• The USD is trading lower with the EUR rebounding from a one-year low versus the USD supported by report that the EU/IMF plan to take quick action to increase aid to Greece and German officials pledge solidarity with Greece, GBP trades lower pressured by concern about UK sovereign debt rating post UK election, commodity currencies trade higher with the AUD supported by higher Australian CPI and a statement from the RBA assistant governor that EU sovereign debt troubles are not impacting Australia, JPY trades lower pressured by a shift in risk appetite sparked by rumor of larger Greek aid with selling noted in cross trade to EUR and AUD, US stocks set to buck the overnight downturn in European and Asian equities supported by strong earnings at Dow and Shell and anticipation of steady Fed policy
• Focus turns to today's release of the FOMC policy statement, the Fed is expected to leave rates unchanged, upgrade its economic outlook and confirm commitment to accommodative policy
• Japan's March retail sales rise by 0.8%,JPY lower
• Australia's Q1 CPI rose by 0.9%, RBA assistant governor says EU sovereign debt troubles having no impact on Australia, AUD higher
• German Finance Minister says Germany will not let Greece down, head of the IMF says Greece has to swallow unpleasant medicine if it wants to overcome debt, EU may hold Summit on Greek aid May10th,EUR higher
• Former BOE policy maker Besley says the UK economy remains in a fragile state, GBP lower
• Moody's says the Dodd Financial Reform bill would reduce government support and hurt the credit quality of large institutions
• MBA says US mortgage applications declined last week
• US equity markets set to open higher, European equities 2% lower, Nikkei closed 287 points lower

Upcoming Events

• US-Wednesday, no major US economic data is due for release today, FOMC policy statement
• CAN-Wednesday, no major Canadian economic data is due for release today

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