The Euro-Zone economy may take a back seat in today's trading with the flurry of economic news releases coming from Britain, the United States, and New Zealand. The EUR has traded down against most of its counterparts following the USD's surge in yesterday's trading. The EUR/USD pair currently sits near the 1.4070 price level and a consolidation has begun to shape which could return strength to the 16-nation currency if today's releases return a level of risk appetite.

Yesterday's release of the German Ifo Business Climate report, which showed better than expected results, surprisingly lowered the value of the EUR as true market sentiment may still be lagging. Britain's declining GDP figures may have countered a measure of market optimism, but today's CBI Realized Sales report could bring risk appetite back if results meet or exceed expectations.

Most investors will be paying close attention to the reports coming out of the United States surrounding the US housing market and short-term interest rates. The Federal Open Market Committee's (FOMC) rate statement at 19:15 GMT will likely bring with it the most volatility to today's market. If Fed Chairman Ben Bernanke can put forth more realistic expectations about future rate hikes, we may see the USD surge in short-term trading, pushing the EUR into a strongly bearish direction.