Greenback Rose, But The Impulse Is Weak
The greenback increased, but upside impulse looks feeble. Japanese Yen slightly reinforced. Taro Aso (Japan finance minister) noted that as a rule, dollar increases versus Yen when interest rate differentials extend to 3%. The finance minister said that interest rates will keep rising, thus the threatening “one-sided” Yen appreciation is unlikely. Meanwhile at the stock market, DOW lowered -0.04%. NASDAQ fell -0.85% (7000 handle) to 6949.23.
As of data, Japanese retail sales surged 0.4% mom, 1.6% yoy in February. British Gfk consumer confidence increased from -10 to -7 this month. Personal financial situation over the past 12 months is up 3 points to 3. Personal financial situation over next 12 months grew 5 points to 10. General economic situation over the last 12 month lifted 3 points to -26. General economic situation over next 12 months rose 4 points to -22. Major purchase index edged up by 2 points to 2. Saving index grew 1 point to 13.
Today, Swiss will announce KOF leading indicator, Germany will feature jobless data and Preliminary Consumer Price Index, Britain will present Gross Domestic Product of the fourth quarter, mortgage approvals, M4 and current account, Canada will feature Gross Domestic Product, IPPI and RMPI, the US will publish personal income and spending, unemployment claims and Chicago PMI.