China's Premier Wen Jiabao is seen signaling next month that curbing pollution, inequality and the risk of financial instability eclipse the benefits of faster economic growth, where Wen will target an expansion of less than 8 percent in his report to the National People's Congress in Beijing on March 5, which will affect the whole region and the major currencies.

Also, today The Japanese currency weakened to a seven-month low against the U.S. dollar as the highest yield premium on Treasuries when compared with Japanese debt since August damped the appeal of yen-denominated assets.

The Japanese yen fell for the fifth consecutive day, which is considered the lowest level since last April, after a report showed sales of previously owned U.S. homes rose to the highest in almost two years, bolstering expectations for growth in North America. It has weakened 3.7 percent since the Bank of Japan on Feb. 14 unexpectedly expanded its asset-purchase program.

As, the Japanese currency dropped 0.7%, which is the weakest level since July 11, and the USD/JPY pair is currently retreating and now trading around 80.10, after recorded its highest price at 80.35 and lowest at 79.05.

Moving to the Australian dollar, where the Australian dollar recorded a slight retreat against the U.S. dollar and the AUD / USD pair reached its highest level in today's trading session at 1.0652 and reached its lowest level at 1.0595, while it currently trading around 1.0643.

Moving to the New Zealand, as the NZD/USD pair is slightly retreating against the U.S. dollar, as the pair is currently trading around the level of 0.8292 $, after reached its highest price at 0.8295 $ and lowest at 0.8261 $.

Heading for Europe, where today the Bank of England released it's February's minutes of the Monetary Policy Committee meeting held on 8&9 February 2012, as the MPC voted unanimously to leave rates steady at 0.5%; however, policy makers split on the asset purchases program.

On the other hand, today Germany will release February's IFO-Business Climate estimates along with the release of the IFO-Current assessment, which both have a strong relevance to the economy, yet both are expected to record a minor advance, also the IFO-Expectations will be released as well.