With a good part of Asia on holiday as well as all of Europe and the US out later today, the Euro dropped versus both the US Dollar and the Yen as traders continued to dump Euros on the statements of the ECB that it may use ''unconventional'' measures at its upcoming meeting in May. The ECB remains behind the global curve of rate cuts and is under pressure to mirror moves by the US Fed or RBA to help pump life in the credit markets. With exaggerated moves in thinned markets, the EUR/USD set off stops to the downside, leaving early 1.3169 highs in the dust, the pair hit bottom at 1.3089, a low not seen in almost a month as traders bailed out of their positions prior to the four day holiday weekend in Europe. EUR/JPY saw similar action today, starting the session near highs of 132.50 and subsequently dropping almost a full handle to 131.52. EUR/JPY started the week on Monday at 137.42 highs, and melted 6 big figures through the week to its current levels, bucking the trend as global equities had a winning week. USD/JPY drove to early highs above 100.70, but the gains were short lived and soon the pair collapsed to the humbler grounds near 100.20 as profit takers swooped in to reap their rewards. Most other pairs were relatively quiet for the session. Despite the holiday, France has CPI and Industrial Production out later in the day. Keep in mind that Europe is out for a four day weekend and next week should be interesting with the US financials releasing earnings....Besides that, enjoy the holiday weekend.
Upcoming Economic Data Releases (London Session):
| 4/10/2009 | 6:45 | FR | Consumer Price Index (MoM) | MAR | 0.40% | - - |
| 4/10/2009 | 6:45 | FR | Consumer Price Index (YoY) | MAR | 0.90% | 0.40% |
| 4/10/2009 | 6:45 | FR | CPI - EU Harmonised (MoM) | MAR | 0.40% | 0.30% |
| 4/10/2009 | 6:45 | FR | CPI - EU Harmonised (YoY) | MAR | 1.00% | 0.50% |
| 4/10/2009 | 6:45 | FR | CPI Ex Tobacco Index | MAR | 117.59 | 117.94 |
| 4/10/2009 | 6:45 | FR | Central Govt. Balance (Euros) | FEB | -8.1B | - - |
| 4/10/2009 | 6:50 | FR | Industrial Production (MoM) | FEB | -3.10% | -1.10% |
| 4/10/2009 | 6:50 | FR | Industrial Production (YoY) | FEB | -13.80% | -14.70% |
| 4/10/2009 | 6:50 | FR | Manufacturing Production (MoM) | FEB | -4.10% | -1.00% |
| 4/10/2009 | 6:50 | FR | Manufacturing Production (YoY) | FEB | -16.50% | -17.40% |
