The US Dollar and the Japanese Yen were both weaker today as risk appetite was supported by reports the Securities and Exchange Commission was split along political lines, 3-2 in their decision to pursue fraud charges against Goldman Sachs. With this new revelation that hinted at political motivations behind the charges against the banking giant hitting the markets, traders took the cue to get back into risk currencies at lowered prices. Adding to this optimism was a combination of strong earnings on Wall Street and comments from a FOMC president that the US recession is defiantly over.

After hitting a bottom about 24 hours ago at 91.60 USD/JPY has been on a consistent move higher, hitting a peak at 92.70 early in Asia as traders dumped out of the low yielding yen. The buying of the Yen crosses was also continued in Asia, with EUR/JPY hitting 125.10, GBP/JPY touching 142.15, and the CAD/JPY hitting 91.50 on the day. The EUR/USD saw early bidding, but could not break through resistance at the 1.3500 level. GBP/USD remained closed to 1.5340 highs, but tailed off late in the day ahead of UK CPI data.

Early CPI data out of New Zealand disappointed, coming in at 0.4% as opposed to the forecast of 0.6%, and NZD/USD took the news hard, dropping from 0.7140 highs to 0.7070 lows in a matter of minutes. AUD/NZD moved in the opposite direction, pulling off of 1.2940 lows to eventually reach 1.3075. The move was also boosted by the RBA's Monetary Policy Meeting Minutes, which showed the central bank looked intent on the possibility of further rate hikes in the near future. AUD/USD moved from 0.9235 to 0.9290 highs on the session.

Ahead in London we have CPI data out of the UK as well as German ZEW data and the Bank of Canada rate decision at 12:00GMT.

(London Session) prior expected

4/20/2010

8:00

EC

ECB Euro-Zone Current Account SA

FEB

-8.1B

- -

4/20/2010

8:00

EC

Euro-Zone Current Account nsa

FEB

-16.7B

- -

4/20/2010

8:30

UK

CPI (MoM)

MAR

0.40%

0.30%

4/20/2010

8:30

UK

CPI (YoY)

MAR

3.00%

3.10%

4/20/2010

8:30

UK

Core CPI YOY

MAR

2.90%

2.80%

4/20/2010

8:30

UK

Retail Price Index

MAR

219.2

220.1

4/20/2010

8:30

UK

RPI (MoM)

MAR

0.60%

0.40%

4/20/2010

8:30

UK

RPI (YoY)

MAR

3.70%

4.20%

4/20/2010

8:30

UK

RPI Ex Mort Int.Payments (YoY)

MAR

4.20%

4.50%

4/20/2010

9:00

GE

ZEW Survey (Econ. Sentiment)

APR

44.5

45.1

4/20/2010

9:00

GE

Zew Survey (Current Situation)

APR

-51.9

-48

4/20/2010

9:00

EC

ZEW Survey (Econ. Sentiment)

APR

37.9

39.3