MORNING BRIEFING: Japan Tankan report positive

[RTFX-Trading]

MORNING BRIEFING: Japan Tankan report positive

What’s new :
United States: employment figures expected tomorrow
United States: Job cuts in the private sector in March
Euro area: For the 1st time 2 digit unemployment figures
Germany: The situation of employment in better shape than expected
Greece: The rating agency Moody's lowers rating for 5 banks
Switzerland: New High for the CHF against EUR after KOF publication
Japan: Positive Tankan report
New Zealand: NZD overvalued says IMF

Today:


Rates in Asia and Indices:
EURUSD: 1.3561 - 1.3494.
USDCHF: 1.0543 - 1.0500.
GBPUSD: 1.5241 - 1.5171.
EURJPY: 126.62 - 126.01.
USDJPY: 93.64 - 93.28.
DowJones: 10'856 .63 -0.47%
NASDAQ: -0.53% 2'397 .96
S & P 500: -0.33% 1'169 .43
Nikkei: 11'240 .53 +1.36%
Shanghai +1.08% 3'142 .67
Gold: $ 1'112 .50
Crude Oil: $ 82.40

Comments:
Before the long Easter weekend and with the employment figures being published tomorrow in United States, markets will probably opt for safety and close their positions, although the publication of the monthly ADP shows a cut of 23,000 jobs in the private sector for the month of March against an expectation of 40,000 new job creations has cooled down hopes for good figures for Friday.

Unemployment figures for the Euro zone in February reached 10% for the first time since the creation of the single currency, with still large differences between countries (19% in Spain against 4% in Holland for the other extreme, with Germany recording an unemployment rate of 8.0%).

With the financial crisis in Greece and its negative impact on Greek banks, the rating agency Moody's lowers rating of five major Greek banks, including National Bank of Greece.

The positive figures published in the KOF report (Swiss Institute for Economic Research) have provided new support to the CHF which reached its highest against EUR at 1.4208.

The publication last night by the Bank of Japan's Tankan survey (quarterly report on the state of affairs) for the first three months of 2010 showed, for the 5th consecutive quarter an improvement of the morale of entrepreneurs.

The New Zealand dollar has fallen sharply after IMF comments that NZD  is overstated by 10 to 25%, whereas it should return to more realistic levels when the United States will start to increase their interest rates.

Excellent Easter holidays

Pascal Bovay

RTFX Ltd
Trading desk
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