The FX market is still range-bound as it waits for resolution to the Cyprus crisis. USD/JPY is hovering around the 96 level as the market expects Kuroda to "walk the talk". New Zealand GDP came out stronger than expected causing the Kiwi to strengthen but it has failed to breach the 0.8300 level as of yet. The dilemma that faces this nation is that while their economy is showing signs of heating up the RBNZ is loathe to raise rates on fears that their currency will become more overvalued than it already is. China Flash PMI came in at a 2 month high of 51.7 -vs- expectations of 50.4. Output, new orders and new export orders all accelerated while input and output price indices slowed down, further lending proof to the notion of an economy on the path to a gradual recovery. The AUD/USD rose a bit on this news. As it stands now, the economies of the US, China, Australia and New Zealand all seem to be on a growth track while the Euro group countries appear to be bogged down in a fiscal and political quagmire with no end in sight.