Japan aftershock spoils continued risk appetite in Asia; 3 Fed speakers on the docket; US earnings season kicks off with Alcoa.
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The EUR/USD 
saw little reaction to the economic news, but bulls were frustrated in their attempts to take the pair to the 1.4500 figure after a cautionary article in FT which suggested that Spain may be the next problem economy in the European periphery.
http://www.fx360.com/commentary/boris/5252/euro-consolidates-as-market-awaits-yellen.aspx
There is only one thing that euro traders care about right now and it is the prospect of an interest rate hike from the European Central Bank tomorrow. Nothing else seems to matter, including Portugal’s official request for a bailout
The fall in the markets each day most likely represents distribution. Distribution occurs when the institutions sell their shares to the individual investors, taking profits. This generally represents the high in the market or near the high. Why would individual, retail investors be putting money into the market? First, between the Middle East, Japan and Europe, the markets have been unbelievably strong. This gives the small investor a false sense of security. They basically think, if all that cannot derail the markets up move, then nothing will and the markets must be headed far higher. In addition, this is the first week of the second quarter for 2011. New money into 401k's and other retirement plans are now available and are flooding into mutual funds. This is a perfect time for institutions to sell into the buying. Take the one week free trial of the Research Center to gain master swing trades and market guidance. Click here.
Gold and silver are both flat to higher today. The SPDR Gold Trust (NYSE:GLD) is trading at $142.08, +0.03 (+0.02%) while the iShares Silver Trust (NYSE:SLV) is trading at $38.56, +0.22 (+0.57%).
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
There’s a bit of a ‘chicken-and-egg’ situation when it comes to the relationship between precious metals and the USD; is it the weakening USD which is driving demand in PMs or is it the other way around? Whatever, as long as the strong uptrend continues in Gold and Silver, the FX market will not be comfortable buying USD
http://www.forexlive.com/178371/all/oil-gold-silver-all-impacting-on-fx-market
moody's downgrade 7 hungarian banks
MOODY'S CUTS PORTUGAL SOVEREIGN RATING TO "BAA1" FROM "A3" PRIOR; REMAINS UNDER REVIEW
Moody's downgrades Portugal's bond ratings to Baa1 from A3, still under review down http://bit.ly/h1cTsH
John Murphy has written extensively about Intermarket Analysis - the study of the key relationships between the four major financial markets and how those markets affect each other in the long run. To study Intermarket relationships we use our Intermarket PerfChart that displays the percent performance of the major index for each of the four markets - $SPX for stocks, $CRB for commodities, $USB for bonds, and $USD for the US Dollar.
http://stockcharts.com/help/doku.php?id=support:chartwatchers
Stronger than expected non-farm payrolls growth and the continual the decline in the unemployment rate has driven the U.S. dollar sharply higher. With corporations in the U.S. adding 216k jobs in the month of March and the unemployment rate falling to its lowest level in 2 years, the latest labor market report reinforces optimism from Federal Reserve officials and supports the unwinding of emergency stimulus
