Themes

· General mood is “risk off”

· Japanese Vernal Equinox holiday today

· Currency markets quiet in Asia

What’s Moving

Very tight ranges in Asia today, with a lack of clear direction from Friday trade in New York and on a lack of local incentives today and over the weekend. The Japanese holiday today didn’t help volatility either. Most of the majors held within tight, well contained ranges in Asia.

The Aussie did catch a small bid in late morning trade, supported by higher local interest rates and on continued profit taking on Dollar longs.

Tonight doesn’t hold much in terms of market moving events, with little data and a few official speakers.

Data tonight sees:

· German PPI (E: 1.8%)

· Speaking: ECBs Lagarde

· Speaking: Fed’s Powell