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By Research Team, 10:50 GMT: UK CBI reported sales are out above expectations, a development which may ease inflation concerns as speculation of increased quantitative easing by the Bank of England heats up. In continental news, the former ECB President Trichet has said that a hypothetical financial transaction tax would have to be global. 09:45 GMT: EU's Rehn has said he will present initiatives to the strengthen the EU firewall, mentions that is important that the the Euro area agrees on an ESM boost to benefit IMF. Meanwhile, Italian 4 and 10 year bond spreads continue to narrow in a sign of optimism as the Euro surges. 08:55 GMT: The Bank of Spain has said the Spanish economy likely contracted again in Q1 2012. The Spanish FinMin cited a need to increase market liquiduty. Meanwhile, EU Juncker has said the current growth policies in the Euro area are insufficient, adding thatthere is a need to restore confidence and boost growth and jobs. 07:45 GMT: The Portuguese press is reporting that the country wants to cut spending by additional 10% in 2013 to 2015. 06:00 GMT: EURUSD: Looking to see if volatility will pick up during the European session today after yesterday’s jump during the US session after the Fed chair Bernanke’s remarks reiterating low rates. The Asian session was quiet with next to no data release and only BOE Dale giving some encouragement saying that QE seems to have mitigated the effects of the financial crisis. On the European inflation side, German import prices rose by an expected 1.0% in February. _________________________________________________________ Market Vibrations provides hourly updates from the European session.