The trading week began with the Euro making bold moves against the Dollar and the Yen as the Euro Zone leadership extended more help to Eastern European counterparts in the hope that they can halt any further escalation of the current financial crisis. EUR/USD opened the week higher by almost 40 pips near 1.3625 and eventually drove higher to just over 1.3680 before exiting the session close to 1.3660. The Euro is up almost 7.5% against the Dollar for March. Against the Yen, the moves were much more dramatic as the EUR/JPY pair blasted to a 5 month high just 4 pips under the 132.00 level, after beginning the session near a 130.18 low. Many traders looked to tomorrow's speech by Treasury Secretary Geithner to lay out the plans of the Treasury's toxic asset plan as being a ray of optimism for the markets. This optimism has pushed risk aversion to the back burner, thus hurting the Dollar and the Yen in the big picture. The expectations led to positive gains in the Asian equity markets as well, and as of this writing, US Futures were all higher going into London. As mentioned, the Yen suffered not only at the hands of the Euro, but against the Dollar, as USD/JPY opened lower and hit a 95.42 low before making its way to over 96.50. As the yen and dollar suffer, some commodity currencies are doing fine, including the AUD/USD, NZD/USD, and USD/NOK, the currency of Norway, a country known for oil exporting. Anyhow, this week should be a full of fireworks, and they should begin tomorrow as the US Treasury lays out its plans......

Upcoming Economic Data Releases (London Session):

3/23/20098:00SZ Money Supply M3 YoY FEB 2.80%-1.50%
3/23/20098:30AU Treasurer Wayne Swan address 23-Mar
3/23/200910:00EC Euro-Zone Trade Balance JAN -0.7B -9.0B
3/23/200910:00EC Construction Output SA MoM JAN -2.20%- -
3/23/200910:00EC Euro-Zone Trade Balance sa JAN -0.3B -1.9B
3/23/200910:00EC Construction Output WDA YoY JAN -10.10%- -