USD

China’s Industrial Production for February came in significantly weaker year over year at +12.8% versus the expectation of +19%, although the YTD release was marginally firmer than expected (20.7% vs. 19.5%.) Producer Prices were also higher than expected, all of which has helped the USD continue its bid this Asian session. On the EUR/USD chart below we see the negative bias against the Euro gradually continue to give the pair lower highs. We will look to see if the trendline resistance shown below can once again hold the pair and whether the mid 1.34 figure will keep on supporting the pair, a break either way could provide a new short-term dynamic for the pair.

Good Morning:

The JPY fell as speculation that the BOJ may step up credit easing measures as the US economy get stronger.

In general the markets were quiet ahead of NFP and the US employment data today.
Greek Prime Minister Papandreou will be meeting with German Chancellor Merkel today-and will be in France on Sunday as he tries to sell the Greek austerity package to his EU allies.  Yesterday’s Greek Bond issue was successful, and hopefully this will keep the debt markets at bay for the time being.

Good Morning:

The GBP slid below $1.50 for the first time in 10 months, as polls show that the Tories have the smallest lead over the Labour Party in more than 2 years-thus any legislation to assist the economy may get stalled in Parliament.
On another note-the JPY fell as investors look for higher-yielding assets.
The Euro continues to be under pressusre as the debt issues that are hurting Greece may (are) spead to other Souhern European countries.

World equity markets rose-and US Futures are pointing to a higher oipening this morning.

Oil:$79.57 Gold:$1112.70

Good Morning:

The USD and JPY dropped overnight as signs that the global recovery is getting more and more traction, thus increasing demand for higher-yielding assets.
Greece’s debt problems will still put pressure on the Euro, and may dampen demand for EuroZone assets.

World equity markets are higher-and US Futures are lower at this time.

Oil:$78.40                            Gold:$1107.20 

Speaking in Memphis, St. Louis Fed President Bullard made the following comments:

Good Morning:

Good Morning:

The JPY fell as signs that the global recovery is gaining traction, and Greece may not need a bailout made investors look for higher-yielding assets.  Greeks Finance Minister in a meeting with other EU mionisters in Brussels said that “there is no actual need for a bailout”.

World equity markets rose-and US Futures are pointing to a higher opening this morning.  Speculation that data will support that US growth is accelerating-helped equity markets overnight.

Good Morning:

I am writing to you from the Traders Expo in NYC.  NYC also had a few inches of snow overnight-like we need anymore?

The dollar is showing strength as we approach the European opening. Eur/Usd is just off fresh lows trading at 1.3584, likewise with Gbp/Usd currently at 1.5642and Usd/Chf at 1.0802.

The debt problems in Greece still persist, dragging down the Euro. There are also renewed uncertainties over the credit market in Dubai, which should lead to more USD support. Dubai and Dubai World have not made an offer to creditors on the holding company’s debt restructuring. This just leads to more speculation that the global economy is not out of the woods.

Good Morning:

Even after EU leaders pledged to take “determined and coordinated action” to support Greece, the Euro fell.
Another factor that affected the FX markets overnight is that China ordered banks to set aside more reserves, (the second time in the past month), to protect the system against higher loan losses after loan growth accelerated and property prices jumped higher.