European session: the markets expect Bernanke's testifies
07:00 Germany Trade Balance (Dec) €14.0B
09:30 United Kingdom Goods Trade Balance (Dec) £-9.247B
The euro strengthened against most of its major peers amid speculation data today will show the U.S. job market is improving, bolstering optimism about the global economy after German figures showed rising exports.
German exports rose 0.5 percent from November, a second month of gains, the Federal Statistics Office said today. Economists had forecast an increase of 1 percent, according to the median of estimates in a survey.
appeared under pressure after wire headline that ECB Weber will not replace Trichet as ECB president, citing unidentified source.
The yen fluctuated between gains and losses as Moody’s Investors Service said the outlook for Japan’s sovereign credit rating was stable.
Losses by the dollar were tempered before Federal Reserve Chairman Ben S. Bernanke testifies today at a hearing of the House Budget Committee.
EUR/USD: the pair decreased in around $1.3610.
GBP/USD: the pair bargained within the limits of $1.6045-$ 1.6100.
USD/JPY: the pair become stronger in around Y82.60.
US data starts at 1200GMT with the weekly MBA Mortgage Application Index. The main event is likely to be at 1500GMT,when Fed Chairman Ben Bernanke testifies before House Budget Committee on economic, employment and budget issues in Washington. US data continues at 1530GMT with the weekly EIA Crude Oil Stocks data.