The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3490 level and was supported around the $1.3340 level. The common currency rocketed higher on news that the European Union may be more supportive of a financial aid package for Greece than previously believed by the markets. Fitch downgraded Greece's credit rating to the lowest investment grade possible but European officials announced plans to support Greece if needed, pushing the yield on 10-year Greek debt down by 29 bps from yesterday's eleven-year highs. The financial package is said to include an arrangement between the International Monetary Fund, the eurozone, and other European Union institutions whereby Greece would have to apply to both the EU and the IMF jointly to avail of as much as €20 billion in funding. The European Union's credits to Greece would incorporate bilateral loans at a rate higher than the IMF's credit facility but would be more attractive than prevailing rates in the market. European Central Bank President Trichet called on governments to reduce spending soon and added Europe's economic recovery may be a bumpy road. Data released in Germany today saw the February trade balance print at €12.6 billion while the February current account printed at €9.1 billion. In U.S. news, February wholesale inventories printed at +0.6%, up from the upwardly revised prior reading of +0.1%. Federal Reserve Chairman Bernanke last night reported policymakers must respond forcefully, creatively, and decisively to severe financial crises. Euro bids are cited around the US$ 1.3175 level.