By Benjamin Spier 22 March 2013 09:43 GMT 
THE TAKEAWAY: IFO business climate survey falls to 106.7 in March, following a 10-month high -> Bundesbank predicts economic growth in the current quarter -> Euro trading remains focused on Cyprus
Chart created by Benjamin Spier using Marketscope 2.0 -- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Charts Created using Marketscope – Prepared by Christopher Vecchio The GBPUSD was quite volatile during the course of the budget presentation, falling immediately off the bat, from 1.5120, quickly back towards the lows at 1.5040. However, by the time Chancellor Osborne’s speech was finished, the GBPUSD had rallied sharply and recovered to as high as 1.5165. It should be worth noting that the GBPUSD only rallied after the monetary argument was set forth – the fiscal update provided little relief and prompted the sell-off back towards the daily lows. --- Written by Christopher Vecchio, Currency Analyst To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com Follow him on Twitter at @CVecchioFX To be added to Christopher’s e-mail distribution list, please fill out this form 
Chart created by Benjamin Spier using Marketscope 2.0 -- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com . 
Chart created using Market Scope – Prepared by Jason Shemtob 
Chart created using Marketscope 2.0– Prepared by Renee Mu In the minutes following the data release, the euro little changed against the US dollar. At the time of this report was written, the EURUSD was trading lower at $1.2944. --- Written by Renee Mu DailyFX Research 
Created Using Marketscope 2.0 
Chart created by Benjamin Spier using Marketscope 2.0 -- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com . 
Created by Jason Shemtob Using Marketscope 2.0 
Created by Jason Shemtob Using Marketscope 2.0 
Chart created using Marketscope 2.0– Prepared by Renee Mu In the minutes following the data release, the U.S. dollar rallied against the major currencies, with USDCAD rising 10 pips to C$1.0243. As the market gains confidence, the greenback extended advance after the report. At the time of this report was written, the USDCAD was trading higher at C$1.0250. --- Written by Renee Mu DailyFX Research 
Created by Jason Shemtob Using Marketscope 2.0 
Charts Created using Marketscope – Prepared by Christopher Vecchio The EURUSD has traded quite negatively following the release of the French PMIs at 04:00 EST/08:00 GMT (it is worth noting that the releases came out two minutes early across the board). The EURUSD touched a session high of 1.2949 ahead of the round of PMIs, with a fresh session low established at 1.2879 after the release of the broader Euro-zone figures. Price has since recovered to 1.2913, at the time this report was written. --- Written by Christopher Vecchio, Currency Analyst To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com Follow him on Twitter at @CVecchioFX To be added to Christopher’s e-mail distribution list, please fill out this form 
Created Using Marketscope 2.0 
Chart Created by Robin Leung using Marketscope 2.0 EUR/USD 1 Minute Chart 
Chart Created by Robin Leung using Marketscope 2.0 
Chart created using Marketscope 2.0– Prepared by Renee Mu As can be seen from the one-minute chart above, the US dollar climbed higher against the Japanese Yen while Bernanke was giving the speech, rallying about 20 bps to 96.10 yen. At the time of this report written, the USDJPY was trading at 96.06 yen. --- Written by Renee Mu DailyFX Research 
From project-syndicate.org 
From the standpoint of European stability, the Italian elections could not have delivered a worse outcome. Italy?s parliament is divided among three mutually incompatible political forces, with none strong enough to rule alone. Worse, one of these forces, which won 25% of the vote, is an anti-euro populist party, while another, a Euro-skeptic group led by former Prime Minister Silvio Berlusconi, received close to 30% support, giving anti-euro parties a clear majority. Despite these scary results, the interest-rate spread for Italian government bonds relative to German bunds has increased by only 40 basis ... (full story)