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Soft German IFO pressures the EUR, NZD........>

FOREX
FOREX: Soft German IFO pressures the EUR, NZD bottom of the pile
- The USD has largely consolidated in Europe as markets take a pause from
yesterday's surge higher.
- Soft German IFO data pressured Eur/Usd to 6-week lows of $1.2182 and now
focuses on a break of $1.2155 (Mar1 low) for the next leg lower. Eur/Jpy failed
to break key resistance around the Y133.00/05 area (topped out 3 times
previously & 100-dma) and later drifted to Y132.75.
- GBP retained an underlying heavy tone in early Europe and drifted to re-test
the Asia low ($1.3918). The release of UK Public Sector Borrowing data which
showed the first budget surplus in a fiscal year since 2001/2002 with added talk
Takeda are closing in on the Shire deal, squeezed to $1.3956.
- Usd/Jpy consolidated gains held to a narrow Y108.76-92 range.
- Kiwi remained bottom of the pile in G10. A combination of Aud/Nzd demand with
further USD gains pressured to extended pullback lows of $0.7106. AUD CPI came
in mixed overnight, last at $0.7616.
- US New Home Sales & Consumer Confidence the main highlights today.
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