The German IFO data, which attract much attention from the markets as they reflect the general condition of the country’s economy, will be published on Friday at 8:00 GMT. The market consensus points to a slight decrease from 109.8 points in March to 109.5 points in April.

According to the analyst team of Wells Fargo “stabilization that has occurred in the IFO index in recent months should finally reflect stronger growth of IP,” as the German IFO index is closely related to growth in production industry.

Greece will hold national elections on May 6, according to government sources.

Lucas Papademos Prime Minister will meet today at 14:00 GMT with the Greek President, Karolos Papoulias on to discuss the elections. Papademos then head to the public for live television around 17:00 GMT.

In February nonfarm payrolls in the U.S. showed another increase in the number of decent contracts and most of the analysts interviewed for the special report of estimates expect a solid rise in March. However, their predictions range found in the range of 150000-250000.

NFP forecast

Experts recognize the positive trend in the labor market in the U.S., with three consecutive months of strong gains, but emphasize that it is still “far from being healthy,” as considered by Talal Abdullah and Alberto Muñoz “there are some threats the short-term military conflict in Iran could produce a sharp spike in oil prices, which would be very negative for the current trend of job creation. ”

Generally expected that the unemployment rate remains at the same level, although Yohay Elam think you can jump back to 8.4% or 8.5% due to the fact that “the recent improvement in attracting more people previously discouraged to seek work again, rising participation rate but also the rate of unemployment. ”

Valeria Bednarik remembers the recent comments by Fed Chairman Ben Bernanke about the negative influence of slow employment growth in the U.S. economy, making it believe that “reading between 170 and 210 thousand or more, would tip the balance against applying more facilities and so the dollar should go to their main rivals. ”

Read below the comments of analysts taxpayers whole.

The International Swaps and Derivatives (ISDA for its acronym in English) finally declared on Friday that collective action clauses in Greece have caused a “credit event”, which means that investors who bought Credit Default Swaps (CDS) as insurance against a default of Greece, will receive their pay.

ISDA Joins Standard & Poor’s and Fitch said Greece’s debt swap is a credit event. S & P said last week that Greece was in ‘selective default’, while Fitch made ??a similar announcement earlier on Friday.

Payment is immediate and the exact amount of money to pay for the CDS will be determined by an auction procedure is expected to take place March 19. The decision was unanimous.

The market has not shown much response as this result was widely anticipated. The Euro is maintained with a loss of 1.2% on the day versus the dollar at 1.3110 area.

Risk appetite remained strong during most of the Asian session until it released the long-awaited results of the bond swap. Reuters reported that Greece announced that 85.8% of creditors (172 billion euros offered in the exchange) had accepted the offer.

The EUR / USD fell to 1.3224 from 1.3270 as traders felt slightly disappointed because of the large amount of positive news yesterday. However, the reaction to these results outside the single currency was fairly quiet. The AUD / USD fell from 1.0650 slightly to 1.0625 while the USD / JPY was trading at 81.50 down from 81.80 reaching. In a session with low turnover, the Asian regional indices behaved more strongly with the Nikkei up 1.65%, 0.92% Hang Seng and Shanghai Composite 0.59%. Now the question is whether everyone will be activated Greece CAC clauses. In the case of Greece check the CAC is expected that the participation rate to rise to 95.7%. From our perspective, even when 85% is a very solid figure still falls short of what is required and the Troika has also remained in this line so that at this point we suspect that the CAC will be activated. This is a great step forward and could clear the way for the Troika release the 130 billion already committed. The IMF announced yesterday that they would have a meeting on March 15 to decide their level of contribution in the second Greek rescue. Referring to a potential “credit event” has been submitted and accepted a question by the ISDA. It is thought that the ISDA will meet at 13.00gmt to determine whether there has been a “credit event” – and potentially trigger a CDS (Credit Default Swap). So far, reaction to the news in the markets took in stride and has not seen any journey to safe assets. With Greek restructuring going on track, the uneasiness of investors has come to Portugal.

From China we have received bad data of industrial production stood at 11.4% compared to 12.3 expected and 13.9% earlier, while sales to retailers in February was 14.7% compared to 17.6 expected, the previous data was of 17.1%. The February CPI in China was also weaker than expected reaching 3.2% year on January stood at 4.5% yoy. This decrease can be attributed to the biggest drop in food prices after the Chinese New Year. In yesterday’s meeting of the ECB, the president did not mention the issue of rate cut but said that inflationary pressures. This indicates to us and the markets that rates will remain at 1.00% throughout the year. The median forecast of inflation for 2012 was increased to 2.4% yoy from 2.0% previously, higher than the average target of central banks is 2.0%. The growth forecast for 2012 was revised down to stand at -0.1% +0.3% yoy from the previous year.

Apart from the fierce debates about the coming events in the saga of the Greek private creditors, today is Friday nonfarm payrolls data. The markets expect a rise of 225 thousand compared to earlier were 243 000. As for private payrolls, markets expect a strong increase of 240 thousand compared to previous 257 000. The U.S. labor market continues to improve, showing a significant improvement in the claims data. It is also thought that the winter so mild in most of the country has helped to improve recruitment in the construction sector.

The pact between Greece and its creditors must wait. Following rumors that would close yesterday, today has been known that the agreement could be announced definitively that the Eurogroup meeting on Monday maintained. The markets have reacted downwards on the news, but recovered ground after the Spanish debt auction, which has managed to place 4560 million euros.

The expected closing agreement was signed in Greece in the day yesterday. Today has learned that negotiations are nearing completion, but could still take several days to materialize. Government sources say the plan is to present the agreement during the meeting of the Eurogroup on Monday kept in Brussels. Representatives from the IFF or the International Institute of Finance have confirmed that next week will decide the percentage of debt forgiveness and interest rate of bonds resulting from the restructuring of debt.

The focus is now on the European Central Bank, one of the largest creditors of the Hellenic nation. The ECB is increasing pressure to assume the losses for this process, as it partakes of 50,000 million euros of debt, but refuses to cooperate in key negotiations.

Although markets have opened with many questions for the postponement of the agreement on Greece, the placement of 4560 million euros by the Spanish Treasury has restored some calm to the parks.

During the morning, Spain managed to sell 4560 million in bonds to 3, 4 and 5. Specifically, it has moved 2.554 million due 2015, bearing interest at 2.86%, 988 million due 2016 at an interest rate of 3.45% and EUR 1,054 million in 2017 to limit the rate of 3.56%.

Demand has returned far exceed the supply, and offered interest rates have been lower than those offered in previous auctions.

The bags of the old continent are mixed at this hour. The Eurostoxx 50 drops 0.06% and the CAC 40 is kept flat, while the German DAX up 0.13%.

The EUR / USD fell 75 pips in the last hours, slipping to 1.3120 intraday low, but after the Spanish auction has recovered slightly. The EUR / JPY has fallen 60 pips to the 99.85 area.

The U.S. dollar cut its losses against its major counterparts on Tuesday as market sentiment was hit by renewed concerns about the debt crisis in the euro zone, despite the strong data in the euro zone, the U.S. and China earlier in the day.

During the morning the U.S., the dollar fell against the euro, with EUR / USD rising 0.55% to reach 1.2736, down from a high of 1.2807.

The dollar was lower against the pound, the GBP / USD rising to 0.13% to reach 1.5346.

Elsewhere, the dollar was slightly higher against the yen, but remained lower against the Swiss franc, with USD / JPY rallied 0.07% to reach 76.84 and USD / CHF lost 0.44% to reaching 0.9499.

The dollar was weaker against its counterparts in Canada, New Zealand and Australia, with USD / CAD lost 0.24% to reach 1.0153, AUD / USD up 0.71% to reach 1.0387 and NZD / USD up 0.75% to reach 0.7992.