The better than expected German IFO survey data and higher Euro-zone Money Supply data from the European Central Bank ( ECB ) pushed the Euro better against the US Dollar early this morning. The US currency has not been able to recover from this and has additionally lost ground against the Swiss Franc and Japanese Yen. The whispers and rumours are all around a statement after The Federal Reserve FOMC interest rate hike this evening indicating that this may be all that the market can expect for the time being. Forex markets shrugged off the release of the Conference Board's Consumer Confidence Index rising to 107.2 from an upwardly revised 102.7 in February, despite a background of higher energy prices. Forex traders had expected a reading of 101.8. Firming oil prices this afternoon; crude oil is up over a dollar on brisk trading on perceived supply problems from Nigeria,has failed to tickle the US Dollar bull buds.

Currency traders negative stance towrds the US Dollar has seen a paring of long US Dollar positions. The Euro has stayed above 1.2050 since the data release this morning and is trading out in Europe around the 1.2070 level. Interest rate rise talk at the end of May will continue to underpin the currency , at least until this evening. The Swiss Franc is trading out at 1.3000, the Japanese Yen at 117.10, and the British Pound at 1.7500. The Canadian Dollar is holding its own after a volatile 75 pip range, between 1.1645 and 1.1720, to close out in European trading around