though it’s still early to judge yet this could lead to stability in the financial markets and would mark the corner stone for any recovery to be seen.

Today’s calendar is rather light, where Switzerland will start today’s releases with the M3 money supply index for the month of February, the index is expected to drop by an annualized 1.5 percent after the prior rise of 2.8 percent.

Also the euro zone will release some data today, first the trade balance for the month of January is still expected to show the aftermath of slowing global demand as the trade deficit is expected to have widened in January to €9.0 billion from the prior deficit of €0.7 billion, meanwhile the seasonally adjusted trade deficit is expected to widen to €1.9 billion from the prior deficit of €.3 billion.

The euro zone has been hit hard with the ongoing financial crisis, as its major economies fell deep in recession amid tightening credit conditions, rising unemployment and slowing global demand, this indeed led the 16-nation economy to contract deeply and forced the European Central Bank to reduce their interest rates down to the current 1.50 percent.

The euro zone will also release their construction output index for the month of January, the index dropped by 2.2 percent back in December and the situation suggests that construction dropped further in January.

Moving on across the Atlantic to Canada, as the leading indicators index will be released today for the month of February, the index is expected to drop by 0.9 percent following the prior drop of 0.8%.

The Canadian economy was also affected deeply by the financial crisis, especially as demand from its biggest trading partner the United States dropped severely, in addition to the strong connections with the U.S. economy since both economies are interrelated and accordingly a recession in the United States meant only a disaster for the Canadian economy.

As for the U.S. economy, the existing home sales for the month of February will be released today; the index is expected to drop by 0.9% to 4.45 million units from the prior estimate of 4.49 million.

The housing market remains very weak and fragile and continues to weigh down on economic growth in the world’s largest economy, as falling home prices and rising foreclosures continued to lead the sector to the ground, meanwhile further tightening in credit conditions and rising unemployment also continue to weigh down heavily on the economy, which is undergoing its worst recession since the WWII.