The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3460 level and was capped around the $1.3655 level. The common currency was pushed lower after a European Union official was quoted as saying Greece must meet its 2010 fiscal deficit target to regain credibility with the capital markets. Greek Prime Minister Papandreou is scheduled to meet German Chancellor Merkel in Berlin this week and there is speculation a deal may be reached in which a multilateral financial aid package is reached. There is speculation that multiple eurozone members may purchase part of Greece's upcoming debt offerings to help the country reduce its budget deficit by at least 3%. Data released in the eurozone today saw EMU-16 February manufacturing PMI improve to 54.2 from 52.4, a 30-month high, while German manufacturing PMI raced higher to 57.2 from 53.7. Also, the German January import price index improved 1.7% m/m and 1.4% y/y. In U.S. news, data released today saw February ISM manufacturing decline to 56.5 from 58.4 in January while January construction spending was off 0.6%. The ISM prices paid sub-index fell back to 67.0 from the prior reading of 70.0. Also, January personal income was up a weaker-than-expected 0.1%, down from a revised 0.3% in December, while January personal spending printed at 0.5%, up from a revised 0.3% in December. Additionally, the January PCE deflator expanded 2.1% y/y while core PCE was up 0.0%, down from the prior reading of 0.1%. U.S. Federal Reserve Vice Chairman Kohn announced he will step down in June after 40 years at the central bank. His retirement paves the way for the Obama administration to appoint a Democrat at a time when it is trying to significantly reduce the Fed's independence. Euro bids are cited around the US$ 1.3335 level.