ASIA SUMMARY:
Banking sector fears were reignited overnight with the poor earnings from Morgan Stanley pushing buyers into the Yen as well as sellers into US equity futures. With a newspaper report stating that the US government will inform the ''stress test'' banks of their results possibly this week, many traders smelled fear and fled to the safe haven Yen. USD/JPY opened close to its session highs of 98.20 and just melted from there to bottom out at 97.63ish levels. EUR/JPY went down the same road as it hit highs near 127.75 early and then slid to a 126.80 low before a late session rally pushed the pair back toward 127.40. GBP/JPY actually followed through with its turn around, dropping from 142.35 to 141.10 and then came roaring back to reach new highs just near 142.40 as the British Pound simply exploded a full big figure to near 1.4530 as the London session began. Here at the tail end of the Asian trade day we are seeing the US Dollar suffer at the hands of all its major counterparts. EUR/USD after lows of 1.2980 in Asia were roaring through 1.3025 as of this writing. If the session in Asia seemed subdued, this move worked quite well as a wake up call for what looks like some dynamic moves ahead in London.
Upcoming Economic Data Releases (London Session):
| 4/23 | 6:15 | SZ | Trade Balance | MAR | - - | 0.73B |
| 4/23 | 6:15 | SZ | Exports (MoM) | MAR | - - | -3.70% |
| 4/23 | 6:15 | SZ | Imports (MoM) | MAR | - - | 2.10% |
| 4/23 | 6:45 | FR | Business Confidence Indicator | APR | 69 | 68 |
| 4/23 | 6:45 | FR | Production Outlook Indicator | APR | -67 | -70 |
| 4/23 | 7:00 | FR | PMI Manufacturing | APR P | 37 | 36.5 |
| 4/23 | 7:00 | FR | PMI Services | APR P | 43.7 | 43.6 |
| 4/23 | 7:30 | GE | PMI Manufacturing | APR A | 33 | 32.4 |
| 4/23 | 7:30 | GE | PMI Services | APR A | 42.4 | 42.3 |
| 4/23 | 8:00 | EC | ECB Euro-Zone Current Account SA | FEB | -10.7B | -12.7B |
| 4/23 | 8:00 | EC | PMI Manufacturing | APR A | 34.7 | 33.9 |
| 4/23 | 8:00 | EC | PMI Services | APR A | 41.3 | 40.9 |
| 4/23 | 8:00 | EC | PMI Composite | APR A | 38.9 | 38.3 |
| 4/23 | 8:00 | EC | EU Parliament Committee Holds Hearing on Financial Supervision | 23-Apr | ||
| 4/23 | 9:00 | GE | German Economic Institutes Report on Economy | 23-Apr | ||
| 4/23 | 9:00 | SZ | ZEW Survey (Expectations) | APR | - - | -57.1 |
| 4/23 | 9:00 | SZ | SNB's Hildebrand Holds Speech in Basel, Switzerland | 23-Apr | ||
| 4/23 | 9:00 | EC | Industrial New Orders SA (MoM) | FEB | -2.20% | -3.40% |
| 4/23 | 9:00 | EC | Industrial New Orders SA (YoY) | FEB | -34.80% | -34.10% |
| 4/23 | 10:00 | UK | U.K. CBI Quarterly Industrial Trends Total Orders | 22-Apr |
