· South Korea March Consumer Confidence stands at 110 from 111 in Feb
· NZ Q4 GDP rose 0.8% from +0.2% q/q and up 0.4% y/y from -1.3% (both numbers inline with forecast)
Asia put there feet up on the desk today and decided it was all too hard. Whilst NY left the EUR/USD on its lows Asia had no interest in pushing it in either direction ahead of the start of the EU summit tonight. Whilst the market has basically given on the EUR/USD, politicans could spring a surprise but market remains highly skeptical. Another option barrier lies at 1.33 but below stops kick in again. Range in Asia 1.3305-47- last at 1.3328.
USD/JPY saw exporters rush into take advantage of the +92.00 prices on offer first up. Given the 2.0% rise overnight, the contra move was hardly surprising. Comments from Kamezaki were uniformily ignored (are there any other type out of Japan). Range in Asia 91.76-92.33 -last at 92.05.
AUD/USD hit 0.9065 just after the NY close but bargain hunters were quick to snap up the cheap prices and once the RBA opened their mouths with another bullish diatribe, AUD/USD jumped above 91 cents from which there has been no surrender. Odds of an April rate hike continue to firm. Range in Asia 9065-9121 – last at 0.9110
GBP/USD has traded a moderate 1.4875-1.4913 range; last at 1.4894. With budget out of the way focus returns to the election and a most likely hung parliament. We are hearing bids around 1.4850 but not in any great size.
Nikkei +0.2%, Kospi +0.2%, Shanghai -1.4%, Hang Seng -1.2% Australia -0.1%, Singapore flat.
Gold $1088.20, up 70 cents from the NY close.