Foreign Currency Exchange

An extra €15bn of liquidity has been pumped into the Eurozone money markets by the European Central Bank as it resumes emergency steps aimed at easing financial market tensions.
The Eurozone industrial output rose much more than expected in January, showing growth in the currency area despite global financial problems.

Production in the 15 countries using the euro increased 0.9 percent month-on-month for an annual gain of 3.8 percent
The European Commission has cut its 2008 growth forecast for the euro zone to 1.8 percent from 2.2 percent as a result of the global credit crunch, slower growth in the United States, high oil prices and a strong euro.

With euro zone inflation stuck at a record high of 3.2 percent year-on-year in February, the ECB has signaled it is not yet ready to cut rates.

Wednesday has been a busy day for euro figures with the release of the German IFO report.
The IFO report is a business climate survey conducted monthly, querying German firms on the current and future business climate (next 6 months). It is conducted by the institute for economic research.
It is one of the key business sentiment surveys.