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• Eurozone inflation marh final: +1.2% vs +1.2% exp
• German ZEW economic sentiment april: 36.3 vs 42 exp
• Spanish auction results:
• UK PPI input march: m/m -0.1 % vs -0.2 % exp
• UK RPI march: m/m +0.4% vs +0.5% exp
• UK CPI march: m/m +0.3 vs +0.4% exp
• EURUSD awaiting German ZEW at the top of the hour
• Italian global trade balance feb: y/y EUR+ 1.09 bln vs – 1.2 bln prev
• Cable clinging to 1.5300 ahead of inflation data
• USDJPY rally falters ahead of 98.00
• Swiss PPI march: m/m 0.0% vs -0.1% exp
• European equities open lower
• Trading ideas
• JPY: love, loathe or both?
• Nikkei closes lower by 0.41% at 13,221.44
• Metals stage a rally
• Option expiries 10am NY cut
• Data coming up in this session
• Kuroda repeats that it’s too early to discuss exit on monetary policy
• Putting things in context

Eurozone inflation marh final: +1.2% vs +1.2% exp Posted: 16 Apr 2013 02:03 AM PDT

German ZEW economic sentiment april: 36.3 vs 42 exp Posted: 16 Apr 2013 02:00 AM PDT 48.5 prev ZEW current conditions   9.2  vs 12 exp  13.6 prev There was talk of weaker data prior to the release so this confirms it EURUSD a little lower at 1.3035. low posted 1.3029

Spanish auction results: Posted: 16 Apr 2013 01:48 AM PDT Sold EUR 5.069 bln vs target 4-5bln EUR 1.19 bln 6 month    ave yield 0.53%   bid to cover 3.8% EUR 3.88 bln 12 month   ave yield 1.24%   bid to cover 2.04% Good take up and encouraging lower yield than prev EURUSD still 1.3043 after brief  rally to 1.3052

UK PPI input march: m/m -0.1 % vs -0.2 % exp Posted: 16 Apr 2013 01:32 AM PDT +3.2% prev y/y +0.4 %  vs +0.8% exp   +2.5% prev Output  m/m +0.3 %  vs +0.3% exp    +0.8% prev y/y    +2.0 %  vs +2.3% prev GBP continues to head a little lower on weaker data hence reduced inflation expectations GBPUSD 1.5278 just off o/n lows of 1.5272 and ahead of good buying interest at 1.5250

UK RPI march: m/m +0.4% vs +0.5% exp Posted: 16 Apr 2013 01:31 AM PDT +0.7% prev y/y  +3.3 %  vs +3.3% exp   +3.2% prev GBPUSD a little lower at 1.5285 from 1.5297 as slightly weaker than expected data suggests a little more room for BOE easing

UK CPI march: m/m +0.3 vs +0.4% exp Posted: 16 Apr 2013 01:30 AM PDT +0.7% prev y/y  +2.8 % +2.8 exp  +2.8% prev

EURUSD awaiting German ZEW at the top of the hour Posted: 16 Apr 2013 01:11 AM PDT Not a lot going on in middle of range at 1.3050 but this pair still feels heavy to me and I remain a rally seller. ZEW data in 50 minutes will hopefully givee us more of a clue Offers  1.3080, 1.3100, 1.3125,1.3150, 1.3170, 1.3200 Bids 1.3040,1.3020,1.3000,1.2950

Italian global trade balance feb: y/y EUR+ 1.09 bln vs – 1.2 bln prev Posted: 16 Apr 2013 01:00 AM PDT prev revised down from -0.67 bln EU trade balance y/y  EUR  0.38 bln vs  +0.67 bln prev Overall impact little of note considering the revisions EURUSD still 1.3050

Cable clinging to 1.5300 ahead of inflation data Posted: 16 Apr 2013 12:53 AM PDT Going nowhere fast right now but with CPI, RPI and PPI up in 40 minutes we can hope to see some decent action. And yes, I still prefer to sell rallies ! Offers at 1.5340,1.5375,1.5400,1.5420,1.5450 Bids 1.5275,1.5250,1.5225, 1.5200, 1.5180

USDJPY rally falters ahead of 98.00 Posted: 16 Apr 2013 12:46 AM PDT High posted just now of 97.90 wth Japanese names seen forcing that last move higher Sell orders at 98.00,98.20, 98.50, 99.00 Bids at 97.30, 97.00, 96.50

Swiss PPI march: m/m 0.0% vs -0.1% exp Posted: 16 Apr 2013 12:15 AM PDT +0.1% prev y/y -0.3 % vs -0.3% exp  +0.1% prev Not going to shake things up too much

European equities open lower Posted: 16 Apr 2013 12:14 AM PDT FTSE -0.4% DAX -0.4% CAC40 -0.4% IBEX -0.6% FTMIB -0.5%

Trading ideas Posted: 16 Apr 2013 12:10 AM PDT Ok, now we’ve seen the first moves of the session and approach the start of the data releases let’s hear your trading thoughts and ideas for the day. Reasons welcome/helpful as always but not obligatory

JPY: love, loathe or both? Posted: 15 Apr 2013 11:31 PM PDT USDJPY  continues to dominate as indeed do all JPY crosses. I said yesterday that I thought 97.50 would be pivotal and that a break could signal sharp declines. Well, we certainly got a decent move down to 95.80 but equally we’ve seen a sharp rally back too. The key factor here for the volatility remains the one that says a country that is witnessing/encouraging huge outflows of currency due to its monetary policy objectives is also, as seen in the past 24 hours, at the same time cited as the safe haven of choice over say, Switzerland. And that’s the bit that’s not really making sense to me, although I accept that potential SNB intervention to prevent CHF appreciation may well be a deterrent. But all the time this scenario prevails, and global uncertainties continue, then we’re not going to go anywhere in a straight line in yen pairs.

Nikkei closes lower by 0.41% at 13,221.44 Posted: 15 Apr 2013 11:05 PM PDT down 54.22 points in what has a been a roller coaster session understandably having rallied from 13,004 lows to 13,225

Metals stage a rally Posted: 15 Apr 2013 10:30 PM PDT After the rapid falls we’re seeing some kind of rally so far this morning, all things being relative of course. Gold up at USD 1366.08 from lows of 1322.43 Silver  USD 23.07 vs 22.04 Platinum USD 1441.50 vs 1377.84 Traders shouldn’t get too bulled up by these recoveries though as the consensus seems to be that the rallies will be sold again.

Option expiries 10am NY cut Posted: 15 Apr 2013 10:07 PM PDT USDJPY 97.00,97.50,98.00,99.00,99.50 EURUSD 1.2860,1.2975,1.3000,1.3045,1.3050,1.3065,1.3100,1.3150,1.3200 GBPUSD 1.5400 AUDUSD 1.0500 EURAUD 1.2600

Data coming up in this session Posted: 15 Apr 2013 09:52 PM PDT It’s a busy session for data which all add to the heady mix out there right now

Kuroda repeats that it’s too early to discuss exit on monetary policy Posted: 15 Apr 2013 09:44 PM PDT speaking at the lower house budget committee meeting says that with CPI below 0% its too early to even debate strategies for exit policy says Japans fiscal policy not sustainable, need measures on spending and revenue BOJ will eventually revive the bank note rule Yen little changed on these comments which tell us nothing new. USDJPY 97.60

Putting things in context Posted: 15 Apr 2013 09:27 PM PDT As a first post today I’d also like to pay my respects to those who have died or suffered in the Boston bombings. We may be pulling our hair out in the financial markets right now, or indeed enjoying rich pickings, but an awful act like this helps brings things into context somewhat.

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