FOREX TRADING

The AUDUSD headed for a second week of gains trading near a 12 week high at 0.9283 in early morning trade, having gained 1% this week after the nation’s interest-rate advantage over the US widened to near the most since 2008 with extra yield offered by two-year Australian debt over similar maturity Treasuries rose to 398 basis points on April 7, the most since July 2008. NZDUSD was also poised for a second weekly advance trading at 0.7077 as easing concern Greece will default on its debt boosted demand for higher-yielding assets. The two currencies were boosted after ECB President Trichet said he doesn’t expect Greece to default on its debt and it probably won’t need aid from the EU. The EURJPY rose for a second day to 124.94 while the USDJPY rose to 93.51 as signs the global economy is improving and speculation Greece will avoid a default damped demand for the safety of JPY. The JPY weakened against all 16 of its major counterparts before reports today that economists said will show German exports rose 4 percent (prev. -6.4%) in February and U.K. producer prices rose an annual 4.4 percent (prev. 4.1%) in March the most since December 2008.

USDCAD also headed for a second weekly decline trading at 1.0015 after trading at parity for the first time since July 2008 amid signs Canada’s economic recovery is gaining traction. Employment in Canada is expected to rise by 26,000 in March, a third month of gains, and the jobless rate falling to 8.1% in March, the least since April 2009.

ACM FOREX

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