04:30 Japan Industrial Production (MoM) (Finally) January +4.0% +4.0% +3.8%

04:30 Japan Industrial Production (YoY) (Finally) January +10.6% +10.6% +10.3%

The yen headed for its biggest five-day gain versus the dollar in seven weeks as investors sought haven assets amid persisting tension ahead of a referendum that may lead to Crimea’s secession from Ukraine. The U.S. and Germany stepped up pressure on Russia to back down from plans to annex Crimea.

Goldman Sachs Group Inc. said another round of easing will drive the yen to a six-year low by mid-2014.

The New York-based bank trimmed its 12-month forecast for the Australian dollar, citing a weak domestic outlook. Goldman Sachs cut its 12-month forecast for the Aussie to 80 cents from 85, and the six-month estimate to 82 from 88.

The euro held a decline versus its U.S. counterpart from yesterday, when ECB President Mario Draghi said his forward guidance may help to weaken the euro and lower real interest rates. The bank’s forward guidance states that policy makers will keep official interest rates at present or lower levels for an extended period of time. While the exchange rate isn’t a policy target for the ECB, Draghi said in Vienna yesterday that the currency’s level is becoming “increasingly relevant in our assessment of price stability.”

EUR / USD: during the Asian session, the pair traded in the range of $ 1.3855-75

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6610-25

USD / JPY: on Asian session the pair fell to Y101.60

The European releases get underway from 0700GMT, when the German final February HICP data is set to cross the wire. At 0730GMT, the Bank of France releases the February retail survey. The last European data release for the week is expected at 1000GMT, when the EMU fourth quarter employment data

crosses the wire. UK data set for release at 0930GMT includes the January trade data and the January construction output numbers. Across the Atlantic, the calendar kicks off with the publication of the February PPI at 1230GMT.  At 1355GMT, the University of Michigan preliminary Consumer Sentiment data will

cross the wires.  Well after the markets close, at 0145GMT, Federal Reserve vice chair nominee Stanley Fischer will deliver a speech to the SIEPR conference in Stanford, California.