The euro depreciated vis-Ã -vis the U.S. dollar today as the single currency tested bids around the US$ 1.2555 level and was capped around the $1.2725 level. European Central Bank President Trichet spoke at the Bank for International Settlements meeting today and said the global economy is €œapproaching€ a point where it will be improving because some positive aspects have not been priced in by the markets including corporate bond issuance activity and the €œ€¦very, very strong commitment of authorities...not to let any systemic institutions go under. Trichet also cited lower commodities prices and fiscal stimuli as positives. Notably, he added central bankers will not depart from current growth forecasts that see economic growth at or below 0% this year. Data released in the U.S. today the February employment trends index decline 3.2% to 91.0, the latest indication that the U.S. employment trend is substantially weakening. These data follow Friday€™s significant February non-farm payrolls decline of 651,000 and increase in the unemployment rate to 8.1%. The big debate in the markets remains the possibility that some U.S. financial institutions may become nationalized. In eurozone news, Bank of France reported its sees Q1 2009 GDP growth of -0.6% q/q. Euro bids are cited around the US$ 1.2385 level.
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