Today China's Premier Wen Jiabao sees that curbing pollution, inequality and the risk of financial instability hides the benefits of faster economic growth, where Wen announced that he will target an expansion of less than 8% in his report to the National People's Congress in Beijing on March 5. China is the hope for global growth and the weaker the pace of expansion the more worried investors are.

Today we saw the Japanese currency weaken to a seven-month low against the U.S. dollar as the highest yield premium on Treasuries when compared with Japanese debt since August damped the appeal of yen-denominated assets.

The Japanese yen fell for the fifth consecutive day, which is considered the lowest level since last April, after a report showed sales of previously owned U.S. homes rose to the highest in almost two years, bolstering expectations for growth in North America. It has weakened 3.7 percent since the Bank of Japan on Feb. 14 unexpectedly expanded its asset-purchase program.

The currency dropped 0.7%, which is the weakest level since July 11, the USD/JPY pair is currently retreating and now trading around 80.10, after recorded its highest price at 80.35 and lowest at 79.05.

Moving to the Australian dollar, it fell slightly against the U.S. dollar and the AUD/USD reached its highest level in today's trading session at 1.0652 and lowest level at 1.0595, while it currently trading around 1.0643.

Moving to the New Zealand, as the NZD/USD pair is slightly retreating against the U.S. dollar, as the pair is currently trading around the level of 0.8292, after recording the high of 0.8295 and low of 0.8261.

Heading to Europe,Germany will release February's IFO sentiment index for February which are expected with slight improvement and that is likely to support the risk appetite in the market.