Forex: Monday’s review

Yesterday the euro rose against the U.S. dollar against the announcement of the fact that Spain will cut costs further E10 billion in the focus of market participants are data on the trade balance of Germany, which will be published tomorrow. The data may show a fall in exports in February. According to a preliminary survey of economists, exports from the eurozone's largest economy, Germany is likely to decline by 1.2% in February compared with the previous month, when the index grew by 2.4%.

The Canadian dollar rose against its U.S. counterpart after the Bank of Canada said that the spring survey of business sector reflects the optimism. For example, sales growth will be stronger in the next 12 months - 58% of the companies (19% - no change, 23% expect a decrease). Inflation expectations do not exceed the target range of securities, while rose against higher oil prices.

The yen rose against all of its major peers as data showing Japan returned to a current-account surplus and tensions over a North Korean rocket launch bolstered the allure of the currency as an investment haven. The yen has weakened almost 5 percent against the dollar since the Bank of Japan set a 1 percent inflation goal on Feb. 14 and increased its planned purchases of government bonds. The BOJ starts a two-day policy meeting.

EUR/USD: yesterday the pair rose, closed day above $1.3100.

GBP/USD: yesterday the pair gain to $1.5900.

USD/JPY: yesterday the pair traded in range Y81.20-Y81.65.

European data also starts at 0600GMT with German trade data. This is followed at 0630GMT by the France BoF business survey and at 0645GMT by France industrial output data. At 0730GMT, ECB Governing Council member Miguel Fernandez Ordonez is due to give an opening speech  entitled "The New Reality Of The Spanish Banking System", in Madrid. The EMU and UK OECD leading indicator data is due from 1000GMT, while at the same time the UK Conference Board Leading Indicator data is also due.