Snippets of the day - Mon 31 Mar 09

The market yesterday saw:

- Pres Obama's warning that GM and Chrysler will have only another 60 days to prove they can be viable or face the possibility of restructuring via bankruptcy protection send stocks lower - with the Dow ending 3.2% lower

- Chrysler is made to pursue a shotgun marriage to Fiat within 30 days with the latter taking no more than a 30% equity stake in Chrysler

- Currency moves were somehow muted during the NY session after higher yielding currencies made losses of over 1% during the asian trading hours

- Even though the EZ Mar Industrial and Consumer Sentiment deteriorated sharply, marking an all time low in the EU Commission Data, and Hungary's sovereign rating was downgraded, the EURUSD recovered in the NY trading session and traded above the support of 1.31

- Needless to say, the EURUSD saw good bids today and now trades above 1.3250. One way street up

- Today, we had Japan's unemployment rate that came in worse than expected at 4.4% vs estimates of 4.2%. USDJPY too, moved one way street up, trading at least 150 pips at print