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US: MBA Mortgage Applications contract -3.8% in Feb-22 week

In the week ending at February 22, mortgage applications dropped -3.8% in the US, according to MBA. Data had fallen -1.7% in the prior week.

Forex Flash: USD to weaken on today, helping EUR/USD to consolidate - Commerzbank

After last FOMC minutes making investors think the Fed is “hawk in a dove plumage”, Bernanke's speech yesterday “has caused market participants to rethink this view” and Fed's Chairman will speak again today in front of the House of Representatives’ committee. “Just like yesterday he will show his commitment to QE3 and underline that the Fed will support QE3 for as long as necessary and that at present the benefits of QE3 outweigh the risks – even though he discussed the risks in detail”, wrote analyst Antje Praefcke. “The statement in the minutes that “many” FOMC members showed concern about the side effects and risks of QE3 was omitted by Bernanke yesterday”, Praefcke continued, explaining that there was no indication yesterday of a possible end or changes to the scale of QE3 and he will avoid that again today.
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Forex: EUR/NOK retracing from highs, around 7.4700

The Norwegian krone is gathering pace again on Wednesday, dragging the pair from highs in the boundaries of 7.4800 after the Labour Force in the Scandinavian economy ticked a tad higher to 3.6%...
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