The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3370 level and was supported around the $1.3285 level. The common currency clawed back some of yesterday's sizable losses with late Australasian activity lifting the pair from intraday lows. People's Bank of China Vice Governor Zhu warned I don't think Greece will go bankrupt because it's still relatively small, but we don't see decisive action that tells the market, 'We can solve it, we can close it. Zhu added Spain and Italy are the main concern today. European Union officials are convening today at a summit to try and shore up support for financial assistance for Greece. Data released in the eurozone today saw the German GfK consumer confidence survey remain flat at 3.2 for April while the EMU-16 M3 money supply was off 0.4%, more-than-expected. German Chancellor Merkel reported she will recommend a combination of International Monetary Fund assistance and bilateral aid as a last resort for Greece. European Central Bank member Wellink said Portugal needs to do additional things to be credible while Ecofin Chairman Juncker said the markets will come to see Greece's budget plans as credible. Bank of England Monetary Policy Committee member Posen said the inflation rate in the eurozone will keep going down. ECB President Trichet reported the central bank will maintain its emergency collateral rules beyond the end of 2010. Trichet reported Greece's efforts to restore fiscal soundness are convincing and courageous. The ECB's move to maintain an easy and flexible collateral eligibility into 2011 give the central bank room to accept the debt of fiscally-troubled eurozone states as collateral. ECB's Nowotny reported the euro will remain an important international currency. In U.S. news, data released today saw weekly initial jobless claims decline to 442,000 from a revised 456,000 while continuing jobless claims fell to 4.648 million from a revised 4.702 million. Data to be released in the U.S. tomorrow include Q4 GDP and final March University of Michigan consumer sentiment. Fed Chairman Bernanke testified today and said the economy continues to require the support of accommodative monetary policies...However, we have been working to ensure that we have the tools to reverse, at the appropriate time, the currently very high degree of monetary stimulus...As the expansion matures, the Federal Reserve will need to begin to tighten monetary conditions to prevent the development of inflationary pressures. We have full confidence that, when the time comes, we will be ready to do so. The Fed will end one of its emergency mortgaged-backed securities purchase programs at the end of this month and Bernanke said the Fed does not anticipate the Fed to sell the US$ 1.43 trillion in housing debt it picked up in the near term, noting the Fed will likely wait at least until after policy tightening has gotten under way and the economy is clearly in a sustainable recovery. The initial jobless claims data may be pointing to an improving labour sector and many economists expect the March non-farm payrolls report will evidence decent jobs growth for the first time in several months. Euro bids are cited around the US$ 1.3335 level.