | Euro-Zone Retail Sales (YoY) | FEB | -2.20% | -2.50% |
| 4/6/2009 | UK | New Car Registrations (YoY) | MAR | -21.90% | - - |
