Market Brief
The USDJPY pair has seen the biggest gain breaking the 93.30 resistance line and moving towards an 11 week high of 93.85 as the Yen declined against all major counterparts on speculation the ADP Employer Services report today will show US companies added 40,000 jobs this month, the most since December 2007. Also releasing from Japan was the wage report which showed that wages slipped 0.6% (expected -0.1%). AUDUSD fell 0.4% to 0.9159 after retail sales fell 1.4% (0.3% expected) in February and home-building approvals unexpectedly declined 3.3% (2.1% expected) in February, easing pressure on the central bank to raise the interest rate next week even as RBA Governor Glenn Stevens said policy makers need to manage economic upswings to prevent future deep downturns, signaling that the central bank may raise interest rates further. Also, the NZDUSD traded lower at 0.7096 immediately after the release of the March business confidence report which declined to 42.5 from last month's high of 50.1 adding to signs of a slow acceleration in economic growth.

Going forward into the European session, eyes would be on the performance of the EUR after the 12-year bond sale by Greece flopped, receiving bids for only 390 million EUR on a cap of 1 billion. Not only was this ill-advised; but it has actually revived concern in Greece's ability to cover its debts and the doubts over self-funding. Traders will keep an eye on the German employment change data which is expected to remain unchanged from last month at 8.2% while the Euro Zone unemployment rate expected at 10% (previous 9.9%) and CPI estimate (expected 1.1%, previous 0.9%) hold greater prominence when it comes to policy decision.

G10 Advancers and Decliners vs USD



Global IndexesCurrent Level% Change
Nikkei 225 Index11130.98+ 0.30
Hang Seng Index21405.10+ 0.14
Shanghai Index3113.87- 0.47
FTSE futures5628.00- 0.71
DAX futures6158.50- 0.13
S&P  future1167.90- 0.13
DJIA futures10841.00- 0.12
World MarketsCurrent Level% Change
Gold1107.20+ 0.33
Silver17.32+ 0.16
Crude wti82.31- 0.07
USD Index81.55+ 0.09
VIX17.13- 2.62
Todays CalenderEstimatesPreviousCountry / GMT
Housing Starts % (YoY)-1%-8.1%JPY/0500
Housing Starts0.865M0.863MJPY/0500
German Unemployment Change7K7KEUR/0755
German Unemployment Rate8.2%8.2%EUR/0755
Euro-Zone Unemployment Rate10%9.9%EUR/0900
Euro-Zone CPI Estimate (YoY)1.1%0.9%EUR/0900
US MBA Mortgage Application--4.2%USD/1100
ADP Employment Change40K-20KUSD/1215
GDP (MoM)0.5%0.6%CAD/1230
Chicago Purchasing Manager6162.6USD/1345
Factory Orders0.5%1.7%USD/1400