The European session was characterized for broad dollar strength after the eurozone reported disappointing employment figures as EU leaders meet yet once again. However, USD reversed gains at the beginning of the NY session, as investors cheered-up the fifth consecutive dip in US initial jobless claims.

Main Headlines in Europe (in chronological order):

Switzerland SNB Interest Rate Decision flat at 0%

Spain: Retail Sales (YoY) (Jan): -10.2% vs 11.4% (Dec)

Xi Jinping officially declared president of China

SNB keeps minimum exchange rate unchanged in March

Forex Flash: What does the EUR/USD have to offer? – UBS and Commerzbank

ECB Monthly Report: Economic activity in the Eurozone to recover in mid-2013

Greece Unemployment Rate (QoQ) rises to 26%

Eurozone: Employment down by 0.3% in Q4

Spain 30-y yield decreases to 5.43% vs 5.696% at Bond Auction

Fundamental Morning Wrap: Aussie Employment upside downunder

European leaders loosen noose on embattled EU peripheral countries

Troika suspends talks on Greek bailout until April

European markets higher as EU leaders meet

Euro: door is wide open for further decline

US: PPI rises to 0.7% as expected in February

US: Initial jobless claims drop against consensus, to 332K in Mar-10 week

US: Current Account deficit at $110.4B in Q4, Q3 data revised higher to $112.4B

American equity markets rise after upbeat jobless claims

Commodities Brief – Precious metals pare losses after US PPI, crude moves towards 93.00 barrier