March 20: Asian session

March 20, 2013

EUR/USD sits at $1.2870 following the Tuesday’s 100-pips drop. Yesterday the Cypriot parliament rejected the tax-deposit plan. Calming announcements of the EU leaders about the uniqueness of the Cypriot case don’t help to reduce uncertainty. Cypriot parliamentarian Mavrides said today that Cyprus might leave the euro zone if remaining 6B euro can’t be raised. Euro zone will release German PPI (7:00 GMT) and current account (9:00 GMT). Germany holds a 10-year bond auction today.

USD/JPY is little changed around 95.00. Japanese financial markets are closed today for a national holiday. USD weakened from yesterday’s high at 95.75 ahead of the Fed’s meeting results amid speculation policy makers will decide to keep buying bonds to support economic growth.

The MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, having earlier carved out a fresh 2013 low. AUD/USD is up by about 10 pips from $1.0366. NZD/USD slid from levels around $0.8250 to $0.8220. New Zealand’s trade deficit in Q4 was worse than expected.

GBP/USD holds below $1.5100. Watch the BoE meeting minutes and employment data at 9:30 GMT. USD/CHF has stalled below $0.9480. USD/CAD trades at 1.0270.

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