April 24th Top FX Headlines

[B]Japanese March corporate services price index[/B] rose 0.6 percent on the year on year. The much better than expected figure fuels further speculation that Bank of Japan may have leeway for near term rate hikes.

[B]Japanese yen[/B] gains for second day versus euro and dollar on expectations of positive sentiment out of Bank of Japan.

[B]ECB’s Liebscher[/B] comments against excessive volatility in the currency markets, “central banks should not comment on currencies but we are not for excessive volatility on foreign exchange markets.

[B]Bank of England Governor Mervyn King[/B] stated a potential “sharp” decline in the UK’s rate of inflation over the next four to six months in a testimony to parliament.

[B]Australia[/B] first quarter advances 0.1percent versus a 0.6 percent consensus estimate. Much lower than expected, the 2.4 percent year on year acceleration was backed by statements from Costello, reducing the possibility of a rate hike at the next meeting.

[B]Industrial orders[/B] for February in the Eurozone declines 0.7 percent on the monthly comparison. Although figure is much lower than expected, the year on year remains supported at 4.7 perent.

[B]Swiss March UBS consumption indicator[/B] prints 2.131, better than the previous figure of 2.031.