Many markets still closed for holidays
With many markets still closed for holidays, major currencies traded in narrow
ranges during Asian hours ahead of major US banks’ Q1 results announcements
starting from Tuesday. In general, the US FASB’s easing of fair value accounting
rules are expected to help restrain reported losses and thus risk aversion. The
EUR fell temporarily on Ireland’s Sunday Business Post report of a rising possibility of a local major bank nationalization, little reacting to a news report that German FM Steinbrueck’s submission of a “bad bank” financial rescue plan draft. During March foreign bond net assets of Japanese investment trusts rose by 3.3% in JPY terms, aided by JPY depreciation. GBP net assets increased by 5.3% mom in JPY terms and 3.7% mom in GBP terms.
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