With the combination of new fears creeping into the marketplace that US banks may still be in trouble and Asian stocks under heavy selling pressure we saw EUR/JPY hit an April low of 126.04 before taking off in a late session rally. That rally brought the pair to session highs of 127.46, still a far cry from the 129.50ish levels of just over 24 hours ago. Funny how quickly the markets can move on risk aversion. With equity markets weak, traders were quick to abandon riskier higher yielding assets early on, but as the session progressed so did the appetite for risk once again....A great example is AUD/JPY as it dropped off early to 68.12 lows and by session's close was just a bit over the 69.00 levels. With all eyes focused on the upcoming ECB rate decision next month, the Euro has been sold as of late, especially on the back of comments by ECB President Trichet stating rates could be cut by .25% at the next meeting.
EUR/USD hit a 1.2895 low in Asia and took off from there on profit taking, reaching 1.2950 in early London trading prior to a session that is filled with potentially market moving data....
Upcoming Economic Data Releases (London Session):
| 4/21 | 6:00 | GE | Producer Prices (MoM) | MAR | -0.30% | -0.50% |
| 4/21 | 6:00 | GE | Producer Prices (YoY) | MAR | 0.10% | 0.90% |
| 4/21 | 7:00 | SZ | Money Supply M3 YoY | MAR | - - | 4.10% |
| 4/21 | 7:00 | SZ | Real Estate Index Family Homes | 1Q | - - | 352.3 |
| 4/21 | 7:00 | SZ | SNB Releases Monthly Statistical Bulletin | 21-Apr | ||
| 4/21 | 8:30 | UK | CPI (MoM) | MAR | 0.20% | 0.90% |
| 4/21 | 8:30 | UK | CPI (YoY) | MAR | 2.90% | 3.20% |
| 4/21 | 8:30 | UK | Core CPI YOY | MAR | 1.50% | 1.60% |
| 4/21 | 8:30 | UK | Retail Price Index | MAR | - - | 211.4 |
| 4/21 | 8:30 | UK | RPI (MoM) | MAR | -0.20% | 0.60% |
| 4/21 | 8:30 | UK | RPI (YoY) | MAR | -0.50% | 0.00% |
| 4/21 | 9:00 | GE | ZEW Survey (Econ. Sentiment) | APR | 2 | -3.5 |
| 4/21 | 9:00 | GE | ZEW Survey (Current Situation) | APR | -90 | -89.4 |
| 4/21 | 9:00 | EC | ZEW Survey (Econ. Sentiment) | APR | 0 | -6.5 |
| 4/21 | 11:00 | GE | Merkel Attends Bad Banks Meeting With Steinbrueck and Others | 21-Apr | ||
| 4/21 | 11:00 | EC | European Commission Holds Weekly Meeting | 21-Apr |
