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USDJPY orders
US GDP calculation
AUDUSD under pressure still at 1.0285
SNB Jordan: Banning SNB gold sales will hinder monetary policy
Eurozone M3 money supply march: +2.6% vs +3% exp
BOJ’s Kuroda: Didn’t discuss further easing today
European equities opening lower
GBPUSD orders
EURUSD orders
Swiss KOF indicator april: 1.02 vs 0.98 exp
French consumer confidence april: 84 vs 84 exp
Kuroda press conference expected to start at 07.15 GMT
Nikkei 225 closes -0.3% at 13,884.13
BOJ: long term rates may rise if confidence in fiscal sustainability declines
German import price index march: m/m -0.1% vs -0.2% exp
EURCHF dips but holds 1.2270 support
USDJPY pops 98.50
Data coming up in this session
Yen bears disappointed by BOJ
BOJ leaves rates unchanged

USDJPY orders

Posted: 26 Apr 2013 01:59 AM PDT

Ok, so now we have the BOJ out of the way here’s what’s left

Sellers 98.85,99.00,99.20,99.50,99.80,100.00 ( option barrier related )

Buyers 98.40,98.25,98.10,98.00,97.85, 97.65, 97.50

US GDP calculation

Posted: 26 Apr 2013 01:55 AM PDT

Just in case there is some confusion over the release of the Q1 GDP figure, I’ve had a brief nose around for some information.

The US has re-adjusted the way it is going to calculate GDP. This started from the beginning of April. The Q1 figure released will be under the old calculation with the new calculation used for the Q2 result.

When they apply the new system it will also re-write the entire financial history of the US going back to 1929.

The FT carries a brief overview here (may be gated but viewable if you google search)

Seeking Afla has a good article explaining simply what the new calculation includes here (It’s 2 pages and unfortunately the second page is gated. The main info you need is on the first page though).

For those that really like their reading the full bureau of economic analysis (the dept charged with the re-calculation)release is here

Trading wise we don’t really have to worry about it until July (phew!) and no doubt all and sundry will be out having their say. One thing I would note is that the Q2 release could send some algos crazy if they start seeing adjusted comparable figures or the like, but we’ll worry about it nearer the time.

AUDUSD under pressure still at 1.0285

Posted: 26 Apr 2013 01:36 AM PDT

The pair has just posted fresh Asian/European lows of 1.0285 after the rally above 1.0300 failed to hold and pressure from AUDJPY sales

Here’s the current orderboard with good support seen at 1.0250 and 1.0220 still

Sellers 1.0300, 1.0320,1.0340,1.0350,1.0360,1.0380,1.0400

Buyers 1.0275, 1.0250,1.0220,1.0200 ( option barrier related)

SNB Jordan: Banning SNB gold sales will hinder monetary policy

Posted: 26 Apr 2013 01:04 AM PDT

SNB’s Jordan on the wires

Will continue to enforce cap with utmost determination
Franc is still high, downside risk for economy remain substantial
No threat of inflation or deflation in foreseeable future

EUR/CHF back above 1.2300 following the break below late yesterday.

With regards to the headline, the right wing Peoples party in Switzerland has gathered signatures to force a referendum on banning the SNB from selling it’s gold reserves. You can read about it further here.

Eurozone M3 money supply march: +2.6% vs +3% exp

Posted: 26 Apr 2013 01:01 AM PDT

+3.1% prev
M3 jan-march average 3% vs 3.3% prev
private loans -0.8% vs -0.8% exp -0.9% prev

BOJ’s Kuroda: Didn’t discuss further easing today

Posted: 26 Apr 2013 12:43 AM PDT

not appropriate to comment on forex levels or direction

Pres conference release out now. .more to come

BOJ is conducting monetary easing for price stability, not to target forex
board members Sato and Kiuchi against 2% inflation forecast for 2016
unlikely that longer term rates will rise now
will continue to buy JGBs in balanced way to impact yield curve and make adjustments as needed
BOJ will not stop buying short term debt despite speculation that they might
wil be able to curb rises in long term
all board members shared the view that the forecast period in today’s semi-annual review should be extended
Japan’s public finances are not sustainable. it is necessary to achieve primarty surplus as soon as possible

That’s it for the moment. Nothing much to shake things up but hey,we won’t get comfy just yet

USDJPY 98.60

European equities opening lower

Posted: 26 Apr 2013 12:15 AM PDT

FTSE -0.2%
DAX flat
CAC40 -0.5%
IBEX -0.5%
FTMIB -0.3%

GBPUSD orders

Posted: 26 Apr 2013 12:12 AM PDT

And we of course can’t forget the wonderful cable pair which seems now to have entrenched itself in a 1.5420-80 range after yesterday’s sharp rise

Sellers 1.5475, 1.5485, 1.5500 ( option barrier related) , 1.5520, 1.5550

Buyers 1.5430,1.5400,1.5385,1.5360,1.5330

currently 1.5450

EURUSD orders

Posted: 26 Apr 2013 12:05 AM PDT

While JPY pairs pause for breath/lay down in a dark room here’s what’s out there at the moment for this pair

Sellers 1.3050,1.3070,1.3100,1.3120,1.3150

Buyers 1.3000,1.2990,1.2980,1.2950

currently 1.3033

Swiss KOF indicator april: 1.02 vs 0.98 exp

Posted: 26 Apr 2013 12:00 AM PDT

1.00 prev revised up from 0.99

No impact seen. USDCHF 0.9434 EURCHF 1.2290

French consumer confidence april: 84 vs 84 exp

Posted: 25 Apr 2013 11:46 PM PDT

84 prev

Kuroda press conference expected to start at 07.15 GMT

Posted: 25 Apr 2013 11:30 PM PDT

Given the delay we had last time waiting for the embargoed comments it could be a while before we hear what Mr K has to say

USDJPY 98.73 after markets have digested the BOJ semi-annual report

EURJPY 128.60 from 127.99 lows AUDJPY 101.80 from 101.31.

Nikkei 225 closes -0.3% at 13,884.13

Posted: 25 Apr 2013 11:19 PM PDT

BOJ: long term rates may rise if confidence in fiscal sustainability declines

Posted: 25 Apr 2013 11:06 PM PDT

more out on wires from the semi-annual outlook report.. I will have it up asap

USDJPY now 98.44 from rally to 98.57

will continue monetary easing as long as needed to achieve 2% inflation in stable manner
sees inflation at 1.9% in 2015/16
says there are upside and downside risks to the economy
sees GDP +2.9% 2013/2014 vs prev exp of +2.3% .
GDP 2014/15 + 1.4% vs prev exp of +0.8%
sees core CPI 2014/15 +1.4% vs prev exp of +0.9% excluding impact of sales tax hike
exports likely to rise from weak yen
no sign of excessivley bullish expectations in asset market
Japanese economy faces risks from uncertainties in overseas economic growth
nominal wages to rise

USDJPY back up to 98.70

German import price index march: m/m -0.1% vs -0.2% exp

Posted: 25 Apr 2013 11:00 PM PDT

+0.3% prev
y/y -2.3% vs -2.4% exp -1.6% prev

EURCHF dips but holds 1.2270 support

Posted: 25 Apr 2013 10:49 PM PDT

This pair has come under pressure in early trading having traded back up at 1.2305 when I sat down.

1.2280 had held a couple of assaults overnight but we’ve just posted lows of 1.2278 with USDCHF falling to 0.9422

1.2270 produces a decent support line still. Currently 1.2286

USDJPY pops 98.50

Posted: 25 Apr 2013 10:24 PM PDT

Key level now breached in second wave of attack

low posted 98.37. currently 98.38

EURJPY 128.30 AUDJPY 101.48

The roller coaster yen ride continues

Data coming up in this session

Posted: 25 Apr 2013 10:02 PM PDT

Not a lot coming up now but we should be looking out for the BOJ press conference chat as and when they release it, and SNB head Jordan is speaking at 08.00 GMT.

US GDP remains the data focus after that

Times BST ( GMT +1)