Asian session: The euro weakened versus most of its 16 major peers

The euro weakened versus most of its 16 major peers after European Central Bank President Mario Draghi said its strength “requires further monetary stimulus.” “I’ve always said that the exchange rate is not a policy target, but it’s important for price stability and growth,” Draghi said in Washington on April 12. “And now, what has happened over the last few months, it’s become more and more important for price stability.”

The shared currency snapped a gain versus the greenback from last week that was the most in six months as Draghi’s rhetoric about the euro’s rise was echoed by other European policy makers in weekend meetings of the International Monetary Fund and World Bank, boosting speculation they will consider adding to measures to support growth and spur inflation. 

The dollar strengthened against most peers before a report that may show retail sales climbed last month by the most in 1 1/2 years. In the U.S., retail sales accelerated in March to the highest pace since September 2012, according to the median estimate of economists in a Bloomberg News poll before today’s Commerce Department data. Purchases probably rose 0.9 percent from February, when they advanced 0.3 percent, the survey shows. Consumer spending accounts for about 70 percent of the U.S. economy.

Federal Reserve Chair Janet Yellen speaks at two events this week, starting with the opening remarks via videoconference to the 2014 Financial Markets Conference in Stone Mountain, Georgia tomorrow. She will attend the Economic Club of New York on April 16.

EUR / USD: during the Asian session the pair fell to $ 1.3840 

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6615-30 

USD / JPY: on Asian session the pair traded in the range of Y101.40-60

A new week kicks off in the Asia-Pacific this morning with barely any major economic data releases scheduled ahead. It's also a short week in many of the region's trading centers due to the Good Friday holiday. There is one key event due today, which is the Monetary Authority of Singapore's semi-annual policy review statement due at 0800 local time (0000 GMT). That coincides with the release of Q1 advance GDP data from the MTI. Most economists expect the MAS to keep its policy stance unchanged, allowing a small depreciation of the Singapore dollar to continue.