US Dollar down following an article published by the Financial Times

[RTFX-Trading]

US Dollar down following an article published by the Financial Times

What’s new?
China: Industrial production slowed, but not retail sales.
Japan: Resignation of government official probable following the scandal.
ECB: Weber, An extension of purchases of assets is not needed.
Crude oil back to above $60 for the first time since November 2008.
UK: Less than expected rise in unemployment.
UK: Industrial production drops less than expected.
US: Trade deficit widens to $27.58B in March.

Today:
08h45 France: Consumer Price index M/M (APR), exp +0.20%, previous +0.20%.
10h30 UK: Jobless claims change (APR), exp 80'000, previous 73’700.
10h30 UK: Unemployment rate (MAR), exp 6.90%, previous 6.70%.
11h00 Euro zone: Industrial Production M/M, exp -1.00%, previous -2.30%.
11h30 UK: BoE Quarterly Inflation Report.
14h30 US: Retail Sales (APR), exp unchanged, previous -1.20%.
14h30 US: Retail Sales excluding Autos (APR), exp +0.20%, previous -0.90%.
15h00 US: Secretary of Treasury Geithner speaks.
16h00 US: Business Inventories (MAR), exp -1.00%, previous -1.30%.

Overnight Rates & Indices:
EURUSD: 1.3722 – 1.3640.
USDCHF: 1.1060 – 1.0978.
GBPUSD: 1.5323 – 1.5248.
EURJPY: 132.40 – 131.10.
USDJPY: 96.69 – 95.78.
DowJones: 8'469 +0.60%.
NASDAQ: 1’716 -0.88%.
S&P 500: 908 -0.10%.
Nikkei: 9’340 -1.18%.
Gold: $927

Comments:

According to an article published in the Financial Times, David Walker, former Comptroller General of the United States, argued that the United States is at risk of losing its triple-A credit rating unless it starts putting its finances in order.
   
Meanwhile, Japan’s opposition finance spokesman told the BBC Japan should avoid buying US government bonds denominated in dollars due to risk. This is the first time I heard a politician make a statement of this kind, which is in my view, very negative for the U.S. currency.
   
The lack of visibility on the market trends is pushing many investors to question the sustainability of the increase in grants in recent weeks. The automotive sector investors still concerned about the way General Motors fell to its lowest level since 1936.

The Pound was the big winner yesterday following better than expected retail sales numbers. It reached the highest level since January against its main rivals. Despite doubts about the evolution of stock markets, some semblance of optimism is present; the oil is back to above $60, the "carry trades" are in favor with investors, while the dollar and the yen are under pressure.

Good Day

Emman Xuereb
RTFX Ltd
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