ASIA SUMMARY

With no major economic data releases or news items, Asia saw a relatively quiet session. Traders are looking to take a wait and see attitude as more important data is due to be released later this week. EUR/USD continued trading weak early in the session but found buyers as we saw dollar selling into the Tokyo fix. USD/JPY sold off as well but found support around 119.50 area. The 120 level remains a key psychological level.

Early in the session we had the benefit of listening to a speech European Central Bank President Trichet was making in NYC. While nothing new was said in the speech, Trichet provided a reminder to the markets of risks in the global economy and long term disadvantages of trade protection.

We also heard comments from Bank of Japan Governor Fukui. He said that the Japanese economy was growing gradually and that interest rates will adjust gradually. Again, not a new trading catalyst but a reminder to the market that the Japan is in a tightening cycle.

Upcoming Data Release (UK Session):

Japan: (1am EDT) March Consumer Confidence expected 47.8 vs. previous 48.6.

UK: (4:30am EDT) Month over month CPI expected .3% vs. previous .4%.

Germany: (5am EDT) ZEW Survey expected 10 vs. previous 5.8.

EC: (5am EDT) ZEW Survey expected 8 vs. previous 5.1. Euro-Zone Trade Balance expected .6 billion vs. previous 1.3 billion.