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European stocks advanced for a second day after German business confidence unexpectedly climbed and Federal Reserve Chairman Ben S. Bernanke said continued accommodative monetary policy is still needed.

Federal Reserve Chairman Ben S. Bernanke said that while he’s encouraged by the unemployment rate’s decline to 8.3 percent, continued accommodative monetary policy will be needed to make further progress.

Chancellor Angela Merkel gave her first indication that she is prepared to allow an increase in the debt-crisis firewall, saying that Germany could let the temporary and permanent rescue funds run in parallel.

National benchmark indexes rose in 15 of 18 western- European markets. Germany’s DAX rallied 1.2 percent, France’s CAC 40 climbed 0.7 percent, the U.K.’s FTSE 100 gained 0.8 percent while Spain’s IBEX 35 Index fell 0.7 percent.

EasyJet rallied 7.5 percent to 495.80 pence after Europe’s second-biggest airline forecast a first-half pretax loss of 110 million to 120 million pounds. The company had predicted a loss of 140 million to 160 million pounds.

Larger Irish rival Ryanair Holdings Plc advanced 2.6 percent to 4.43 euros, while Deutsche Lufthansa AG gained 1.6 percent to 10.47 euros.

Tullow Oil increased 6.6 percent to 1,570 pence after the U.K. explorer reported Kenya’s first oil discovery.

Banco Sabadell SA led Spanish lenders lower, falling 4 percent to 2.15 euros. Banco Bilbao Vizcaya Argentaria SA, Spain’s biggest bank, retreated 1.4 percent to 6.15 euros.

Italy’s Prime Minister, Mario Monti, warned that Spain could reignite the European debt crisis as euro-area ministers this week prepare a deal to strengthen the region’s financial firewall.

Spanish construction-related companies also declined in Madrid trading. Actividades de Construccion y Servicios SA dropped 4 percent to 20.27 euros and Sacyr Vallehermoso SA retreated 2.3 percent to 2.47 euros.

The dollar fell against its higher- yielding counterparts as Federal Reserve Chairman Ben S. Bernanke said accommodative monetary policy is still needed to reduce U.S. unemployment. The decline in U.S. unemployment may reflect “a reversal of the unusually large layoffs that occurred during late 2008 and over 2009,” Bernanke said in a speech today in Arlington, Virginia. “To the extent that this reversal has been completed, further significant improvements in the unemployment rate will likely require a more-rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies.”

The euro strengthened against the U.S. currency as Germany said it may back plans to increase the debt-crisis rescue funds before the region’s finance ministers meet March 30. Chancellor Angela Merkel said that Germany may back plans for the temporary and permanent euro-area rescue funds to run in parallel. Ministers are due to discuss plans to combine the temporary European Financial Stability Facility and its permanent successor from July, the European Stability Mechanism in Copenhagen this week.мEuropean sentiment was also buoyed after Munich-based Ifo institute’s German business climate index rose more than expected.

U.S. stocks advanced, sending the Standard & Poor’s 500 Index to the highest level since May 2008, after Federal Reserve Chairman Ben S. Bernanke said accommodative monetary policy is still needed to spur jobs.

Equities rose as Bernanke said in a speech in Arlington, Virginia, that while he’s encouraged by the unemployment rate’s decline, the economy still needs help. Chancellor Angela Merkel said Germany may back plans for the temporary and permanent euro-area rescue funds to run in parallel. European finance ministers meet March 30 to discuss raising a 500 billion-euro ($664 billion) ceiling on the region’s financial firewall.

Dow 13,205.00     +124.27       +0.95%, Nasdaq      3,106.67       +38.75 +1.26%, S&P 500   1,410.47         +13.36 +0.96%

Arena Pharmaceuticals Inc. soared 21 percent, the most in the Russell 2000 Index, to $2.92. The weight-loss pill maker faces an advisory panel on May 10 as Food and Drug Administration staff said in a report today that obesity treatment manufacturers may need to study the heart risks of their medicines before U.S. regulators weigh approval.

Safeway Inc. declined 3.8 percent, the most in the S&P 500, to $20.32. The grocer was cut to neutral from outperform at Credit Suisse Group AG, meaning the firm expects the stock to perform in line with the market over the next 12 months.

A123 Systems Inc. tumbled 12 percent to $1.49. The maker of batteries for electric cars and trucks said it has started to replace “potentially defective” battery packs and modules produced at a Michigan plant.

Oil was little changed in New York, rebounding from a decline after Federal Reserve Chairman Ben S. Bernanke said accommodative monetary policy is needed to lower unemployment.

Futures erased a 0.6 percent loss after Bernanke said further improvement in the job market will require keeping the central bank’s interest rates low, making commodities a more attractive investment. Oil dropped earlier on concern that Europe’s debt crisis will slow growth.

Crude oil for May delivery rose 4 cents to $106.91 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Futures dropped as low as $106.19 before the Bernanke speech in Arlington, Virginia. Prices are up 8.2 percent this year.

Brent oil for May settlement climbed 49 cents, or 0.4 percent, to $125.62 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $18.71.

The price of gold on Monday rose more than 1% - the statements of the U.S. Federal Reserve Chairman Ben Bernanke reinforced hopes for new measures to support the American economy from the regulator.

The head of the U.S. Federal Reserve on Monday expressed the view that the soft monetary policy in the U.S. can accelerate the growth of industrial production and increasing demand from consumers, which will lead to further improvement in the labor market.

Bank UBS said the reduction in demand for gold in China, as indicated by the small volume of trading on the Shanghai Gold Exchange. Imports of gold in India - the world's largest market of precious metals - can be reduced by a third this year due to the doubling of import duty, according to analysts polled by Reuters.

April futures price of gold on COMEX today rose to $ 1687.8 an ounce.

Resistance 3:1500 (psychological level)

Resistance 2:1440 (high of 2008)

Resistance 1:1407/10 (area of Mar 19 high and high of June’2008)

Current price: 1405,50

Support 1:1400 (earlier resistance, Mar 22 high)

Support 2:1393 (session low)

Support 3:1380 (Mar 23 low)

U.S. stock futures rose as Federal Reserve Chairman Ben S. Bernanke said accommodative monetary policy is still needed to spur jobs.

Global Stocks:

Nikkei  10,018.24 +6.77 +0.07%

Hang Seng 20,668.86 +0.06 0.00%

Shanghai Composite 2,350.6 +1.06 +0.05%

FTSE 5,899.29 +44.40 +0.76%

CAC 3,493.27 +17.09 +0.49%

DAX 7,068.98 +73.36 +1.05%

Crude oil $107.07 (+0.2%).

Gold $1680.00 (+1,1%).

Data:

08:00 Germany IFO - Business Climate March 109.6 109.7 109.8

08:00 Germany IFO - Current Assessment March 117.5 117.0 117.4

08:00 Germany IFO - Expectations March 102.3 102.6 102.7

The dollar strengthened against the yen and retreated from session highs against euro and pound on bets U.S. growth is gathering pace.

Economists said a U.S. report this week will show orders for durable goods increased in February.

The euro weakened against the dollar after Italian Prime Minister Mario Monti said Spain could reignite the region’s debt crisis.

EUR/USD: the pair showed low in $1,3190 area then restored in $1,3250 area.

 

GBP/USD: the pair showed low in $1,5800 area then restored in $1,5880 area.

 

USD/JPY: the rate grown in Y83.00 area.

  

US data starts at 1400GMT by NAR Pending Home Sales.

EUR/USD

Offers $1.3320, $1.3300, $1.3245/50

Bids $1.3170/60, $1.3145/40, $1.3135/30

EUR/JPY

Offers Y111.40/45, Y111.00, Y110.80/85, Y110.45/50, Y110.20/30

Bids Y109.55/50, Y109.20/15, Y109.10/00, Y108.50/45, Y108.40/35, Y108.25/20

Resistance 3: Y84.20 (area of Mar 15 high)

Resistance 2: Y83.30 (МА (200) for Н1)

Resistance 1: Y83.00 (Mar 23 high, Mar 19 low)

Current price: Y82.95

Support 1: Y82.50 (intraday low)

Support 2: Y81.90 (Mar 13 and 23 lows)

Support 3: Y81.50 (Mar 9 low)

Resistance 3: Chf0.9200 (Mar 15 low)

Resistance 2: Chf0.9180 (Mar 19 and 22 highs)

Resistance 1: Chf0.9140 (session high, Mar 23 high)

Current price: Chf0.9103

Support 1: Chf0.9075/70 (session low, Mar 8, 21 and 23 lows)

Support 2: Chf0.9020 (Mar 1 low)

Support 3: Chf0.8930 (low of February)

Resistance 3 : $1.6090 (Nov 11-14 highs)

Resistance 2 : $1.5990 (high of February)

Resistance 1 : $1.5910/20 (Mar 19, 21 and 23 highs)

Current price: $1.5860

Support 1 : $1.5800 (session low, МА (200) for Н1)

Support 2 : $1.5770 (Mar 22 low)

Support 3 : $1.5750 (area of Mar 13-15 highs)

Resistance 3 : $1.3490 (high of February)

Resistance 2 : $1.3360 (Mar 1 high)

Resistance 3 : $1.3280/90 (Mar 8, 21 and 23 highs)

Current price: $1.3235

Support 1 : $1.3190 (session low, Mar 23 low, МА (100) for D1)

Support 2 : $1.3140 (area of Mar 19 and 22 low)

Support 3 : $1.3040 (Mar 16 low)

Asian stocks fell for a second day, extending last week’s loss, amid concern exporter earnings are deteriorating and after a report Chinese banks have understated the risks of loans to local governments.

Nikkei 225 10,018.24 +6.77 +0.07%

Hang Seng 20,668.86 +0.06 0.00%

S&P/ASX 200 4,262.8 -7.59 -0.18%

Shanghai Composite 2,350.6 +1.06 +0.05%

BYD Co., the Chinese carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., slumped 5 percent in Hong Kong after saying first-quarter profit may fall as much as 95 percent.

Agricultural Bank of China Ltd. led mainland lenders lower in Hong Kong.

Leighton Holdings Ltd. rose 2.7 percent after Australia’s largest builder said it won $400 million in new contracts.

EUR/USD moves below $1.3200 to extend its corrective pullback off overnight highs at $1.3285 to $1.3195. Move trips stops below the figure but rate seen meeting some profit take demand which is currently providing a cushion. However, recovery efforts so far remain shallow, the rate edging back just above $1.3200, and seen keeping focus on the downside. Next support around $1.3190, a break to allow for a deeper move toward $1.3170/60.

The euro rose for a second day against the yen on prospects Europe may agree to combine two rescue funds to halt the spread of its sovereign-debt crisis.

The 17-nation euro gained before a report forecast to show German business confidence held at the highest level since July. European policy makers are discussing how to add to bailout funds, for example by allowing the temporary European Financial Stability Facility and the permanent 500 billion-euro ($664 billion) European Stability Mechanism to work concurrently to make more money available.

The dollar advanced against the yen before a U.S. report this week that may show orders for durable goods increased in February. The dollar rose for the first time in four days against the yen before a March 28 report projected to show bookings for long-lasting factory goods rose 3 percent last month after decreasing 3.7 percent in January, according to the median estimate of economists surveyed by Bloomberg News. Gains may be limited as the U.S. currency’s decline below its 20-day moving average last week may signal a reversal of the greenback’s bullish trend, Gaitame.com Research Institute Ltd. said, citing trading patterns.

The currencies of Australia and New Zealand climbed against the yen as prospects of a recovery in the world’s largest economy boosted demand for higher-yielding assets.

EUR/USD: during the Asian session the pair traded in a range $1.3260-$1.3285.

GBP/USD: during the Asian session the pair traded in a range $1.5860-$1.5880.

USD/JPY: during the Asian session the pair restored after Friday’s falling.

The main data release comes at 0800GMT with the German IFO business survey, which is expected to see the Business Climate Index edge higher to 109.7. At 1200GMT, Federal Reserve Chairman Ben Bernanke is due to deliver the opening speech at the National Association for Business Economics in Arlington, Va. US data starts at 1400GMT by NAR Pending Home Sales and then at 1430GMT by

the weekly MNI Retail Index as well as the Dallas Fed Manufacturing Outlook Survey.

On Monday the dollar Index fell to a one-week low as traders sold the U.S. currency in favor of the Swiss franc, triggering automatic sell orders for the pair that further weighed on the greenback.

The 17-nation euro also rose against the dollar as it broke through its 100-day moving average, a technical level that once breached, may spur further appreciation. The shared currency earlier fell against most of its major counterparts before a report forecast to show a contraction in industrial output.

On Tuesday the dollar rose against most of its major counterparts as concern increased that China’s economic growth outlook has cooled, spurring demand for the currency of the world’s largest economy. The U.S. currency strengthened after BHP Billiton Ltd. (BHP) said China’s steel production is slowing, boosting concern about the nation’s growth outlook. BHP, whose biggest customer is China, is re-evaluating spending plans amid slowing Chinese growth, the Australian Financial Review reported, citing comments by Chairman Jacques Nasser to investors. China’s Premier Wen Jiabao this month announced an economic growth target of 7.5 percent for this year, down from an annual 8 percent over the past seven years. Steel output growth in China, the biggest producer, may slow to 4 percent this year, the China Iron and Steel Association said March 6. Housing starts in the U.S. fell in February from a three- year high, showing the recovery in the residential real estate market will take time to develop.

On Wednesday the dollar rose against most of its major counterparts as concern grew that risk-asset gains have outpaced prospects for economic growth, boosting appetite for the perceived safety of the greenback. The 17-nation euro reached the highest level in almost two weeks against the dollar earlier after Greece won parliamentary approval for a bailout and as Germany and Portugal sold bonds at auctions. The euro was supported after Greece’s Prime Minister Lucas Papademos won approval for a 130-billion-euro ($172 billion) aid package. U.S. Treasury Secretary Timothy F. Geithner said today that “Greece is making progress toward sustainability.”

On Thursday the yen rose by more than one percent against all of its 16 most-traded peers as weaker factory data in Europe and China spurred concern economic growth was slowing, boosting safety demand. The yen surged by the most in three weeks against the dollar after Japan reported an unexpected trade surplus for last month, adding to evidence of a rebound in the economy.

On Friday the euro climbed against the yen after falling for three days, prompting bets the move lower was overdone. The euro rose for the first time in four days against the dollar after dropping to the lowest in almost a week yesterday amid a decrease in a gauge of euro-area industry based on a survey of purchasing managers. The yen weakened earlier after versus the dollar Bank of Japan Governor Masaaki Shirakawa said the central bank and the government share the same view on the economy, increasing concern the central bank may increase stimulus measures to boost the nation’s economy, which would debase the currency. Finance Minister Jun Azumi said the Bank of Japan established an inflation target of 1 percent on Feb. 14, replacing earlier wording that the central bank had an “understanding” of where consumer prices should go. It also said it would add 10 trillion yen ($119 billion) yen of stimulus to the economy.

Asian stocks fell, with the benchmark index headed for its biggest weekly loss this year, as a surprise drop in profit at China’s third-largest bank compounded concern the global economy is slowing as manufacturing shrinks from Europe to Asia.

Nikkei 225 10,011.47 -115.61 -1.14%

Hang Seng 20,668.8 -232.76 -1.11%

S&P/ASX 200 4,270.39 -3.29 -0.08%

Shanghai Composite 2,349.54 -26.23 -1.10%

Agricultural Bank of China Ltd., slid 4.3 percent after posting lower-than-expected earnings and HSBC Holdings Plc, Europe’s largest lender by market value, slid 1.6 percent in Hong Kong.

Honda Motor Co., which gets about 80 percent of its revenue overseas, fell 2.9 percent in Tokyo after the yen strengthened.

BHP Billiton Ltd., the world’s largest mining company, lost 1.2 percent in Sydney after metal and oil prices fell yesterday.

Resistance 3: Y84.10/20 (area of Mar 15-21 low)

Resistance 2: Y83.50 (Mar 22 high)

Resistance 1: Y82.95 (Mar 23 high)

The current price: Y82.72

Support 1: Y82.30 (Mar 22 low)

Support 2: Y81.95 (Mar 23 low)

Support 3: Y81.45 (Mar 9 low)

Resistance 3: Chf0.9180 (Mar 19-22 high)

Resistance 2: Chf0.9140 (Mar 23 high)

Resistance 1: Chf0.9115 (high of the American session on Mar 23)

The current price: Chf0.9088

Support 1: Chf0.9065 (Mar 23 low)

Support 2: Chf0.9010/20 (Feb 27 high, Mar 1 low)

Support 3: Chf0.8930/35 (area of Feb 24-29 lows)

Resistance 3 : $1.5975/90 (area of Feb 29 high and Mar 1 low)

Resistance 2 : $1.5905/20 (area of Mar 19-23 high)

Resistance 1 : $1.5885 (session high)

The current price: $1.5858

Support 1 : $1.5840 (support line from Mar 22)

Support 2 : $1.5820 (low of the American session on Mar 23)

Support 3 : $1.5770 (Mar 22 low)

Resistance 3 : $1.3335 (Mar 2 high)

Resistance 2 : $1.3300 (psychological level)

Resistance 1 : $1.3285 (session high)

The current price: $1.3256

Support 1 : $1.3255 (Mar 22 high)

Support 2 : $1.3220 (low of the American session on Mar 23)

Support 3 : $1.3190 (Mar 23 low)

08:00 Germany IFO - Business Climate March 109.6 109.7

08:00 Germany IFO - Current Assessment March 117.5 117.0

08:00 Germany IFO - Expectations March 102.3 102.6

12:00 U.S. Fed Chairman Bernanke Speaks 0

14:00 U.S. Pending Home Sales (MoM) February +2.0% +1.0%

16:00 Eurozone ECB President Mario Draghi Speaks 0

17:00 Canada BOC Gov Carney Speaks 0

23:01 United Kingdom BOE Quarterly Bulletin Quarter I