Germany's Munich-based Ifo Institute for Economic Research is scheduled to release German business confidence survey at 5.00am ET. The business confidence index is forecast to drop to a historical low of 82.2 in March from 82.6 in February.

Ahead of the release, the euro gained slightly against its major counterparts. At about 4:55 am ET, the euro traded at 1.3446 against the dollar, 0.9192 against the pound, 131.32 against the yen and 1.5219 against the franc.

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