Risk Appetite Increasing?

The speculation over the ADP employer report saw the JPY continue its decline against the major pairs but in particular focus was the large gains achieved by the USDJPY which broke above the resistance line of 93.30 and is moving steadily towards a nearly three month high of 93.85. The ADP report is expected to show that the US achieved a 40,000 job increase over the previous period, which would be the highest since December 2007 helping to boost investor confidence in the pair further. In Japanese market news, the wage report showed that wages slipped 0.6% a huge increase on the 0.1% that was expected, which only helped to increase the USD gain over the Yen.
The AUDUSD fell 0.4% to 0.9159 on account of a huge loss in February retail sales which came in at 1.4% while the country expected 0.3%, in conjunction with this home building approvals also fell declining 3.3% far above the 2.1% expected.
Attention will be focused on the EUR today after the major fall out of the Greek 12 year bond sale. The country received bids for only 390 million on a cap of 1 billion. This has rewoken concern that Greece is unable to cover its debts and traders will also look to the German employment data (which is expected to be unchanged at 8.2%) for an indication of which way the currency will react.