The rupee held on to its gains as a sharp rally in domestic shares boosted hopes for foreign capital inflows while higher Asian currencies underpinned sentimenU.S. Dollar Trading tested both sides of the recent range with Dollar strength in Asia and weakness in North America. US data was mixed with ADP Employment falling -742K vs. -655K forecast being offset by March ISM Manufacturing climbing to 36.3 vs. 35.8 previously. · The Euro early in Asia the downside was tested after it emerged that Obama considered bankruptcy the best policy for GM and Chrysler. After these reports were denied and stock around the world rallied the EURO tentatively rallied towards 1.33 levels.· The Japanese Yen was extremely volatile in Asia weakening after the Q1 Tankan Survey came in at a record low of -58. Almost immediately after this news of the Obama GM comments sent the USD/JPY plummeting aver 1 Yen lower. A denial from the white house saw the pair recover the rest of the day. · The Sterling outperformed other currencies as UK data improved with Manufacturing PMI (Mar) at 39.1 vs. 34.9.
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