By Research Team, 10:50 GMT: UKCBI reported sales are out above expectations, a development whichmay ease inflation concerns as speculation of increasedquantitative easing by the Bank of England heats up. In continentalnews, the former ECB President Trichet has said that a hypotheticalfinancial transaction tax would have to be global. 09:45 GMT:EU's Rehn has saidhe will present initiatives to the strengthen the EU firewall,mentions that is important that the the Euro area agrees on an ESMboost to benefit IMF. Meanwhile, Italian 4 and 10 year bond spreadscontinue to narrow in a sign of optimism as the Euro surges. 08:55 GMT: The Bankof Spain has saidthe Spanish economy likely contracted again in Q1 2012. The SpanishFinMin cited a need to increase market liquiduty. Meanwhile, EU Juncker hassaid the current growth policies in the Euro area are insufficient,adding thatthere is a need to restore confidence and boost growthand jobs. 07:45 GMT: ThePortuguese press is reporting that the country wants to cutspending by additional 10% in 2013 to 2015. 06:00 GMT:EURUSD: Looking to see if volatility will pick up during theEuropean session today after yesterday’s jump during the USsession after the Fed chair Bernanke’s remarks reiteratinglow rates. The Asian session was quiet with next to no data releaseand only BOE Dale giving some encouragement saying that QE seems tohave mitigated the effects of the financial crisis. On the European inflation side, German importprices rose by an expected 1.0% in February. _________________________________________________________ Market Vibrationsprovides hourly updates from the European session.
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