Your forexlive.com ENewsletter

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• Eurozone CPI march:1.7 % vs +1.7% exp
• EURUSD running into offers around 1.2820 again
• Next up at the top of the hour: March eurozone inflation
• Pound lower after weaker construction data
• UK Housing equity withdrawal Q4: GBP-8.6 bln vs -7.9 bln prev
• UK Construction PMI march: 47.2 vs 47.5 exp
• China PBOC: doesn’t rule out large capital outflow risk in 2013
• Chinese Q4 final current account surplus revised to USD 45.1 bln
• Cable rallies to 1.5115 ahead of UK construction data
• More votes for further UK easing
• European equity markets open lower
• EURGBP capped by 0.8500 sell orders
• Order board: GBPUSD
• Order board: EURUSD
• Nikkei closes up 2.99% at 12,362.20
• Trading Ideas
• Data coming up this session
• Option expiries 10am NY cut
• ForexLive Asia wrap: USD strengthens a little more during the session
• Evans and Lacker – Hawk vs. Dove: Fed Officials Face Off

Eurozone CPI march:1.7 % vs +1.7% exp Posted: 03 Apr 2013 02:00 AM PDT +1.8% prev Nothing of note but the contained inflation rate,  below the 2% target, does give the ECB some room tomorrow if it wants/needs

EURUSD running into offers around 1.2820 again Posted: 03 Apr 2013 01:58 AM PDT Talk on the street is that an asian central bank is selling up here but it’s not exactly coming back too far at the moment.

Next up at the top of the hour: March eurozone inflation Posted: 03 Apr 2013 01:49 AM PDT +1.7% exp  vs +1.8% prev

Pound lower after weaker construction data Posted: 03 Apr 2013 01:35 AM PDT Traders were once again hoping for a stronger number and didn’t get it. Cable back down to 1.5093  EURGBP up to 0.8489 Expect range trading still but weaker GBP tone to remain.

UK Housing equity withdrawal Q4: GBP-8.6 bln vs -7.9 bln prev Posted: 03 Apr 2013 01:32 AM PDT Q1 corporate credit lower than q4 Q1 secured household credit lower than q4 latest BOE figures show that money still isn’t getting out in to the economy at any level Not a good sign moving forward and shows why they’re desperate to play around with bank capitalisation.

UK Construction PMI march: 47.2 vs 47.5 exp Posted: 03 Apr 2013 01:30 AM PDT 46.8 prev

China PBOC: doesn’t rule out large capital outflow risk in 2013 Posted: 03 Apr 2013 01:18 AM PDT PBOC q1 monetary policy meeting says inflation basically stable but warn on uncertain outlook PBOC will guide steady moderate credit growth. reiterates prudent monetary policy stance interest rate differential will still attract speculative inflows reiterates “basically stable” yuan fx rate pledge

Chinese Q4 final current account surplus revised to USD 45.1 bln Posted: 03 Apr 2013 01:15 AM PDT down from initial reading of USD 65.8 bln just the 23.7 bln difference..and did anyone think these figures were/are accurate ?

Cable rallies to 1.5115 ahead of UK construction data Posted: 03 Apr 2013 01:11 AM PDT Similar to yesterday we’ve seen some solid buying of this pair in the last hour ahead of the construction PMI coming up at 08.30 gmt. Support at 1.5070 has held on a couple of attacks and we’re now looking to test some interim resistance at 1.5120.  EURGBP  0.8474 having posted 0.8470 lows. Let’s see where we are after the data.

More votes for further UK easing Posted: 03 Apr 2013 12:32 AM PDT Move over Merv ( oh ok, you’re going anyway huh? ) , and while Mr C packs his cases and heads for the airport, here’s a report on the next generation looking for further QE. It looks like the UK’s in safe hands after all.. we just have to wait a few more years !

European equity markets open lower Posted: 03 Apr 2013 12:05 AM PDT FTSE  -0.2% DAX  -0.2% CAC40 -0.7% IBEX -0.5% FTMIB -0.5%

EURGBP capped by 0.8500 sell orders Posted: 02 Apr 2013 11:45 PM PDT I’ve mentioned these a few times recently and this latest move up has once again run into strong resistance. Buyers in the dips now at 0.8475 and 0.8455 so trade the 0.8450-0.8500 range. UK contruction PMI at 08.30 gmt ( 09.30 uk) will be unlikely to help the pound’s cause  and may well trigger further cable selling through 1.5070 but let’s take nothing for granted. Liquidity is still thin with many interbank traders that I know away on their easter hols until the week-end.

Order board: GBPUSD Posted: 02 Apr 2013 11:31 PM PDT offers  1.5100,1.5120, 1.5150,1.5200,1.5230,1.5250 bids 1.5070 ( stop loss selling if breached), 1.5050, 1.5040, 1.5025

Order board: EURUSD Posted: 02 Apr 2013 11:27 PM PDT offers  1.2825, 1.2850, 1.2880,1.2900, 1.2920, 1.2950 bids 1.2780, 1.2750, 1.2735, 1.2700, 1.2680

Nikkei closes up 2.99% at 12,362.20 Posted: 02 Apr 2013 11:10 PM PDT

Trading Ideas Posted: 02 Apr 2013 10:57 PM PDT Ok, a little earlier than usual but it’s soooooooooo boring out there Let’s have your trading ideas in this thread and, as always, feel free to give reasons or not as you wish.

Data coming up this session Posted: 02 Apr 2013 09:38 PM PDT Good day everyone, Not too much to look forward to by way of data but UK construction PMI at 09.30 uk time should have impact, particularly given GBP’s fall in the past 24 hours. Let’s hope the next few hours provides some opportunities anyhow Have a good session.

Option expiries 10am NY cut Posted: 02 Apr 2013 09:20 PM PDT USDJPY 93.00,93.50,93.70.94.00.95.00,96.00 EURUSD 1.2750,1.2780,1.2850,1.2860,1.2900,1.2995 GBPUSD 1.4800,1.5000 AUDUSD 1.0450 EURCHF 1.2400 EURJPY 120.70,121.00

ForexLive Asia wrap: USD strengthens a little more during the session Posted: 02 Apr 2013 09:02 PM PDT The forex trading headlines for Asia trading today The Fed's Charles Evans and Jeffrey Lacker both gave speeches and answered questions, with comments reported on newswires. there was nothing new in their comments, unsurprising and expected. Glenn Stevens was appointed to an extra three-year term as RBA head Australian February HIA New Private Home Sales came in at a poor reading of -5.3% m/m (vs. +4.2% prior) Australia February Trade Balance Goods & Services much better than expected at -178m (vs. -1000m expected) China March Services PMI improved to 55.6 (vs. 54.5 prior) As did China March HSBC Services PMI, in at 54.3 (vs. 52.1 prior) North Korea banned entry to Kaesong industrial zone UK BRC Shop Price Index +1.4% y/y (vs. +1.07% prior) EUR/USD traded lower during the Asian session. there was no reported news driving the move, just a continuation of the downtrend from the European and and North American session. Bids around 1.2800 were filled in but no further follow through to the downside. GBP/USD, too was sold, down through 1.5100 toward 1.5075, again there was no reported news driving the move. USD/JPY found support around 93.30 in the Tokyo morning, trading to test 93.65/70 resistance before settling around 93.50 for the balance of the day. As a reminder, tomorrow is the conclusion of the two-day BOJ policy meeting, the first with Kuroda at the helm. We expect an announcement of new policy measures sometime after 0300/0330GMT Thursday. AUD/USD had a very narrow range. The new house sales data (see above) came in lower, but the trade balance figures were an improvement on expectations. Chinese services PMIs (both official and HSBC/Markit) came in better.

Evans and Lacker – Hawk vs. Dove: Fed Officials Face Off Posted: 02 Apr 2013 09:02 PM PDT An article in the Wall Street Journal: Hawk vs. Dove: Fed Officials Face Off It discusses the debate between Evans and Lacker that we reported comments from earlier. There was nothing of surprise of note in the debate.

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