The euro moved came off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3555 level and was capped around the US$ 1.3670 level. Traders dumped higher-yielding currencies like the common currency and British pound after a Wall Street Journal report indicated U.S. banks received concessions from the Federal Reserve ahead of the government€™s report on the results of the banks€™ stress tests. The report indicated the results were watered down by the Fed, raising new questions about the actual health of U.S. financial institutions. Federal Reserve Chairman Bernanke is scheduled to speak on the results later today. In eurozone data, French March industrial production was off 1.4% m/m and 16.1% y/y and Italian industrial production was off 4.6% m/m and 23.8% y/y. Economists believe the eurozone economy will probably shrink more than previously thought with some forecasts calling for a 5% contraction this year, comapred with the previous 3.4% forecast. European Central Bank President Trichet today reported economic growth is €œaround the inflection point in the cycle€ and added €œthere has been a substantial improvement in the markets since mid-September (2008). But we have to remain very alert. An exit strategy, or the path to a sustainable mode is absolutely of the essence. It's an essential part of confidence today and has been a feature of this meeting (of global central bankers).€ EMU-16 GDP data will be released on Friday. ECB member Ordonez was also cautiously optimistic, reporting €œThere are signs that the worst (of the economic slump)] was in the first quarter. I would be slightly surprised if this enormously V-shaped curve that now almost appears to be the consensus forecast...materializes.€ Euro bids are cited around the US$ 1.2765 level.