The week in Asia ended with a sharp selloff of risk appetite as traders looked to safety heading into the weekend. Equities in Asia were all in the red to end the week, with the Nikkei down by over 1.5% heading into the closing bell. The soft equities as well as flight to risk helped to produce gains in both the yen and the dollar as traders felt concern over potential market moving events that were still up in the air heading into the weekend, most notably, the speculation on a China revaluation and continued uncertainty over the lingering Greek debt situation.

Yen crosses, led by the EUR/JPY made decisive moves lower, as the pair shed a big figure to touch 125.30 lows. GBP/JPY collapsed from 144.20 to 142.70, as the Pound took a hit as a relative unknown, Liberal Democratic leader Nick Clegg, stunned his adversaries by coming out clearly ahead in the earlier televised debates between the three participating parties. This curve ball has thrown some uncertainty into the clear cut leader in the upcoming elections. The Pound dropped from 1.5505 to 1.5410 against the dollar due to the current political morass. USD/JPY broke out of its usual Asian ranges today to drop to 92.55 lows after earlier highs nearer to 93.10.

The EUR/USD dipped to 1.3530 as Greece looked to take its first steps in implementing the aid package offered to it from the IMF and European Union. All three parties will be meeting in Athens on Monday at the behest of Greece to initiate talks on fiscal aid. Have a good weekend....

Data Releases (London Session) prior expected

4/16/2010

12:30

CA

New Motor Vehicle Sales MoM

FEB

0

0.07

4/16/2010

12:30

CA

Manufacturing Sales MoM

FEB

0.024

0.006

4/16/2010

6:00

EC

EU 25 New Car Registrations

MAR

3.00%

- -

4/16/2010

9:00

EC

Euro-Zone CPI (MoM)

MAR

0.30%

0.90%

4/16/2010

9:00

EC

Euro-Zone CPI (YoY)

MAR

1.50%

1.50%

4/16/2010

9:00

EC

Euro-Zone CPI - Core (YoY)

MAR

0.80%

0.90%

4/16/2010

9:00

EC

Euro-Zone Trade Balance

FEB

-8.9B

-0.5B

4/16/2010

9:00

EC

Euro-Zone Trade Balance sa

FEB

1.8B

3.0B