Asian session: The yen climbed

05:00 Japan Eco Watchers Survey: Current February 54.7 54.3 53.0

05:00 Japan Eco Watchers Survey: Outlook February 49.0 40.0

The yen climbed versus all of its 16 major counterparts as the biggest drop in Chinese exports since 2009 and continuing tension in Ukraine’s Crimean peninsula drove demand for Japan’s haven assets. A March 8 report showed China had its biggest trade deficit in two years, data that may have been distorted by the Lunar New Year holiday and over-invoicing a year earlier, according to ING Groep NV. China’s overseas shipments unexpectedly declined 18.1 percent in February from a year earlier, customs data showed March 8, compared with analysts’ median estimate for a 7.5 percent increase. Imports rose 10.1 percent, more than projected, leaving a trade deficit of $23 billion, the data showed.

The yen was also supported as Bank of Japan policy makers begin a two-day meeting today.

The currencies of Australia, Canada and New Zealand led declines among Group of 10 peers versus the yen, as China’s yuan dropped after the central bank cut its reference rate by the most in 1 1/2 years. The People’s Bank of China weakened the yuan’s reference rate today by 0.18 percent, the most since July 2012. The currency lost 0.3 percent to 6.1470 per dollar, according to China Foreign Exchange Trade System prices.

EUR / USD: during the Asian session, the pair traded in the range of $ 1.3875-90

GBP / USD: during the Asian session, the pair rose to $ 1.6740

USD / JPY: on Asian session the pair fell to Y102.95

There is a full data calendar in Europe Monday, although there is little data set for release in the US. For note, the clocks across the US (and much of Canada) went forward one hour over the weekend, with the East coast just four hours behind GMT for the next three weeks. The European calendar gets underway at 0730GMT, with the release of the February Bank of France business survey, followed at 0745GMT by the release of the French January industrial orders numbers. At 0815GMT, the Swiss January retail sales data are set for publication. Italy's January industrial production data will cross the wires at 0900GMT, to be followed by the EMU March sentiment index at 0930GMT.