• Eurogroups Juncker: Europe will not lift spending because the US asks
• Saudi Central Bank: Still comfortable with USD as the appropriate peg
• Italian consumer confidence index s.a (March) 99.8. Weaker than expected vs median forecast of 103.0
• German IFO expectations (March) 81.6. In line with median forecast of 81.5
• IFO economist Abberger says speed of decline in Germany economy has decreased, but bottom has not yet been reached. Calls on ECB to cut rates
• ECB’s Paramo: Room for rate moves
• German Econ Min: IFO expectations index gives hope that economy will bottom out this year.
• EUR/USD came under pressure early in the session, but has recovered nicely. The IFO data gave the euro a lift. Although it came in pretty much as expected, some see signs in the data that although the economy hasn’t bottomed, it will be doing so relatively soon. The German Economic Minister for one is certainly hopeful, but then he might just be talking his book.
• USD/JPY and GBP/USD cable very little changed on the day.