Market Brief
The USDJPY traded at 94.15 after the BOJ left the benchmark interest rate at 0.1% by a unanimous vote and said the economic recovery remains intact even as deflation remains a critical challenge. They also refrained from expanding a bank lending program while adding that the bank will implement additional policy easing measures between April and June. The AUDUSD was near a two-month high after the RBA raised the main interest rate to 4.25% yesterday, the fifth increase in six meetings adding to the appeal of the nation's assets. The currency also climbed yesterday after the Fed signaled in minutes from its March meeting that the benchmark US rate would remain close to zero to safeguard an economic recovery. AUDUSD traded at 0.9275 earlier today and yesterday touched 92.89, the most since Jan. 15 while NZDUSD traded at 0.7056. AUDJPY also rose to as high as 87.52, the most since September 2008, before a report tomorrow is forecast to show employers in the nation added 20,000 jobs in March.

The US FOMC meeting minutes showed the FOMC more confident in the economic recovery but still aware of headwinds and somewhat surprised by recent slowing in inflation. The USD declined against all its majors after the release of the report and the momentum could continue throughout the day. Fed's Bernanke is scheduled to speak today.

The Greek finance minister will meet the IMF team in Athens today to discuss IMF's role in providing assistance on budgetary management issues. There is a division among EU members on offering lower interest rates to Greece and on further involvement of the IMF in the bailout procedure. The EURUSD traded at 1.3380 on the growing discord while European producer prices expected to drop 0.4% and German factory orders to drop 0.5% could further weaken the EURUSD.

G10 Advancers and Decliners vs USD

Global IndexesCurrent Level% Change
Nikkei 225 Index11321.29+ 0.35
Hang Seng Index21797.74+ 1.21
Shanghai Index3153.03- 0.18
FTSE futures5730.50+ 0.84
DAX futures6253.00+ 0.38
DJIA futures10906.00- 0.06
S&P  future1184.40- 0.12
World MarketsCurrent Level% Change
Gold1135.90+ 0.14
Silver17.98+ 0.22
Crude wti86.82- 0.02
USD Index81.48+ 0.12
VIX16.23- 4.64
Todays CalenderEstimatesPreviousCountry / GMT
German PMI Services54.754.7EUR/0755
Euro-Zone PMI Services53.753.7EUR/0800
Euro-Zone PMI Composite55.555.5EUR/0800
UK PMI Services5858.4GBP/0830
Euro-Zone GDP (QoQ)0.1%0.1%EUR/0900
Euro-Zone GDP (YoY)-2.1%-2.1%EUR/0900
Euro-Zone PPI (MoM)0.2%0.7%EUR/0900
German Factory Orders (MoM)-0.5%4.3%EUR/1000
MBA Mortgage Applications-1.3%USD/1100
Fed's Bernanke to Speak--USD/1730
Consumer Credit-$0.7B$5BUSD/1900

Currency Tech
R 2: 1.3610
R 1: 1.3560
CURRENT: 1.3388
S 1: 1.3300
S 2: 1.3268

R 2: 96.00
R 1: 95.00
CURRENT: 94.18
S 1: 92.15
S 2: 91.41

R 2: 1.5420
R 1: 1.5350
CURRENT: 1.5261
S 1: 1.5115
S 2: 1.5040

R 2: 0.9408
R 1: 0.9325
CURRENT: 0.9281
S 1: 0.9050
S 2: 0.8980

R 2: 1.0310
R 1: 1.0140
CURRENT: 0.9995
S 1: 0.9900
S 2: 0.9820