Usd was marginally stronger in Asian session however markets continued to discounted the G7 communiqué and stronger US Retail Sales. Asian equity markets continue to trade in the green and European equity futures look to open above fair value. A good sign for growing risk appetite and carry trades. ECB's Mersch commented yesterday that the ECB doesn't have much room to cut rates this year. Mercsch's statement was unexpectedly hawkish in comparison to Trichet increased emphasis on growth risks last week. This punctuates the fact that the ECB is still very much committed to price stability ahead of growth concerns. We expect the Eur to stay supported in the near term and will be looking for a test of 1.5910. In Europe markets will be focused on the German Zew survey which should provide additional evidence that financial market sentiment is improving. The DAX has been performing relatively well since March as economic news encouraged the Eur. Howeve, while its level is still elevated it has not appreciated further. In the UK today's highlight will be the release of the CPI and RPI figures. We expected both figures to creep up further which will complicate the BoEs dilemma further. Market will very much be poised to trade depending which way inflation is heading and how subsequent effect on interest rate will be affected. In the US Empire State index and NAHB will be the day's final focus. Both looking to continue downwards at the fundamentals in the US have not marketable improved.
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