Note: Public holiday for Japan

Currencies

• EUR/USD The euro increased towards a 17-month high versus the dollar on speculation European Central Bank President Jean-Claude Trichet will signal at today's policy meeting his intention to raise interest rates this year to battle inflation.
  • Trichet may indicate at the meeting just how fast he's prepared to raise rates over the coming months.
  • The euro strengthened to $1.4860 as of 2 p.m. in Tokyo from $1.4827 in New York yesterday


• USD/JPY The dollar also lost ground against the Japanese yen although a holiday in Japan thinned trading volumes.
  • The yen advanced to 80.43 per dollar from 80.61.


• GBP/USD Dealers report a quiet session in Asia with the cable essentially sidelined ahead of the BoE rate decision tonight.
  • The Cable opened in Asia at 1.6485, range traded 1.6483/1.6499 for the first few hours and then traded up to the session high at 1.6519 in the afternoon.

Commodities

• Gold Central banks of Mexico, Russia and Thailand are expanding their gold reserves for the first time in a generation, as purchases by billionaire investors including John Paulson contributed to bullion extending its longest winning streak since at least 1920.
  • Gold for immediate delivery traded little changed at $1,516.75 at 9:03 a.m. in Singapore.

• Oil declined for a fourth day in New York, the longest losing streak in almost eight weeks, as a drop in gasoline consumption added to signs of slowing growth in the U.S. economy, the world's biggest crude consumer.
  • U.S. gasoline demand slid 2.2 percent to 8.94 million barrels a day, the Energy Department said.
  • Crude for June delivery lost as much as 81 cents to $108.43 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $108.95 at 1:16 p.m. Singapore time.

Equities

• U.S.stocks fell, with commodity producers driving a third straight loss for the Standard & Poor's 500 Index, as lower-than-estimated reports on service industries and job growth damped optimism in the economy.
  • The S&P 500 lost 0.7 percent to 1,347.32 at 4 p.m. in New York.
  • The Dow average fell 83.93 points, or 0.7 percent, to 12,723.58 today.


• European stocks slid for a second day as companies from Holcim Ltd. to Vestas Wind Systems A/S reported earnings that missed estimates and a report showed U.S. service industries expanded at the slowest pace in eight months.
  • Holcim retreated 4.1 percent after the world's second- biggest cement maker posted decreased profit while Vestas tumbled 8 percent after the largest wind-turbine maker reported a first- quarter loss.
  • U.K.'s FTSE 100 dropped 1.6% to 5,984.07.
  • France's CAC 40 declined 1.3 percent to 4,043.13 while Germany's DAX slid 1.7 percent to 7,373.93.


• Asian stocks declined, dragging a regional benchmark index lower for a third day, as lower-than- forecast growth in U.S. service industries and jobs sparked concern the recovery in the world's biggest economy is faltering.
  • Markets in Japan are closed for a public holiday.
  • Hong Kong's Hang Seng Index fell 0.1 percent while China's Shanghai Composite Index slipped 0.2 percent.

Sources: Bloomberg, FT