By Research Team, 1100 GMT: Canadian CPIhas comes in pretty much as expected (0.4% M/M. yearly 2.6 vs.expected 2.7%) fuling some choppy trade in USDCAD. In equitytrading, European stocks are heading back into the red afterearlier gains as bund yieldswiden amid growth concerns 0900 GMT: The SN B has been onthe wires reitering the Swiss commitment to the 1.2000 EURCHF floor,and mentioning that the central bank is prepared to buy unlimitedamounts of FX to enforce its position. Also, the Swiss KOF surveysees Swiss growth at 0.8% in 2012. EURUSDcontinues to drive higher but no clear catalyst yet. We havehowever heard of potential China RRR cut which could factor. 0730 GMT: Anationwide measure of UK consumerconfidence fell to 44 in February from 47 in January. Thisis after the BOE minutes a few days ago warned of high inflationand oil prices negatively affecting consumer confidence in theshort and medium term. The Frenchbusiness confidence indicator has come out better thanexpected. 0600 GMT:European trade opens after risk appetite took a hit yesterday onweak European and Chinese PMIs. In someuplifting news for Europe, the French FinMinhas raised his 2012 growth forecasts for the country from 0.5% to0.7%. The 2012 forecast has been raised to 1.75%. Asian sessionhighlights today included the Japanese FinMin Azumiannoucing that he is starting to compile the temporary next yearbudget from today. Hawkish comments out of the Fed's B ullardovernight as well, with the official saying there will be no QE3unless the economy and inflation outlook deterioratesignificantly.
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