European session: the euro rose

Data:

07:00 Germany Gfk Consumer Confidence Survey March 5.9 6.1 6.0

07:00 Switzerland UBS Consumption Indicator January 0.94 0.92

08:15 Switzerland Employment Level IV quarter 4.05 4.03 4.04

09:00 Switzerland Gov Board Member Jordan Speak 0

10:00 Eurozone Business climate indicator February -0.21 -0.15 -0.18

10:00 Eurozone Economic sentiment index February 93.4 94.0 94.4

11:00 United Kingdom CBI retail sales volume balance February -22 -15 -2

The euro strengthened  as the European Central Bank prepared to allot a round of three-year loans tomorrow to improve the liquidity of the region’s banks.

The common currency advanced amid speculation cash injected by the ECB’s second long-term refinancing operation will spur demand for higher-yielding assets.

The dollar and yen fell before a U.S. report forecast to show consumer confidence in the world’s largest economy improved this month.

The pound rose against the greenback after U.K. retail sales data.

The pound approached a three-week high against the dollar before the Confederation of British Industry releases its retail-sales data.

 

EUR/USD: the pair grown in $1.3450 area.

GBP/USD: the pair was trading in $1,5850 area.

USD/JPY: the pair showed high in Y80,80 area. Later the rate receded in Y80.50 area.

At 1500GMT, consumer confidence is forecast to rise to a reading of 63.0 in February after dipping to 61.1 in January.