Yesterday
during Asian session we saw the safe haven currencies benefit, especially the
USD against the Euro and cable. We saw a lot of uncertaintly in the middle east
especially out of Libya and
the aftermath of the earthquake in New Zealand
and Downgrade on Japan
Euro
managed to recover its losses during Asian session when Europe opened on the
back of hawkish comments by ECB’s Mersch, despite some ratings warnings on Spain
BoE's Posen
and Tucker were on the newswires. Posen again sounded dovish as he said it
would be a mistake to raise the BoE policy rate just "for the sake"
of it and he did not rule out the possibility of deflation should the BoE raise
rates right now.
RBA Stevens
says rise in Australian dollar should help contain inflation.
For today we don’t have much data out today. BOE minutes
could push the cable in a direction tonight, so keep a look out on that.
Data today
Eurozone industrial new orders –
10am GMT
Bank of England
US existing home sales – 3pm GMT
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