News in 60 Seconds

Biggest % gainers: NZD/JPY up 1.25%, NZD/USD up 1.13%, CHF/JPY up 1% on NZD strength and some USD & JPY weakness. This is where more of the momentum is today...to the upside.

Biggest % losers: GBP/CHF down 0.77%, USD/CHF on some CHF strength.

Gold $1,177 perking back up rather nicely!
Oil $85.95

Hildebrand Says SNB Acting Against Swiss Franc as Greek Woes Hit Euro Switzerland’s central bank will continue to counter any “excessive” gains of the franc against the euro as the spreading debt crisis across the euro region prompts investors to shift their money into the Swiss currency, President Philipp Hildebrand said.

Euro Rises Versus Dollar on Signs Greece May Reach Accord on Budget Cuts

Spain's Unemployment Rate Exceeds 20%, Complicating Efforts to Cut Deficit Spain’s unemployment rate rose above 20 percent for the first time in more than a decade.

JPY The Bank of Japan pledged to help lenders provide credit after reports showed the economic recovery isn’t yet strong enough to overcome deflation.

EUR Euro Zone Unemployment still at 10%

CHF KOF Economic Barometer inline at 1.99. 1.96 was the reading last time.

CAD GDP m/m came in a bit worse at 0.3% vs. 0.5% BUT their economy is still expanding and so traders are betting that rate hikes are around the corner in June or July still.

USD Advanced GDP q/q came in worse at 3.2% vs. 3.4% expected. Last time was 5.6%.

USD Chicago PMI came in at 63.8 (better than expected) vs. 60.0. Last time was 58.8. (Anything above 50 shows that manufacturing in that region is expanding).

USD Revised UoM Consumer Sentiment comes out at 9:55am EST today....not 10am, that would be FAR too late. ha-ha!

Moody's and S&P both say that Italy's ratings are stable.

Sean Hyman
DailyFX Forum Moderator