G3 Recap 4-04-11

Main Items:

  • BoC Business Outlook Survey declined to 13 in 1Q vs 26.5 expected and 22.0 previously.
  • Spain: PM Zapatero will stand down in next general elections.

Overseas:

  • UK PMI Construction declined to 56.4 in March vs 54.8 expected and 56.5 previously.
  • Eurozone Sentix Investor Confidence declined to 14.2 in April vs 16 expected and 17.1 previously
  • Eurozone PPI increased 6.6% YoY in Feb vs 6.7% expected and 6.1% previously

Commentary:

  • As has been noted elsewhere, USDJPY looks like a pretty good short here. The cross is very overbought and is stalling right at resistance:

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