The euro moved sharply higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3515 level and was supported around the US$ 1.3220 level. Group of Twenty officials meeting in London appeared poised to announce details of plans to combat tax havens and increase funding to the International Monetary Fund. Officials noted €œWe are undertaking an unprecedented and concerted fiscal expansion, which will save or create millions of jobs which would otherwise have been destroyed, and that will, by the end of next year, amount to $5 trillion, raise output by 4%, and accelerate the transition to a green economy.€ Also, G20 leaders pledged to €œrefrain from competitive devaluations of our currencies.€ The common currency rallied today after the European Central Bank reduced its main refinancing rate target by 25bps instead of the widely expected 50bps cut. The ECB has reduced its key rate by 300bps since October 2008. ECB member Stark said next month will be the proper time for the ECB to decide on non-conventional policy measures. In U.S. news, February factory orders were up 1.8%, below expectations, from a downwardly revised 3.5% decline in January. Also, weekly initial jobless claims grew 12,000 to 669,000 last week while continuing jobless claims extended their move higher. Euro bids are cited around the US$ 1.3245 level.