Forex News
The BoC left interest rates on hold at 1.0%
The Bank of Canada decided to leave its benchmark interest rate unchanged. The interest rate was kept at 1 percent for more than four years now.
Looking ahead: BOC rate and Beige Book
Only two key reports will be released later on the day with on one hand the Bank of Canada set to reveal its rate decision,
U.S. Housing Starts Surge to Highest Level Since 2008 in March
– Housing starts jumped by 7.0% to an annualized pace of 1,036,000 units in March 2013, handily beating market expectations for a reading of 930,000 units.
Daily FX Update
– USD is strong as gold collapses, China’s growth disappoints and the US Treasury suggests it is monitoring Japan closely.
U.S. March Retail Sales Fell
– Retail sales in March 2013 fell 0.4% and compared to expectations of unchanged activity for the month.
Fed FOMC meeting minutes
Federal reserve officials remained divided over how long they should stick to their ultra-loose monetary policy, according to the minutes of its March policy-setting meeting.
Euro knee-jerks lower after ECB, but …
The Euro was weaker, but bloodshed was initially stemmed after Mr. Draghi claimed that Cyprus is “no template” in the Q&A session.
USD/JPY Technical Analysis
(92,97) The USD/YEN failed to confirm the previous day’s positive day reversal turning again lower and suggesting further possible weakness.
FX G10/EM Morning Trader Views
EUR – As the 200 day capped us nicely on topside at 1.2890, weaker PMI’s were enough to set the tone yesterday for the move lower.
Sell EUR/USD: Looking for 1.2790,
Our medium term bias is bearish with 1.2798 the prime target level. Although EUR/USD traded to the lowest level in 18 weeks yesterday,
Research Asia: Spring still visible in the smog
In Asia growth is still expected to improve in the coming quarters driven by a moderate recovery in China and a strong rebound in Japan.
Growth slows in Germany, says Ifo
The German Ifo business climate index declined to 106.7 in March. The decline was mostly due to lower expectations, no doubt affected by the increased uncertainty in the Euro area that has been fuelled by Cyprus and the Italian elections.