Themes

· General mood is “risk off”

· Japanese Unemployment slightly better than expected at 2.7%

· Australian Retail Sales stronger than expected at +1.8% from +0.9% talk

What’s Moving

Very quiet morning in Asia today, with all of the majors consolidating overnight swings in local trading. Local data was largely shrugged off amid rumors of an impending ceasefire in the Ukraine.

Gold and oil prices bounced slightly after overnight weakness, while USD/JPY remained strong but below overnight highs.

Data is pretty much second tier tonight and players will continue to watch he tapes for any news about a ceasefire in the Ukraine.

Data tonight includes:

· German GFK Consumer Climate (E: -14.6)

· German Import Prices (E: +1.5%)

· U.K. M4 Money Supply (E: 0.2%)

· U.S. JOLTS Job Openings (E: 11mln)