USD higher, GBP firms as UK hosing market improves

FX Highlights USD trades higher supported by a spike in risk aversion sparked by news of a large Q1 loss at Swiss bank UBS, EUR was pressured by downgrade of German growth outlook and a drop in German wholesale price inflation, GBP gains supported by improving UK housing data UBS plans to cut 8,700 jobs and reported $2 bln loss in Q1, UBS CEO says markets are extremely unstable, CHF lower on concern about Swiss banks UK March RICS house price balance rises to -73.1 from – 78.1 last month, GBP

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