* Tokyo Nikkei 225 (closed)
    * Hong Kong Hang Seng (-437.57 / -2.05%)
    * Australia S&P/ASX 200 (-42.00 / -0.86%)

(6:00 AM)

    * UK FTSE 100 (-39.23 / -0.69%)
    * France CAC 40 (-27.07 / -0.69%)
    * Germany DAX (-29.41 / -0.49%)

FOREX

Asian FX market wrap: US health bill passes with little effect.
EUR/USD testing 1.3500 support, Failure at 1.3820 leaves the pair under downside pressure – Commerzbank.
GBP/USD: Consolidating losses between 1.4930 and 1.4970.
USD/JPY stretches higher to test 90.70/80 high.
EUR/AUD extends all-time low; capped at 1.4715 zone.
AUD/USD had a soggy Asian session and weakens more in European trading to 0.912.
Dollar On Verge Of Break Out; Goldman On Verge Of Being Stopped Out (Of Long EURUSD Reco).

(6:00 AM)

    * Dollar / Yen (+0.05 to 90.59)
    * Euro / Dollar (+0.0005 to 1.3535)

Looking Ahead…

Monday, March 22

Earnings: AE 0.78 ATSG 0.20 AIS -0.03 ARDM -0.02 CCL 0.14 CAAS 0.17 CTFO 0.22 ELP 0.52 CTIB 0.09 CYTR -0.04 DGLY 0.06 FSC 0.27 HALL 0.22 HAST 0.57 KBH -0.42 KHD 0.11 MG 0.05 NRGX -0.11 NEXS -0.17 PVH 0.59 RAD -0.19 RBPAA -0.30 SCHL -0.13 TXI -0.79 TIF 1.13 UTK -0.10
Economic Indicator: 10:00AM Chicago Nat Activity for February.
Note: Spring Equinox was Saturday.

Tuesday, March 23

Earnings: ADBE 0.37 AIS -0.03 CIG 0.37 DRI 0.92 INHX -0.09 JBL 0.27 KBH -0.42 LIME -0.08 MRNA -0.18 PRGS 0.46 PMD 0.06 SONC 0.02 SCS 0.00 SYPR -0.12 TSPT -0.24 ULTR 0.00 UTIW 0.15 VTRO 0.01 WAG 0.71
Economic Indicator: 7:45AM Weekly retail sales.
Economic Indicator: 10:00AM Existing Home Sales for February.
Economic Indicator: 10:00AM Richmond Mtfg/Services Surveys for March.
Economic Indicator: 8:30AM Canada Composite Indexes, UK CPI, BOJ Minutes.

Wednesday, March 24

Earnings: ANCI 0.01 CKR 0.07 CMC -0.47 DLIA -0.06 EUBK -0.65 FLL 0.07 GIS 0.93 LEN -0.30 OMN 0.10 PAYX 0.33 RHT 0.16 RBN 0.14
Economic Indicator: 7:00AM Weekly Mortgage Applications; 10:30AM Crude Inventories.
Economic Indicator: 8:30AM Durable Goods Orders for February.
Economic Indicator: 10:00AM New Home Sales for February.
Economic Indicator: German IFO surveys, German leading index, Aussie Job Vacancies.

Thursday, March 25

Earnings: ACN 0.61 ADES -0.36 APP 0.04 AMN 0.56 BBY 1.79 SBS 1.39 CAG 0.43 CONN 0.02 CPWM 0.45 FINL 0.46 FRED 0.15 LULU 0.29 MNTX 0.1 MKC 0.48 MGN -0.08 ORCL 0.38 OSTK 0.45 SABA 0.06 SMOD 0.14 SPEC 0.2 SNX 0.62 WTSLA 0.08 TIBX 0.1 UTIW 0.15
Economic Indicator: 8:30AM Initial Unemployment Claims; 4:30PM Money Supply.
Economic Indicator: 11:00AM KC Fed Survey for March.
Economic Indicator: Eurozone Money Supply, UK Retail Sales.

Friday, March 26

Earnings: ARYX -0.19 DARA -0.02 EAR 0.01 QGLY -0.01 SPIL 0.10 TAROF 0.02
Economic Indicator: 10:30AM Weekly Leading Index.
Economic Indicator: 8:30AM GDP for Q4-final revision.
Economic Indicator: 8:30AM Corp Profits for Q4.
Economic Indicator: 9:55AM Univ of Mich Sent revision for March.
Economic Indicator: Aussie Composite Indexes.

All Times Eastern

Economics

(3/19)

Canadian Inflation Growth Rate Slows Slightly from January’s High.
India’s central bank unexpectedly raised rates for the first time since July 2008.
Bank Of Mexico Leaves Benchmark Rate Unchanged At 4.50%.
Ecri’s 3/12 weekly index is 130.9 vs the previous weeks’ 130.6.

India’s central bank unexpectedly raised rates for the first time since July 2008 after inflation accelerated to a 16- month high. The Reserve Bank of India increased the benchmark reverse repurchase rate to 3.5 percent from a record-low 3.25 percent and the repurchase rate to 5 percent from 4.75 percent. The surprise decision comes a month before the bank’s scheduled monetary policy meeting.

Canada’s inflation YOY was slightly worse than expected. The Canadian dollar jumped over 1c in an hour relative to the US dollar. The US dollar has lost 6c since late February and 25c since April 2009, so that’s a pretty sharp devaluation cost for a bull market in stocks. This most recent downturn takes out the trading range lows we had since October. There was talk last year and before about creating a North American currency when they reached parity, so we’re pretty much there. The Mexican peso is still weaker than the desired 1.10 before such an action might be taken. It sounds crazy but crazy is reality these days as every outlandish scheme we’ve doubted seems to come true.