Today's FX moves were once again based on the continued uncertainties surrounding the sovereign debt of Greece, pulling the Euro lower while pushing the yen higher. Greek 10 year bond spreads have crossed the 8.0% line in the sand to top out at 8.25%, a solid 500 basis points over the German 10 year Bund bonds, which are the benchmark in the European Union. Adding to the situation was the fact that Portugal and Spain's 10 year yields grew to 4.77% and 3.87% respectively. The EUR/USD dropped down to 1.3373 on lows but regained its footing to earlier levels near 1.3390 by the session's close. EUR/JPY slid a sharp 75 pips to 124.05 lows on the move to risk aversion, capping a strong day overall for the Japanese yen. EUR/GBP touched a two month low of 0.8672, and the USD/JPY dipped below the familiar 93.00 level to post lows at the 92.75 mark.

Over in North America, rising crude oil prices in Asia helped to firm the Canadian dollar against the US Dollar. The USD/CAD pair remained below parity, posting a 0.9975 low for the day. Comments from the Finance Ministry stating corporate taxes will continue lower helped improve appetite for the Canadian currency. Another commodity currency, the AUD/USD bounced off of mid-day 0.9245 lows to post gains for the day as it remained comfortable at the 0.9270 level heading into London.

With the lack of any real data in Asia, traders will continue to focus on the unwinding situation in Greece as well as the continued earnings season in the US. Tomorrow a speech from the Reserve Bank of Australia's Glenn Stevens will break the recent lull on market moving events in the Asia session.

Upcoming Economic Data Releases (London Session) prior expected

4/21/2010

23:50

JN

Merchnds Trade Balance Total

MAR

¥651.0B

¥975.4B

4/21/2010

23:50

JN

Adjusted Merchnds Trade Bal.

MAR

¥470.5B

¥633.5B

4/21/2010

23:50

JN

Merchnds Trade Exports YoY

MAR

45.3

45.4

4/21/2010

23:50

JN

Merchnds Trade Imports YoY

MAR

29.5

21

4/22/2010

3:00

NZ

ANZ Consumer Confidence Index

APR

121.8

- -

4/22/2010

3:00

NZ

ANZ Consumer Confidence MoM

APR

-1.50%

- -

4/22/2010

5:00

FR

International Oil Summit

22-Apr

 
 

4/22/2010

6:15

SZ

Trade Balance

MAR

1.29B

- -

4/22/2010

6:15

SZ

Exports real SA (MoM)

MAR

-0.10%

- -

4/22/2010

6:15

SZ

Imports real SA (MoM)

MAR

3.90%

- -

4/22/2010

6:45

FR

Own-Company Production Outlook

APR

3

- -

4/22/2010

6:45

FR

Production Outlook Indicator

APR

-5

-5

4/22/2010

6:45

FR

Business Confidence Indicator

APR

94

95

4/22/2010

7:00

FR

PMI Services

APR P

53.8

54.2

4/22/2010

7:00

FR

PMI Manufacturing

APR P

56.5

56.7

4/22/2010

7:30

GE

PMI Services

APR A

54.9

55.2

4/22/2010

7:30

GE

PMI Manufacturing

APR A

60.2

60.1

4/22/2010

8:00

EC

Euro-Zone Govt Debt/GDP Ratio

31-Dec

69.30%

78.50%

4/22/2010

8:00

EC

PMI Services

APR A

54.1

54.4

4/22/2010

8:00

EC

PMI Manufacturing

APR A

56.6

56.7

4/22/2010

8:00

EC

PMI Composite

APR A

55.9

55.9

4/22/2010

8:30

UK

Retail Sales Ex Auto Fuel(MoM)

MAR

1.60%

0.50%

4/22/2010

8:30

UK

Retail Sales Ex Auto Fuel(YoY)

MAR

5.40%

4.00%

4/22/2010

8:30

UK

Retail Sales w/Auto Fuel (MoM)

MAR

2.10%

0.60%

4/22/2010

8:30

UK

Retail Sales w/Auto Fuel (YoY)

MAR

3.50%

2.30%

4/22/2010

8:30

UK

Public Finances (PSNCR)

MAR

7.7B

31.3B

4/22/2010

8:30

UK

Public Sector Net Borrowing

MAR

12.4B

24.0B

4/22/2010

8:30

UK

M4 Money Supply (MoM)

MAR P

0.20%

- -

4/22/2010

8:30

UK

M4 Money Supply (YoY)

MAR P

3.90%

- -

4/22/2010

8:30

UK

Major Banks Mortgage Approvals

MAR

48K

50K

4/22/2010

10:00

UK

U.K. CBI April Quarterly Industrial Trends

25-Apr

 
 

4/22/2010

11:00

EC

ECB's Trichet, Wellink, Papademos, Provopoulos in Frankfurt

22-Apr