31/03/14 @ 07:41 GMT by Angus Campbell, Senior Analyst

　　http://www.fxpro.cn/news/daily-forex-brief/20140331/2014-q1-dao-muqian-weizhi-qingkuang-fuza

　　The final day of the first quarter 2014 sees a little risk appetite returning to the indices although for currencies no real discernible trend has emerged overnight or so far this morning. Whilst indices might be ticking higher in their usual end of quarter window dressing, FX markets seem to have shut up shop for Q1.

　　With little in the way of news flow over the week end this doesn't come as much of a surprise but it shouldn't be long before we see some action. This morning sees Eurozone inflation released which will be closely watched to see whether the deflationary concerns that are hounding the ECB are augmenting. CPI is due to fall from 0.7% to 0.6% and with some recent downward pressure being applied to the single currency it’s hard to see any near-term upside for the euro, unless the figure surprises to the upside.

　　The Aussie will also be in focus as the RBA announces interest rates overnight. AUDUSD has risen over 3% since the RBA’s last meeting, now firmly back above the 0.9000 level and even looked like it was going to clear 0.9300 last Friday. Governor Glenn Stevens has changed his rhetoric towards the dollar from a far less dovish stance and any further evidence of indifference towards the strength could underpin the Aussie further.

　　2014 第一季度最后一天，从各种指数上看似乎对风险的胃口又多了一些，不过前一天或者说今天上午到目前为止货币方面没有出现什么真正能分辨出来的趋势。通常季度末这个窗口期指数也许会走高，不过第一季度外汇市场似乎已经关门了。

　　周末可能会没什么新闻，但这种静寂不让人太吃惊，平静的日子也许很快就结束。今天上午欧元区通胀数据发布，而且会受到密切关注，看看让欧洲央行困扰的对通缩的担忧会不会增强。CPI 会从0.7% 下降到0.6%。由于最近会有下行的压力，近期内欧元很难走高，除非数据会出人意料地上行。

　　澳元也会是焦点，因为澳洲联储会宣布利率。自从澳洲联储上次开会之后，澳元美元已经上升了超过3%，而目前也回到了0.9000 这个水平智商。这个货币对上周五看起来甚至要越过0.9300 的样子。澳联储总裁Glenn Stevens 已经改变其对于美元的态度，远不是先前那种温和的样子。如果这种无视强势的态度越来越多的话可能会造成更多对澳元的破坏。