Session Recap: USD consolidates as cautious mood persists

The dollar trades firmer overall, although major crosses remain confined to recent ranges as markets begin the week on a cautious mood, with stocks falling around the world. The euro remains virtually unchanged around 1.3000 while Italy's political uncertainty persists. GBP/USD managed to hold above the 1.5000 support despite weak UK construction PMI. Other majors are also steady around opening levels, with the main exception of the Aussie which fell to an 8-month low before recovering somewhat. Eurozone finance minister meet today to discuss a financial aid package for Cyprus and maturity extensions for Ireland and Portugal.

Main Headlines in Europe (in chronological order):

Spain: Unemployment rises by 59.4K in February

UK: PMI Construction contracts further in February

Eurozone: Sentix Investor Confidence deteriorates considerably in March

Eurozone: Annual PPI increases 1.9%, as expected

Cyprus, Italy the hot topics on the Eurogroup meeting agenda

European leaders reiterate pledge to austerity following Italian vote

European markets down on China's property market measures

Yen aims for parity

Fed’s Yellen: Unemployment reflects economy operating far of potential

Irish Finance Minister- seeking loan extension to average of 15 years

Spanish FinMin: No plan to deepen labor reform now

Commodities Brief – Precious metals consolidate gains ahead as US equities near 2007 highs

American equity markets start off week in the red