Forex: Monday's review

The main EMU data release will be the German ZEW survey, at 1000GMT, where the expectations index is expected to edge up to a reading of 16.0 and the current conditions index is expected to edge up to 85.4. 
US data starts at 1145GMT with the weekly ICSC-Goldman Store Sales data. This is followed at 1230GMT by the Import & Export Price Index as well as the Empire State Index, which is expected to increase to a reading of 16.0 in March after also rising in February. The Empire index has been lagging other manufacturing surveys which have been trending up. The weekly Redbook Average then follows, at 1255GMT, shortly followed at 1300GMT by the latest Treasury International Capital System (TICS) data. US data continues at 1400GMT with the NAHB Housing Market Index, while at the same time, US Treasury Secretary Tim Geithner testifies on the future of housing finance before the Senate Banking Committee in Washington.
The decision and statement from the latest FOMC meeting is due at 1815GMT although market expectations are for nothing major to come out of the meeting. MNI's Steve Beckner writes Monday there has been a subtle shift in Fed officials' thinking and commentary on the economy and inflation -- not just a more upbeat tone on the outlook for growth and jobs, but also slightly more acknowledgement of public inflation concerns.