USD 

There was no overriding theme to Thursday's FX market and the USD was left to wander, mostly aimlessly, through the day. On average it is 0.2% firmer against the other ten most actively-traded currencies.

Economic data from the States showed producer prices rising 0.6% in March, half of which increase was attributable to food and energy. On an annual basis producer prices increased by 2.2%, and by 2.4% excluding food and energy. The numbers were slightly higher than expected. Initial and continuing jobless claims were both fewer than forecast. Federal Reserve vice chairman Richard Clarida wheeled out one of his boss's stock phrases when he told a TV interviewer that the economy "is in a good place".

EUR

The euro has been the top performer of the week among the major currencies. It added 0.2% against the USD over the last 24 hours, a significant part of that gain coming at a rush during the Far East session for no obvious reason.

Data from Euroland this morning were on balance positive for the EUR.  Germany's wholesale price index went up by 1.8% in the year to March, a bigger increase than the 1.6% seen the previous month. Spanish inflation was unchanged at 1.3%. The euro zone industrial production data for February were not good: output was 0.2% lower on the month and down by 0.3% from a year ago. But they were better than expected - analysts had predicted even bigger falls.

CAD

Canada's new house pricing index was unchanged in February and 0.1% higher than the same month last year. Investors were not surprised and the Loonie was unaffected.

Yet again it was left to oil prices to set the tone for the CAD. WTI crude fell during the early New York session before rebounding in the afternoon and overnight for a modest net gain of 0.3%. The Canadian dollar mimicked the track of WTI and is net unchanged against the USD after losing and gaining half a cent.

GBP 

Little was to be seen from inside the black hole that is Brexit. The prime minister made a statement to parliament about her meeting with EU leaders on Wednesday which, in effect, told MPs what they already knew.  rom a legislative point of view the whole Brexit process is on hold for the next week, as parliament will be in recess for Easter. Discussions will doubtless be going on between the government and the opposition, as they try to craft a compromise Brexit proposal, but the negotiators are unlikely to say how they are getting on.

There were no UK economic statistics this morning. The GBP is virtually unchanged against the USD.

JPY

It was a one-way street for the yen as it slid 0.7% lower against the USD.  There were no data or news to justify the move. It looked like a technical exercise that seemed to feed on itself after the USD broke above the downward channel that had constrained it since the end of last week. If the USD could break convincingly through the resistance at ¥112 its next target would be ¥114 high of November last year, but that break is not yet a done deal.

There were no Japanese economic statistics in the last 24 hours.