Greek government confiscates spare cash of state bodies

•      Greek government confiscates spare cash of state bodies

–    Will help the govt finance itself this month, but May will still be hard, and June?

–    Ordinary citizens may see this as the first step towards capital controls

–    The Greek problem seems headed for a conclusion. I expect the possibility of a disaster to weigh increasingly on the markets’ view of EUR

•      AUD reverses

–    After rallying yesterday on China RRR cut, it was the biggest loser in G10 as Sevens reminded everyone that rate cuts are “on the table,” said AUD likely to fall further

•      BoC Gov. Poloz more confident about the US than Fed’s Dudley

–    Dudley said he’s not confident now, but he thinks he will be in the future

–    Poloz on the other hand says strong US economy as the biggest risk to his forecasts

–    US policy divergence remains, USD to remain underpinned

•      Today:

–    Eurozone: ZEW survey expected to improve in both current situation & expectations; could support EUR

–    Sweden:  official unemployment rate for March

–    Speakers: Riksbank Deputy Gov Ohlsson, ECB’s Nouy