MORNING BRIEFING: Easter Weekend ‘à la Grecque’?!

[RTFX-Trading]

MORNING BRIEFING: Easter Weekend ‘à la Grecque’?!

What’s new :
United States: Best closing for Wall Street since October 2008
Great Britain: Unemployment figures confusing
Euro area: Greek Prime Minister in Brussels
Greece: Papandreou would preferred an European solution
Swiss: Watch exports up
Japan: The USD will remain the reference currency
China: Requests for revaluation of the Yuan unjust
Oil: Production maintained at current levels

Today:


Rates in Asia and Indices:
EURUSD: 1.3741 - 1.3667.
USDCHF: 1.0583 - 1.0539.
EURUSD: 1.5344 - 1.5271.
EURJPY: 124.26 - 123.12.
USDJPY: 90.45 - 90.07.
DowJones: 10'733 .67 +0.45%
NASDAQ: 2'389.09 +0.47%
S & P 500: 1'166 .21 +0.58%
Nikkei: 10'744.03 -0.95%
Shanghai: 3'052 .47 +0.07%
Gold: $ 1'123 .00
Crude Oil: $ 81.37

Comments:
With its highest close in more than 17 months, Wall Street experienced its seventh consecutive day on the rise, supported by the prospect of lower interest rates for 'extended period' (Fed).

While unemployment figures in Britain published yesterday morning, with a rate of 7.8% in January, the lowest for 13 years, provoked a strong rebound in the pound sterling, a more detailed study of these figures showed that high decrease in job seekers in February came mainly from an increase in inactive no longer trying. This coupled with the fact that higher interest rates could stifle any recovery brought the GBP to slide again.

Greek Prime Minister Papandreou should issue a statement in Brussels this morning at 10:20 CET.

While Greece reiterates its preference for a European solution, the Dow Jones agency quoting official sources, spoke of a possible request for IMF assistance during the close of business the weekend of Easter if the EU summit of 25 March did not provide clear support to Greece.

Swiss watch exports rose 14.2% in February, China beeing now the 3rd importer.

In a speech at a seminar, a senior Japanese Finance Ministry said that even if the use of the Euro, Yuan or Yen would spread, it is difficult to expect that the one of three becomes a global currency of payment and reserves to replace the dollar.

In Beijing, Minister of Foreign Affairs considers the U.S. demand for revaluation of the Yuan 'unfair and harmful’ adding that ‘calm and rational approach' to the problem was necessary.

As expected, during their meeting, the member countries of OPEC kept oil production quotas unchanged, the Saudi Minister of Energy saying that ‘with good demand, reliable supply and beautiful prices we are very happy ‘!

Good day

Pascal Bovay

RTFX Ltd
Trading desk
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