European session: the euro rose

07:00 Switzerland UBS Consumption Indicator January 1.34 1.18
07:00 Germany Gfk Consumer Confidence Survey March 5.8 5.9 5.9
07:45 France Consumer confidence February 86 86 86
08:00 Switzerland KOF Institute Economic Forecast February 1.12 1.00 1.03
09:00 Eurozone M3 money supply, adjusted y/y January +3.3% +3.2% +3.5%
09:30 United Kingdom Business Investment, q/q (Preliminary) Quarter IV +3.7% +2.2% -1.2%
09:30 United Kingdom GDP, q/q (Revised) Quarter IV -0.3% -0.3% -0.3%
09:30 United Kingdom GDP, y/y (Revised) Quarter IV 0.0% 0.0% +0.3%
09:40 United Kingdom MPC Member Bean Speaks
10:00 Eurozone Industrial confidence February -13.9 -13.1 -11.2
10:00 Eurozone Business climate indicator February -1.09 -1.02 -0.73

The euro strengthened for the first time in three days against the dollar as Italy reached its target in a bond sale and a report showed economic confidence in the region improved this month. Italy’s 10-year bonds advanced as the Treasury sold 4 billion euros of new 10-year securities and 2.5 billion euros of five-year notes, meeting its target. It sold the 10-year debt at an average yield of 4.83 percent, versus 4.17 percent at a previous auction Jan. 30. An index of euro-area executive and consumer sentiment rose to 91.1 from a revised 89.5 in January, the European Commission in Brussels said. Economists had forecast an increase to 89.9, according to a survey.

The 17-nation currency climbed from near a seven-week low set yesterday as Pier Luigi Bersani, whose group fell short of a senate majority in Italian elections, appealed to populist Beppe Grillo to show he’s willing to help govern. New Italian elections may be necessary if the coalition led by Democratic Party leader Bersani, who won the Chamber of Deputies by a thin margin, fails to muster a majority in the Senate. Grillo’s anti-austerity movement gained more than 25 percent of the popular vote.

The Dollar Index fell for the first time in six days before Bernanke testifies today to the House Financial Services Committee. He signaled to the Senate Banking Committee yesterday the Fed is prepared to keep buying bonds at its present pace and dismissed concerns record easing risks sparking inflation. Bernanke has pushed back against colleagues on the Federal Open Market Committee who favor curtailing the $85 billion in monthly bond-buying.

EUR / USD: during the European session, the pair rose to $ 1.3122

GBP / USD: during the European session, the pair rose to $ 1.5165

USD / JPY: during the European session, the pair is trading at lows Y91.60-70

U.S. 13:30 GMT publish the change in orders for durable goods, including excluding transportation equipment in January, at 15:00 GMT will change in the volume of outstanding home sales for January, at 15:30 GMT and will be published data on stocks of crude oil from the Department of Energy. At 15:00 GMT a speech Chairman of the Federal Reserve System. At 21:45 GMT New Zealand publish data on the change in the volume of building permits issued in January. At 23:50 in Japan will be released preliminary data on industrial production for January.