The euro showed mixed trading against the other major currencies in the European session on Wednesday, following the release of Germany's business confidence data in March.

Data from Ifo institute showed that German business morale improved for the fifth straight month in March. The Ifo Business Climate index climbed to 107.9 in March from 106.8 in February. It was forecast to rise to 107.3.

The current conditions index improved to 112, in line with expectations, from 111.3 in the prior month.

At the same time, the expectations index rose to 103.9 from 102.5 in February and stayed above the expected score of 103.

With regard to Greece, Athens needs to come up with a list of its own reforms by early next week to get fresh aid from its creditors and avoid a messy default. Government spokesman Gabriel Sakellaridis told Mega TV yesterday that the detailed reform proposals would be delivered by Monday at the latest. Greece will run out of money by April 20 without any release of funds.

Meanwhile, the European stock markets were also mixed.

In the European trading today, the euro advanced to more than a 4-week high of 0.7376 against the pound, from an early low of 0.7342 and held steady thereafter. The euro fell to 1.4320 against the NZ dollar, from an early 5-day high of 1.4364. This may be compared to an early 2-day low of 1.4238. If the euro extends its downtrend, it is likely to find support around the 1.40 area.

Moving away from early lows of 1.0459 against the Swiss franc and 130.57 against the yen, the euro edged up to 1.0508 and 131.23, respectively and held steady thereafter.

Against the U.S., the Australia and the Canadian dollars, the euro edged up to 1.0966, 1.3929 and 1.3701 from early lows of 1.0899, 1.3846 and 1.3634, respectively. Thereafter, the euro held steady against the greenback, the aussie and the loonie.

Looking ahead, European Central Bank policymaker Peter Praet is expected to take part in panel discussion on "Global Economic Recovery - a Tale of Many Parts" at the International Financial Services Forum in London at 6:25 am ET. After 5 minutes, U.S. Federal Reserve Bank of Chicago President Charles Evans will deliver a speech titled "Monetary Policy and the Economy" at the Official Monetary and Financial Institutions Forum, in London.

In the New York session, U.S. durable goods orders for February and crude oil inventories report for the week ended March 20 are slated for release.

At 2:30 pm ET, U.S. Treasury Secretary Jack Lew will testify before the Senate Banking Committee in Washington.

After an hour, the Bank of Canada Deputy Governor Timothy Lane gives presentation as part of the bank's regional outreach program in Kelowna.

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