Your forexlive ENewsletter

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• Vague talk of poor UK retail sales number
• ECB Stark:Observers Have Correctly Understood ECB Message:WSJ
• German March manufacturing PMI 60.9, services 60.1
• Portuguese 10 year govt bond yield at new euro lifetime high of 7.912%
• Same s…, different day
• Periphery stocks off to wobbly start
• Japan’s Noda: To Watch FX; G7 Action Not at Aimed at Levels
• French March manufacturing PMI 56.6; services 60.7
• FRANCE DATA: March mfg sentiment 109 vs February 106.
• ECB’s Nowotny: Japan crisis impact to European economy expected to be relatively small – Press
• LCH clearnet raises margin requirment on Irish sovereign bonds to 35%
• French March manufacturing industry morale index 109
• Cable slips in early trade
• Japan FinMin Noda: Have understanding with G7 will monitor market, cooperate appropriately on forex
• Moody’s: Santander unaffected by banks downgrade
• Japan MOF Revises Trade Seas Adj To Reflect Lehman Collapse
• China says since last year has taken euro debt problems seriously, has taken steps to support Europe
• BIS buys EUR/USD
• Moody’s takes rating actions on Spanish banks after Spain’s downgrade to Aa2
• Honda to extend suspension of car output in Japan until April 3

Vague talk of poor UK retail sales number Posted: Sources report that there is vague talk of a poor retail sales report. One source opined that recent supermarket trading data would tend to suggest data could be pretty poor. As it is market is expecting delcine of -0.6% m/m. Not hearing any number attached to this scuttlebutt, hence the word ...

ECB Stark:Observers Have Correctly Understood ECB Message:WSJ Posted: FRANKFURT (MNI) - The recent gains in commodity prices may not be as temporary as is currently believed, according to European Central Bank Executive Board member Juergen Stark, who also said that observers have correctly interpreted the central bank's change in communication regarding interest rates. ...

German March manufacturing PMI 60.9, services 60.1 Posted: Manufacturing weaker than median forecast 62.0. Services stronger than median forecast 58.4. Composite employment sub-index at highest level since series began in January 1998.

Portuguese 10 year govt bond yield at new euro lifetime high of 7.912% Posted: 9 bps higher on the day. Elsewhere periphery stocks paring early losses, Portugal's PSI 20 and Spain's IBEX down only 0.5%

Same s…, different day Posted: Same as it ever was in EUR/USD. Sources note Middle Eastern buying in recent trade. We're up at 1.4075 from session low 1.4053.

Periphery stocks off to wobbly start Posted: Spain's IBEX down 1.0%, Portugal's PSI 20 down 1.0%, Italy's FTSE MIB off 0.3%

Japan’s Noda: To Watch FX; G7 Action Not at Aimed at Levels Posted: TOKYO (MNI) - Japanese Finance Minister Yoshihiko Noda told lawmakers on Thursday that Tokyo and its Group of Seven allies will closely watch developments in the foreign exchange market and coordinate in order to check for disorderly currency fluctuations. "We ...

French March manufacturing PMI 56.6; services 60.7 Posted: Better than median forecasts of 55.9 and 59.5 respectively Manufacturing read highest since December, services read highest since July.

FRANCE DATA: March mfg sentiment 109 vs February 106. Posted: FRANCE DATA: March mfg sentiment 109 vs February 106 -- Above expected; MNI analysts survey median forecast 105 -- Execs' own-company outlook 25 vs February 17 (16) -- Sector production outlook 21 vs February 19 -- For more information, please see MNI Newswires

ECB’s Nowotny: Japan crisis impact to European economy expected to be relatively small – Press Posted: Sees no reason to change last meetings assessment

LCH clearnet raises margin requirment on Irish sovereign bonds to 35% Posted:

French March manufacturing industry morale index 109 Posted: Up from 106 in February and better than median forecast of 106.

Cable slips in early trade Posted: Down at 1.6210 from around 1.6230 when I first arrived. Sources note UK clearer selling decent amounts early. Apparently it's the same clearer who was seen particularly aggressive seller of pairing yesterday. Data due: 09:30 GMT: UK retail sales for February expected -0.6% m/m, +2.4% y/y.

Japan FinMin Noda: Have understanding with G7 will monitor market, cooperate appropriately on forex Posted:

Moody’s: Santander unaffected by banks downgrade Posted: Spanish banks outlook remains negative, reflects sovereign outlook Credit profiles of many Spanish banks weak, little sign of material strengthening in foreseeable future Have cut ratings by 1 or more notches of senior debt at 30 Spanish banks

Japan MOF Revises Trade Seas Adj To Reflect Lehman Collapse Posted: TOKYO (MNI) - The Ministry of Finance said on Thursday that it has made large-scale revisions to the seasonally adjustment used in compiling Japan's trade data in a bid to better reflect the impact of the 2008 collapse of Lehman Brothers in September 2008. ...

China says since last year has taken euro debt problems seriously, has taken steps to support Europe Posted: China ForMin: Willing to keep promoting "comprehensive, strategic" relations with Portugal Has responded to euro problems by maintaining holdings of euro debt, encouraging trade Risks from euro sovereign debt crisis have not disappeared

BIS buys EUR/USD Posted: In recent trade. We're at 1.4060 from session low 1.4055. C'mon the euro bears, blow them out of the water!!! They're getting on my nerves. Everytime we get on a roll, up they pop.

Moody’s takes rating actions on Spanish banks after Spain’s downgrade to Aa2 Posted: As expected. First the country, then the banks. Senior debt systemic support reassessed for smaller European financial institutions

Honda to extend suspension of car output in Japan until April 3 Posted: To resume motorcycle, power products output at Kumamoto plant on March 28 Elsewhere: BOJ 's Shirakawa says he fully recognises Japan in severe state Concerned BOJ govt bond underwriting would affect smooth bond issuance Latest news regarding Nuclear plant situation: Japan nuclear agency says 3 workers hurt by radiation at Fukushima plant NO4 reactor temperatures in ...