The euro rose against the dollar yesterday, hitting a 5-week high amid growing risk appetite after financial ministers from the G20 meeting concluded their summit in Britain over the weekend, vowing to do "whatever is necessary" to fix the global economy, including supervision of freewheeling hedge funds and restoring bank lending by dealing with the shaky securities burdening their finances.
Meanwhile, US Federal Reserve Chairman Ben Bernanke said the US had averted the risk of plunging into a depression, telling CBS' "60 Minutes" in an interview aired Sunday that the recession there would "probably" end in 2009. His comments came ahead of a two-day meeting by the Fed that begins today. The Fed is anticipated by some to announce new methods to spur lending to get Americans spending again. Any decisions will be announced tomorrow.
In the eurozone today the ZEW Economic Sentiment Survey at 10.00 GMT will be of particular significance. In the US, Housing Starts and Producer Price data is due to be announced at 12.30 GMT.
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