Asian session: The dollar held gains against most major counterparts

The dollar held gains against most major counterparts on concern oil prices near a nine-month high will restrain global growth, increasing demand for haven assets. Oil prices reached a nine-month high yesterday as International Atomic Energy Agency officials were denied access to an Iranian military base and said negotiations over the country’s nuclear program “couldn’t finalize a way forward.”

The yen gained against 13 of 16 major peers as Asian stocks extended a global decline in equities.

The euro halted five days of gains against the yen after the Institute of International Finance said in its February Global Economic Monitor that an orderly resolution of the Greek debt crisis “remains a key challenge.” There is the “risk of a subsequent debt restructuring,” following the pending private-sector involvement deal, according to the IIF, which has been negotiating on behalf of private creditors in talks with Greece. Greece and reached an accord for greater debt relief from investor representatives in an exchange offer to tide the nation past a bond redemption next month. Greece’s government agreed to fiscal measures, a voluntary debt swap known as private-sector involvement, and collective action clauses for bonds. Legislation needed to carry out those measures was submitted to lawmakers and posted on the Greek Parliament’s website.

EUR/USD: during the Asian session the pair traded with increase.

GBP/USD: during the Asian session the pair rose, restoring yesterday's losses.

USD/JPY: during the Asian session the pair has fallen.

An early start for a fairly light calendar Thursday, when, at 0700GMT, the German Finance Ministry releases its monthly fiscal and economic report, in Berlin. Also Thursday, the ECB holds its mid-month meeting of the Governing Council, in Frankfurt, although no policy

announcements are expected.