Canada GDP surprises the market as the economy actually shrank in February. Therefore an argument for higher interest rates may be muted for now. With the first drop in manufacturing in six months and mining shutdowns, the  Canadian dollar took it on the chin falling against most currencies across the board.
Anti Austerity calls in Europe rise as election campaigns reach final days in both Greece and France. Spain declares it is in recession once again. With unemployment over 25% and only 1 in 4 working things may get worse before they get better. Youth unemployment surges over 50% as prospects look even worse for the young to find careers in their own country.

May Day  in Europe and Asia equivalent to Labour Day in North America happens May 01/2012. There should be plenty of  protests.

Australia Interest Rate decision expected, look for the Aussies who raised rates substantially may look to cut rates this time around.

Written April 30th, 2012

Philip Magnoli- My Friends Call Me Don Filippo- The FX Specialist

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