Euro falls as the EU lacks a clear support plan for Greece!

•  Yesterday's trading was mixed with the majors remaining in their defined trading ranges following the FOMC policy decision the previous day. The FOMC kept rates unchanged and left the ''extended period'' rhetoric in the ensuing statements. US equities were positive yesterday closing 0.45% and 0.58% for the DJIA and the SP500. Producer Prices also fell yesterday by -0.6% for February. Crude Oil inventories also increased by 1 mln barrels indicating that supply is keeping up with demand and commodity prices remain stable for now. 2 year US Treasury yields traded between 0.93% and 0.90 % for the day and USDJPY traded down to 90.07 tracking the yields. USDJPY Price action was between 90.70 - 90.07.
•  In Europe the market is still focused on the political rhetoric surrounding the Greek issue. The European commission on the one hand is ready to propose a coordinated plan for next month and on the other hand Germany's Angela Merkel saying that a member state could be forced out of the Euro zone as a last resort. The Greek Finance minister then says that ''there is a zero possibility of Greece leaving the Euro zone'' however was complaining about the high borrowing cost Greece is currently faced with and that it does not help stability concerns. EURUSD price action yesterday was between 1.3818 - 1.3665.
•  In the UK we had the MPC minutes yesterday which saw a unanimous decision by its members to keep rates unchanged and Quantitative Easing unchanged as well. They also said that the spare capacity in the economy can help keep inflation subdued allowing for lack monetary policy conditions. Unemployment fell by 32.30K for the month of February indicating a pickup in employment. GBPUSD price action was between 1.5381 - 1.5208.
•  Today's financial calendar will be a busy one with Public Sector Net borrowing and CBI orders out of the UK, CBI orders is expected to improve to -32 for the month of March. In the US we have the consumer price index report for February expected to come in at 0.1% and also initial jobless claims for the week expected to drop to 455K. Finally we have the Phili Fed manufacturing index expected to improve to 18 for the month of March.

 Currency to watch out for: EURUSD & USDJPY

• § The EURUSD pivot point is at 1.3750 with a preference to enter into short positions at 1.3740
• § The USDJPY pivot point is at 89.95 with a preference to enter long positions at 90.00

 Today's calendar and market movers:

• § UK PSNB for February expected at $14.75 bln
• § US Consumer Price Index for February expected at 0.1%
• § Initial Jobless claims for the week expected at 455K
• § Philadelphia fed manufacturing for March expected at 18

 Equity Markets:

•  US equities closed positive yesterday with the DJIA and the SP500 closing 0.45% and 0.58% respectively.  The European bourses were positive yesterday with the FTSE up 0.43% the DAX and the CAC closing positive at 0.89% and 0.48% respectively. The NIKKEI and the HSI at the time of writing is -0.95% and -0.22% respectively.