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Market View

The U.S. economy continued to expand at a modest-to-moderate pace

Thursday, April 12, 2012 3:45 AM GMT

Good Morning ,

- The Australian Dollar was the top performer overnight (high 1.0386) on much
stronger than expected job data.

- USDJPY was supported also by comments from BOJ Shirakawa.

- EURCHF rose to 1.2035 on comments by an US investment house strategist who
said SNB may rise the floor to 1.2500...

- The next hurdles for risk will be the Italian bond auctions today and the
release of the China GDP tonight.

- Stocks: Nikkei +0.45 %, Hang Seng +0.52 %, Shanghai Composite +1.10 %,
Dow Jones +0.70 %, S&P500 +0.70 %

- Fed Beige Book: Economy Expands At Modest Pace - The U.S. economy continued
to expand at a modest-to-moderate pace from mid-February through the end of
March, though rising petroleum prices are causing some concerns for consumer
spending and transportation costs, the Federal Reserve said in a report
released Wednesday.

- Federal Reserve Vice Chairman Janet Yellen endorsed the Fed's view that
borrowing costs are likely to stay low through 2014 as the central bank
misses its goal for full employment and inflation remains in check.

- Federal Reserve Bank of St. Louis President James Bullard said an improving
U.S. economy may push the unemployment rate down to 7.8 percent by year's
end, and the central bank will probably keep policy unchanged while it waits
for more evidence of expansion.

- ECB Liikanen said Spain must keep to its commitments and ensure the measures
it takes to balance the budget apply to both central and local governments.
The recovery from the euro region's debt crisis is "uneven and fragile,"
Liikanen said.

- Bank of Japan Governor Masaaki Shirakawa pledged to continue to add monetary
stimulus amid growing calls from politicians for the central bank to do more
to end deflation. "The BOJ will pursue powerful easing" to help overcome
deflation and put the economy on a sustainable growth path, Shirakawa said at
a branch manager meeting in Tokyo today, reaffirming the stance.

- Australian payrolls rose more than economists  forecast in March, capping the
best quarter since 2010, led by financial and manufacturing states Victoria
and New South Wales. Payrolls rose by 44,000, a statistics bureau report
showed today, almost seven times the median estimate for a 6,500 increase in
a Bloomberg News survey. The jobless rate stayed at 5.2 percent, compared
with expectations for a rise to 5.3 percent.

- New Zealand Data Recap                Period   Survey   Actual     Prior
* Business PMI                                 Mar       -          54.5       57.7
* Credit Card Spending total mom       Mar      0.5 %     0.2 %   -0.3 %

- China will release a big set of data tonight, which include Q1 GDP,
Industrial Production and Retail Sales (both for March).

- 1430 US Trade Balance Feb
- 1430 US PPI Mar
- 1430 US Initial Claims
- 1315 Fed Dudley
- 1600 Fed Cumming
- 1600 Fed Liang
- 1700 Fed Dudley
- 1830 Fed Plosser
- 1900 Fed Kocherlakoa
- 2035 Fed Dudley
- 2130 Fed Raskin
- 1000 ECB Monthly Report
- 1100 Eurozone Industrial Producion Feb
- 1100 Italy to sell 2015/20/23 Bonds
- 1300 ECB Asmussen
- 1500 ECB Praet
- 1500 ECB Orphanides
- 1745 Bk of Portugal Costa
- 1030 UK Trade Balance Feb
- 2000 BOE Posen
- 1430 Canada New Housing Price Index Feb
- 1430 Canada Intl. Merchandise Trade Feb

    (CET)

Have a nice day !

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