US markets opened a shortened trading week, to the downside, suffering the increasing energy prices. Oil trades over US$90/barrel, as the Middle East crises continues on. Oil prices and supply are playing out in global economies, adding renewed inflationary pressures and surging energy import costs. The German trade balance remained positive, but both exports and imports contracted. The EUR was steady, trading at 1.1625. while the GBP pushed towards 1.3550.Commodity currencies were mixed, with the NZD falling to 0.5850, while the AUD pushed up to 0.7220. Chinese trade data was stronger than ever, with big jumps in exports and imports, a good sign for the AUD. Japanese GDP growth was also stronger than expected, so it appears Asia is not as damaged by the energy crises, as European nations.
