Even though US traders are back at their desks today, currency prices have barely moved with Europe still closed for Easter Monday. Today’s lack of volatility is a testament to how significant European volume is to day-to-day market activity.

The release of existing home sales lent the US dollar a solid boost in morning trade as the figure jumped a significantly stronger-than-expected 3.9 percent in February - the sharpest rise in three years - to 6.69M from 6.44M.

The day’s data was overshadowed by a slight lull as markets anticipate the Federal Reserve decision tomorrow. Although the decision is all but priced in, what has to be considered are the subsequent comments following the release.

Differing economic data once again dominated the session, leaving the US dollar mixed against major counterparts. Early in the New York morning, regional manufacturing surveys in New York and Philadelphia painted a bleak picture of the current economic state.

Suddenly the crisis in the sub-prime loan market has become the biggest story in the world quickly moving from the financial sections of the Wall Street Journal and New York Times to command the top heading on the nightly news.

Over the past few years, the financial markets have become very speculative and highly leveraged. Today, we have seen the consequences of that aggressive risk appetite.