A bit stronger than Reuters flat expectations on the month and -1.1% y/y,

Feb revised

EUR/USD pretty much unmoved on the release around 1.3132

UK DATA: UK Q1 company insolvencies up 0.2% q/q, +4.3% y/y – NS
– UK Q1 individual insolvencies -4.7% y/y – NS

Been down to 101.45 recently which is  around $3.5 off yesterday’s highs following comments from ECB Draghi  stressing downside risks to the Eurozone economic outlook,  CME margin hikes, and talk of strategic stockpile releases. Falling equities aren’t helping either with european indices down between 0.5-1.0% this morning

Of course all this will be reflected in pump prices!

1.3127 in EUR/USD is the 61.8% retracement of recent 1.3095-1.3180 rally.

Below there, from a purely technical perspective, we have further support at 1.3121 (100 day SMA)

Talk of some sell stops through 1.3120.

We sit at 1.3128, full of hope and expectation that today is the day that the forex market blossoms into life and volatility reigns!!!!!

I’ve a feeling in my water that we’re on the cusp of great things

Who can afford a bloody new car? I can hardly afford to fill up my tank

SMMT says raises forecast for 2012 car sales to 1.95 mln units.

April final composite PMI down to 46.7 ( from flash 47.4, and 49.1 in March), final services employment 48 .3 (from flash 48.5, and 49.4 in March)

All in all not surprising considering component states, largest downturn in services PMI from flash reading since Oct 2008,

April Final composite PMI Index 50.5 (flash 50.9) from 51.6 in March

From March final 48.7

Final Services PMI falls to 45.4 ( from Flash 46.4, and  50.1 in March)

Down from 44.3 in March and demonstrably weaker than Reuter’s median forecast of 44.0

11th consecutive month of contraction.

Lowest read since June 2009.

Woe, woe and thrice woe

Something is rotten in the state of Denmark (well Italy actually)

EUR/USD at session low 1.3131.

All kinda quiet out there this morning… lull before the storm i guess

EUR/USD: Bids/tech support 1.3120/25 (100 day SMA at 1.3121),1.3100/10 and 1.3075/85 ( 1.3075 barrier). Offers 1.3180/00

GBP/USD: Bids 1.6150/60, sell stops on a break ahead of more bids 1.6100/10. Offers 1.6200/10

EUR/GBP: Bids 0.8120/25 and 0.8100/05. Barrier below at 0.8075. Offers 0.8140/45 and 0.8160/65

USD/JPY: Bids 80.00/10, sell stops just below ahead of talked of semi-official (Kampo) bids from 79.60. Offers 80.40/50 (exporters)and tech res 80.85/90.

EUR/JPY: Bids 105.30/40 (105.40 200 day MA) and 105.00/10 (105.00 barrier), sell stops just below and through 104.80. Offers 105.85/95 and 106.10/20

AUD/USD: Offers 10270/80 (from models, macro funds) and larger at 1.0290/00. Buy stops up through 1.0310 . Bids 1.0235/45, sell stops through 1.0220, ahead of decent bids  1.0200/10 in front of reported v large barrier at 1.0200

USD/CHF: Bids 0.9115/20, offers  0.9135/40 and  0.9150/55

–House Prices Down 2.4% m/m In Apr; Down 0.5% 3m y/y

LONDON (MNI) – UK house prices plunged on the month in April,
following the end of the stamp duty holiday, according to the latest
Halifax survey.

House prices were down 2.4% on the month to stand down 0.5% on the
year. While monthly moves have been volatile, the big picture emerging
from the raft of UK housing market surveys is one of near flat yearly
house price inflation and subdued activity.

On a quarterly basis, house prices were actually up 0.3% in April,
the first quarterly rise for seven months.

The expiry of the two year long stamp duty (property transaction
tax) holiday for first time buyers in March was cited by Halifax as a
factor fueling the monthly price moves.

“The ending of the stamp duty holiday for first time buyers …
appears to have boosted home sales early this year as buyers strove to
beat the deadline and has probably contributed to the volatility in
house prices in the last few months,” Martin Ellis, Halifax housing
economist said.

The rival Nationwide house price survey showed a fall of just 0.2%
on the month in April.

–London newsroom: 44207 862 7491; email drobinson@marketnews.com

[TOPICS: M$B$$$,MABDA$,MABDS$]

Well below market expectations of around 45.1 and a 10th consecutive fall as contraction continues

April Business expectations drop to 59.7 from 60.8 in March

By 6,632 with total unemployed now standing at 4.74 million. First fall in 8 months

Seasonally adjusted  unemployment  rose by 70,661 to 4.63 million

Demonstrably weaker than Reuter’s median poll of -0.5%.

Halifax says it continues to expect little overall movement in UK house prices as economy challenging.

Personally I think they could come lower still, but then that’s just me.  Eva the optimist

Oh dear, and I thought everything was going so well

AUD/USD’s up 9 pips since I arrived, presently at 1.0261. No signs yet of catastrophe

UPDATE:  Well there is one catastrophe, I’ve just run out of coffee

Want to enter our non-farm payrolls competition, then get ya skates on!!

Hit this link and give it ya best shot

This pair has gone to sleep with the Japanese still on holiday, but hopefully some life will be injected into it this afternoon following the NFP release. Until then be prepared to be frustrated…

Bids still sit ahead of 80.00 with sell stops poised on a break ahead of tech support at 79.65 (100 day SMA) and rumoured semi-official bids at 79.50/60. Exporters offers sit up at 80.40/50 ahead of trendline resistance around 80.85/90

USD/JPY’s sitting at 80.18 after a 80.13-28 range in Asia.

Financial bookies see FTSE down around -0.4%. DAX down around -0.5% and CAC 40 down around -0.6%.

I’ve got this sense of foreboding this morning, just can’t shake it off.  Maybe it’s something I ate?

Just noticed this on the FXSTREET website

“Yesterday’s NZD/USD break outside a nine week range (the longest similar width since 2006) added some clarity to the technical picture for the pair. The outlook into mid-year, purely from a technical perspective, is bearish, with a minimum objective of 0.7800″

Imre Speizer, Westpac fx analyst.

For the NY cut at 1000EDT/1400GMT

EUR/USD: 1.3000, 1.3025, 1.3050, 1.3100, 1.3150, 1.3175,1.3200,1.3275, 1.3280

USD/JPY: 79.70, 80.00, 80.35, 80.50, 80.70, 81.00

EUR/JPY: 105.00

GBP/USD: 1.6100, 1.6150

AUD/USD: 1.0250, 1.0300, 1.0350