Market Update - 27 March 2013

• Overnight, it was relatively quiet in comparison, not much new on Cyprus, more a case of enforcing the restructure & soothing mkt confidence in Italian/Spanish/French Banks..

• Only one EU Data out yesterday, March French Consumer Confidence which at 84pts was under the 86pt survey and at a 4 month low....hardly surprising given the last 2 weeks.

• USDMYR today is still trading around the 3.1000 handle and I don’t see much change from the range of 3.0800-3.1200, except of course unless we have a sudden announcement of elections that might send some USDMYR buyers in.

• In the US, data continues to show positive signs, strong US Housing numbers saw the Case Shiller price index print its biggest monthly rise since 2006. New Home Sales were also strong.

• The US Durable Goods headline was above survey but weak ex-transport. Still the market chose to be optimistic with equities rallying over the release.

• March Consumer Confidence & the Richmond Fed Manufacturing Index both missed the mark but are both still in positive territory.