Net income totaled to 30.8 billion yen (380 million dollars) for the quarter ended March 31, compared with earnings of 11.6 billion yen that was recorded a year earlier. In terms of turnover, the industry rose by 10% to 2.35 trillion Yen.

The Nissan also considers that the production will be fully restored in the world until October. The CEO of the company, Carlos Ghosn, has warned that current quarter will be difficult for Nissan and its competitors in Japan, trying to recover from the disaster of March 11.

However, the Euro managed to recover as the international credit rating house S&P reduced the status of the US economy to “negative” from “stable” but kept the long term credit rating to AAA and the short term to A-1+. This offered support to Euro which is currently negotiating to $1.4280. The EURJPY is at 117.87 while the EURGBP is negotiating at 0.8756. The EURCHF is at 1.2830 francs.

The USDJPY is trading at 82.57 while the GBPUSD is at 1.6300. Finally, the AUDUSD is negotiating at $1.0505.

The main indices of the Wall opened in negative territory as the sales of Alcoa for the first quarter of 2011 failed to confirm market expectations creating a climate of caution for the next period of corporate results. Alcoa Inc. announced on Monday evening the results of the first quarter. The aluminum giant reported net income of $308 million or 27 cents per share for the first quarter while the same period last year had announced losses of $201 million or 20 cents per share. At the same time, revenue climbed by 22% to 5.96 billion dollars. The average estimations of analysts polled by Thomson Reuters placed the company’s earnings to 27 cents per share on revenue of 6.07 billion.

On the dashboard, Dow Jones fell by 117.53 points (-0.95%) and closed at 12263.58 points. NASDAQ lost 26.72 points (-0.96%) and closed at 2744.79 points. S&P 500 fell by 10.30 points (-0.78%) and closed at 1314.16 points. Of the 30 stocks that combine the Dow Jones index 7 closed in positive sign and 23 in negative. Of these, the largest percentage gains were recorded by Wal-Mart Stores which closed at 53.52 dollars with an increase of $0.70 or a 1.33%. Procter and Gamble followed with profits of 1.13% at 62.89 dollars and then was the share of McDonalds which closed at 76.66 dollars increased by 0.54%.
In contrast, the three stocks with the worst performance were Alcoa (-6.02%), the Chevron (-3.34%) and Exxon Mobil (-2.33%).

The macro of the day revealed that the federal budget showed a deficit in March of $188.15 billion. Overall, the U.S. government’s budget shows a deficit of 829.41 billion dollars in the first half of the fiscal year.

At the same time the trade deficit fell in February according to an announcement by the U.S. Department of Commerce. In particular, the trade deficit narrowed by 2.6% to 45.76 billion dollars from the upward revised scale of $46.97 billion the previous month.

Chevron oil has revised upwards its estimations for the first quarter due to higher oil prices. Specifically – the second largest oil company in market capitalization in the U.S. after Exxon Mobil – believes that the increase in oil prices will offset the reduced profit margins of the marketing sector.

Analysts believe that the euro continues to receive boost from the expectations that ECB will increase again the interest rates this year and the diversification of reserves with the U.S dollar to be the “victim”. Also, analysts’ estimations are that the Federal Reserve will delay any change on its current monetary policy in contrast with the European Central Bank which already increased the interest rates by 0.25 base points.

The euro is trading at $1.4506 with profits of 0.21% against the US dollar, while earlier recorded a new 15 months high at $1.4520. The upward trend for the European common currency continues against all other major currencies. Against the Japanese currency the Euro regained the level of 122.00 yen and it is trading at 122.10 with profits of 0.83%, while against the British pound moves to 0.8916 pounds enhanced by 0.15%. The EURCHF rate is at 1.3015 francs.

The dollar / yen rate is at 84.10 yen (+0.63%) while the GBPUSD rate is negotiating at $1.6270 (+0.09%). Finally the AUDUSD rate remained above the $1.0500 and now it is trading at $1.0502.

The euro was trading at $ 1.4456, with losses of 0.15% against the U.S. currency on Asian forex trading while against the yen declined by 0.38% to 122.385 yen. The European common currency remained almost unchanged against the British pound at 0.8837 pounds while recorded small gains against the Swiss franc at 1.3142 francs. The U.S. dollar recorded profits after the positive developments on the budget but moved lower after that and recorded losses of 0.12% against the Japanese currency to 84.68 yen.

The dollar continues to move around to over a year low levels against the euro and the sterling, while according to Commerzbank only a 180 degree shift in monetary policy of the Fed is able to push the U.S. currency higher. The German bank believes that monetary policy and in particular, the rate of “normalization” will be a catalytic factor for the euro / dollar pair in the coming months. “The rate at which the ECB would initiate the cycle of interest rates increases will be an important factor for the euro in the near future. It is normal that so far the central bank has not given many details about this issue”.

On early Friday’s Forex trading (Asia), the euro was trading over $1.4400 against the U.S. currency was recording gains of 0.63%, while recorded significant increase – for a second day – against the yen (+0.86%) at 122.53 yen. In relation to the British pound, the Euro was negotiating at 0.8782 pounds, increased by 0.16%, while against the Swiss franc recorded gains of 0.20% at 1.3141 francs.

“Despite the fact that President Trichet made it clear that this increase in interest rates by 25 basis points is not the beginning of a series of increases, this does not mean that there will be no further increases in the future by the ECB”, said Mr. Kuniyuki Hirai, head of department of foreign exchange Bank of Tokyo-Mitsubishi UFJ.
On European forex trading, the EURJPY pair is trading at 122.76 yen, against the US dollar the EURUSD is negotiating at 1.4402 dollars while the EURGBP pair is currently at 0.8791. The EURCHF is trading at 1.3141.
The USDJPY is currently at 85.25 while against the GBPUSD dollar is trading at 1.6381 dollars. The AUDUSD rate is at 1.0518.

The announcement of the manufacturing PMI index in Japan was another important element as the index fell to 46.4 points from 52.9 points, something that indicates a contraction in the industry. This is also a two years low. The euro / yen rate has benefited from the news and the upward momentum continues noting new 10 months high at 117.52 yen.

The GBPUSD pair seems to be recovering as the rate was unable to penetrate the support level of 1.5945 and now moves up to the moving average 100 days. The rate should close above the 100 days moving average (1.6128) to believe that the short-term trend has stopped. The resistance is placed at 1.6128 and 1.6200.

The EURJPY is trading at 117.83, while against the USD the Euro is negotiating at 1.4225. The EURGBP pair is currently at 0.8820 and against the Swiss Franc the rate stands at 1.3021.

The USDJPY is negotiating at 82.84 while the AUDUSD is at 1.0358. Against the British Pound is the Us Dollar is negotiating at 1.6010 USD.

“The euro / dollar rate started the week ready to test the level of 1.3862 which is February high and to extend its profits to the level of 1.3960 to 1.4000, which is the 78.6% retracement of the November correction and is also the level of the 200 days moving average. Our estimations are that the rate will move towards the level of 1.3950 to 1.4000″, says Mrs. Karen Jones of the Commerzbank.

The euro is trading at $1.3828 against the U.S. currency with profits of 0.55% while is negotiating at 113.049 against the yen with gains of 0.68%. Compared to the Swiss franc, the Euro is strengthened by 0.34% to 1.2808 francs while compared with the British pound it is trading at 0.8538 with an increase of 0.08%.

“The market is currently ignoring the news about the problems of European debt and instead focuses on the situation in the Middle East and to the expectations of rising rates in Europe which keep the common currency in mild upward trend”, said analysts at Mizuho.

However forex market analysts estimate that during the rest of the day worldwide, the euro and other risk-sensitive currencies like the Australian dollar “are expected to receive sell-off pressures against the yen” if the shares in Europe and New York move downwards.

Sterling records gains after the announcement of inflation data which confirmed that inflation is increasing in the area and fired once again the expectations that BoE might raise the interest rates sooner than the estimations in order to tackle the rising inflation. Against a basket of currencies, the sterling made a rally of five and a half months high, prompting the governor of the BOE Mr. King to confirm that the continued inflationary pressures will cause a rise in interest rates earlier than expected. The market focuses on today’s inflation report which is scheduled for 10:30 GMT.

The EURUSD rate is still above the 1.3400 level; however, it showed accumulation in the last meeting. It is unclear to define that time the movement of the market as upward movement to 1.3600 or downward corrections are both possible. Once again, any downward break of 1.3400 may cause the downward trend to continue while a possible break of the resistance level of 1.3600 will set a new target to 1.3740.

Currently the EURUSD is negotiating at 1.3545 with high of the day the 1.3569 and low the 1.3482. The EURGBP is at 0.8398 and the EURCHF is at 1.3033. Against the yen the EURJPY rate is trading at 113.27.

The USDJPY pair is negotiating at 83.60 while the USDCHF is at 0.9622. The USDCAD is at 0.9864 and the AUDUSD at 0.9993.

Finally, the GBPUSD is at 1.6131, the GBPCHF is trading at 1.5519 while the GBPJPY is at 134.86.