German investor confidence, as measured by the think tank ZEW, printed a negative -40.7 versus -32 in March. That whipsawed the euro a bit… But then France printed an inflation report that showed inflation rising at the fastest pace in at least 12 years! OUCH!

The Japanese yen gained 1.6% versus the dollar yesterday and the Singapore dollar was up 1.5%. Both currencies rallied as hedge funds and other highly leveraged traders scrambled to reduce debts.