[iForex]

The BOJ released its worse Tankan survey in the history of the report. The report validated concerns that business conditions are deteriorating in Japan and a weaker Yen isn't helping the situation. The survey results preceded a roller coaster ride in USDJPY, which broke through the 200 day moving average and traded up to 99.45, then retraced on Obama’s response to the bankruptcy of US Auto manufacturers. The volatility also continued into cross/Yen. Korean exports declined 20%y/y for March. Although the print is alarming, it's not as bad as the -30% y/y average we've seen in previous months. Retail sales for Australia also came in weaker than expected (-2.0% m/m actual, -0.5% m/m consensus). Moving westward to the Euroland, unemployment crept up to 8.50% (8.30% previous, revised from 8.20%) with Spain continuing to contribute disproportionately to the aggregate. Market analysts expect the unemployment rate will accelerate in coming months as employers in Germany, France and Italy give up and adjust their payrolls to cope with the downturn. In the UK, a weaker Pound is helping to ease financial conditions in the UK. UK PMI made a big jump to 39.1, the consensus was for 35.1. Libor rates are also continuing to fix lower. Lastly, US ISM is released to today at 10AM NYC. The consensus is 33 with a previous print of 29. If you happen to be in London, watch out for the protesters!