The euro moved higher vis-Ã -vis the U.S. dollar today as the single currency tested offers around the US$ 1.4605 level and was supported around the $1.4495 level. Technically, todayâ€™s intraday high was right around the 38.2% retracement of the move from $1.4015 to $1.4965. German finance minister Steinbrueck said European Central Bank President Trichet did not signal a change of paradigm in policy and added an interest rate cut is not necessary. Steinbrueck predicted no recession for the eurozone economy but said there will be a flattening of growth. Data released in Germany today saw the February ZEW economic expectations index improve to -39.5 from -41.6 in January while the current economic index fell to 33.7 from 56.6. Slovenian finance minister Bajuk hawkishly said EMU-15 inflation is a very serious problem. In U.S. news, traders await testimony from Federal Reserve Chairman Bernanke and Treasury Secretary Paulson on Thursday to see if the yield any additional clues about monetary and fiscal stimuli. Euro bids are cited around the US$ 1.4380 level.
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