The NZDUSD gained 1% to 0.7244 after it touched 0.7144, the least since April 28 while NZDJPY traded at 68.01 as RBNZ Governor Alan Bollard said the economy is "less fragile" and the jobless rate dropped to 6% (prev. 7.1%, exp. 7.3%), the most since 1986, signaling interest-rate increases may follow. AUDNZD declined 1% to 1.2502, the lowest since Feb. 3 on prospects Bollard will raise borrowing costs at a faster pace than RBA. RBNZ suggests they are more or less validating market pricing a hike has been fully priced for June and 25bp of hikes at every meeting from then onward. Employment rose 1% (exp. 0.2%) or about 22,000 jobs in Q1 where the increase in employment was unusual given that the end of temporary work during the Christmas and summer holiday period usually sees unemployment increase in Q1. GDP will probably increase 3.2% this year after contracting 1.6% in 2009 according to forecasts. Finance Minister Bill English said the economy has come through the recession in "reasonable shape" and the jobless rate appeared to be approaching a peak while also adding the government will use its May 20 budget to build on the recovery through tax reform and achieving better value for money spent on public services. The AUDUSD fell to 0.9052 after it dropped as low as 0.9021 the least since March 26 and AUDJPY traded at 85.04 after retail sales rose less than estimated by 0.3% in March (exp. 0.7%, prev. -1.2%), a sign the RBA's interest-rate increases are cooling domestic demand. AUDUSD traded near its lowest in almost six weeks after prices of commodities fell a second day yesterday on concern the Greek debt crisis will spread and undermine EU economies. Consumer confidence remains robust boosted by lower unemployment rate as employers have added almost 200,000 jobs since August, the biggest six-month surge in more than three years, cutting the jobless rate to 5.3%. Japanese stocks tumbled the most this year after a three-day holiday during which concern
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[/caption] On yesterday's sell off on the S&P500 emini future we are looking at support at 1089.50 and an extreme low support of 1069.50. Our Point of control for direction is 119.25. I am looking for a test to the 55ema to 11:30. If there is not enough commitment in the market and it stalls here, we could consolidate into the close. Price failure into 1130 area would not uphold the move and we might see a break of the previous swing low at 1090 area of support. Question is: Who wants to hold into the weekend? Investors clearly are frightened of this kind of market. 
