The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3495 level and was capped around the $1.3545 level. The common currency came off on fresh fireworks regarding Greece's acute fiscal situation. German Chancellor Merkel said policymakers must not create illusions this week regarding a possible agreement regarding financial assistance for Greece. Greek Prime Minister Papandreou and European Commission President Barroso said this week's summit of European Union leaders on 25-26 March should provide details about what type of assistance may be available to Greece. Many dealers believe the International Monetary Fund will end up providing financial assistance to Greece if required while others believe Greece will have to obtain additional assistance from elsewhere. Ecofin head Juncker said Greece will not be abandoned if aid is needed. Germany's Bundesbank reported financial deficits is not part of the IMF's mandate with one Bundesbank official suggesting Greece should just consider itself insolvent. European Central Bank member Weber warned Germany will need to rely on domestic demand more for economic growth, warning recent export performance is not sustainable. Data to be released in the eurozone tomorrow include EMU-16 March industrial confidence followed by PMI data later this week. In U.S. news, data released in the U.S. today saw the February Chicago Fed National Activity Index decline to -0.64 from the downwardly revised prior reading of -0.04. Traders and economists alike are still discussing the Obama administration's success in passing some initial health care reform overnight through the U.S. Congress. Two major questions concern how this will impact the U.S. politically - particularly in November's mid-term elections - and what impact a health care deal will have on U.S. debt levels, credit ratings, and market sentiment. There is renewed talk the U.S. may lose its 'AAA' credit rating on account of concerns the sustainability of the U.S.'s massive debt. The U.S. Treasury has sold some US$ 2.59 trillion in debt since the beginning of 2009 and the U.S. budget deficit now exceeds 10% of U.S. gross domestic product. In recent weeks, some U.S. corporate debt has become more highly-valued than U.S. Treasuries. About 7% of U.S. tax revenue this year will be spent on servicing the U.S.'s massive debt load. St. Louis Fed President Bullard today said the U.S. is about to turn the corner in the U.S. labour market with some good months of jobs data coming up very, very soon. Bullard speculated March will provide a good tally of non-farm payrolls data and said he expects a reasonable economic recovery. Fed Chairman Bernanke on Friday said the U.S. needs a mechanism where financial firms can be unwound without having to resort to taxpayer money. Euro bids are cited around the US$ 1.3335 level.