Asian session: The euro rose toward a one-month high

00:00 Australia HIA New Home Sales, m/m February -7.3% +3.0%

00:30 Australia Private Sector Credit, m/m February +0.2% +0.3% +0.4%

00:30 Australia Private Sector Credit, y/y February +3.5% +3.5% +3.5%

The euro rose toward a one-month high on prospects European finance ministers will agree to increase rescue funds at a two-day meeting starting today. The 17-nation euro was poised for its biggest quarterly gain versus the yen in 11 years before data forecast to show German retail sales increased. Retail sales in Germany probably rose 1.1 percent in February from the previous month, according to the median estimate of economists surveyed by Bloomberg News before the Federal Statistics Office in Wiesbaden releases its data today.

The yen strengthened against all of its 16 major peers after data showed Japanese consumer prices unexpectedly rose, reducing the case for further Bank of Japan easing. Japan’s consumer prices excluding fresh food climbed 0.1 percent in February from a year earlier, the statistics bureau said today in Tokyo. The median economist estimate in a Bloomberg survey was for a 0.1 percent decline. A separate report showed unemployment fell to 4.5 percent last month from 4.6 percent in January. The currency touched a three-week high against the dollar amid speculation Japanese companies are repatriating overseas earnings before the fiscal year ends tomorrow.

EUR/USD: during the Asian session the pair gain on a floor of a figure to $1.3350.

GBP/USD: during the Asian session the pair rose moving ahead to a level $1.6000.

USD/JPY: during the Asian session the pair fell, updated a new week’s low.

On Friday, European central bankers and finance ministers gather  for the informal ECOFIN meeting, in Copenhagen, which continues into Saturday. European data starts at 0600GMT with German retail sales data, while a raft of France data at 0645GMT includes Q4 Maastricht debt data and 2011 public deficit and debt data as well as February consumer spending and PPI. EMU flash HICP data for March is also due, at 0900GMT. US data starts at 1230GMT when personal income is expected to rise 0.4% in February. At 1355GMT, the Michigan Sentiment Index is expected to be revised up to a reading of 75.0 in March from the 74.3 preliminary estimate. US data continues at 1400GMT with the latest BLS State Unemployment data and rounds off at 2015GMT with C&I Loans data.