which fell apart amid the worst financial crisis since the Great Depression.

The International Monetary Fund will receive an addition $500 billion in rescue funds to take the total tally to $750 billion, that will be aimed to helping emerging economies around the world to withstand the current difficult conditions, while the G20 also agreed to provide another $250 billion in “Special Drawing Rights.” This means that countries seeking the help of the IMF will not be subject to economic policy restrictions in order to get aid.

The G20 also stressed that trade protectionism should indeed be avoided in order to promote a global recovery; especially since everyone knows that trade protectionism indeed led to further complications back in the 1930s and indeed caused the depression to intensify.

Political leaders all hailed the results of the G20 meeting, as it seems all agree on one simple fact, no country alone will be able to withstand the worst financial crisis since early 1930s, which indeed led major economies around the world to tumble into the depth of recession.

Meanwhile investors’ confidence surged to the sky, as investors were indeed encouraged by the results of the G20 meeting and led markets to enjoy yet another bullish wave that spread all around the globe, as the U.S. stocks managed to extend their rally yesterday only for Asian stocks to follow the lead and seemingly European stocks are on course to open higher in today’s session.

Currencies gained yesterday against the U.S. dollar and the Japanese Yen, as rising confidence in global financial markets led investors to drop their shields and drop their risk aversion attitudes, as the Euro rose against the dollar to the $1.34 levels, while the Pound also managed to rise to the $1.47 levels before it dropped back towards the $1.46 levels. The U.S. dollar managed to rise against the Japanese Yen, as the pair rose to the highest level since November 2008 setting a high so far at 100.18.

As for today’s calendar, Switzerland will release the consumer price index for the month of March, inflation is expected to have been flat over the month following the prior rise of 0.2 percent, while compared with a year earlier prices are expected to have dropped by 0.1 percent following the prior reported rise of 0.2 percent.

Meanwhile Germany and the euro zone will release the services PMI for the month of March, the index is expected to remain unchanged at 41.7 inline with the prior estimate, while the euro zone services PMI is also expected to remain unchanged at 40.1, and the euro zone PMI composite index is expected to remain steady at 37.6.

The euro zone is still undergoing a deep recession, as the area’s major economies are still feeling the heat from the worst financial crisis since the Great Depression, as domestic spending dropped, while global demand declined deeply and accordingly economic activity deteriorated deeply in the euro zone region.

The European Central Bank decided yesterday to cut its benchmark interest rates by 25 basis points to 1.25 percent, opposing markets expectations of a more aggressive cut of 50 basis points, the ECB are still very reluctant in taking an aggressive stance against a crisis of such magnitude, as they also signaled that the ECB will leave it till next month to decide over any unorthodox measures that will be applied.

The ECB is falling behind other central banks around the globe including the Federal Reserve Bank, the Bank of England and the Bank of Japan, as so far all three have been taking a very strong stance against the crisis, whether it was through the use of monetary policies or through government’s fiscal policies.

Moving on to the U.K. economy which is also suffering the aftermath of the credit crunch which came alongside the already weakening economy after a long decade of booming and prosperity.

The HBOC house price index for the month of March are expected to have dropped by 1.8 percent following the prior reported drop of 2.3%, while house prices are expected to have dropped by an annualized 17.4% in the three months ending March following the prior drop of 17.7%.

Also the U.K. will release the services PMI for the month of March, the index is expected to slightly rise to 43.5 from the prior estimate of 43.2, the services sector represents ¾ of total economic activity in the United Kingdom, and a rebound could prove to be vital for markets today, though contraction still persists yet signs of easing contraction could lead to another wave of optimism over the economic outlook.

Moving across the Ocean to the United States, as the infamous jobs report will be released today, U.S. employers are expected to have shed 660,000 jobs in March following the prior estimate of 651,000 employees that were fired back in February, meanwhile the unemployment rate is expected to rise from a 25-year high of 8.1 percent to 8.5 percent.

The U.S. labor market continues to deteriorate further as the recession continue to prevail over economic activity, in addition to tightened credit conditions, and falling home values; economic activity should remain subdued for a while before economic conditions start to get better.

Average hourly earnings are expected to have risen by 0.2 percent in March inline with the prior reported rise of 0.2%, while average hourly earnings are expected to rise by an annualized 3.5% down from the prior rise of 3.6 percent, meanwhile average weekly hours are expected to remain unchanged at 33.3.

Finally, the Institute for Supply Management will release its non manufacturing index for the month of March, the index is expected to rise to 42.0 from the prior estimate of 41.6, activity is indeed getting better according to economic estimates, however that doesn’t mean that we are there yet, but rather on the way to recovery and economic prosperity…