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FX4.16

Fundamental Headlines

• Tragic Flaw: Graft Feeds Greek Crisis– Wall Street Journal
• Singapore Exports Jump– Wall Street Journal
• Greece takes key step towards rescue - Financial Times
• Bank of America Returns to Profit as Merrill Lynch Purchase Boosts Revenue- Bloomberg
• Emerging-Market Stocks Drop as China Cools Speculation; Google Shares Fall - Bloomberg



EUR/USD –  Euro-zone consumer prices rose 0.9% in March as expected which saw the pace on an annualized basis slow to 1.4% from 1.5%. However, core prices slightly ticked up to 1.0% from 0.9% which shows that broader price growth remains firm. Regardless, energy costs continue to pace inflation accelerating 2.6% on the month. Adding to the woes in Greece, the country saw the highest level of inflation at 3.9% which will add weight to an already struggling economy. The ECB will find comfort in the overall figures as consumer prices remain well below their 2.0% target which will allow them to maintain their measured approach to monetary policy.   To discuss and other topics, please visit the EUR/USD forum.


USD/CHF – 
Swiss producer and import prices rose 0.5% on the month and were unchanged on the year in March, Switzerland's statistics office said. This was above market expectations of an increase of 0.3% on the month and a decline of 0.2% on the year. A rise in imports prices of 0.7% should ease the SNB’s concerns over deflation which may keep policy makers from intervening in currency markets. A look at the breakdown reveals that a 4.6% increase in energy costs was the main driver of higher prices with mining and agriculture also seeing significant gains.