Session Recap: USD loses some strength

Riskier currencies are recovering some ground against the Greenback following an initial period of consolidation on lows. The GBP/USD has broken above its perfect range between 1.5010 and 1.5040 to jumps above the 1.5100 area. The AUD/USD bounced from 8-month lows at 1.0115 to test the 1.0200 frontier and the USD/CAD returned to the bottom of its range at 1.0275.

The EUR/USD is different, the pair seems pegged to 1.3000 with the pair trading in range between 1.2985 and 1.3030. Italy's political uncertainty persists and the Eurogroup has started its two days of meeting. The major themes are financial aid package for Cyprus and maturity extensions for Ireland and Portugal.

Main Headlines in America:

American equity markets start off week in the red

US: ISM New York rises to 58.8 in February

Session Recap: USD consolidates as cautious mood persists

Forex: GBP/USD closer to last week's low on US session

Fundamental Afternoon Wrap: Europe and UK in focus as global flash points dim

New election might be called if Italy’s political gridlock continues

Forex: USD/JPY backs away from highs, still rangebound

Forex: EUR/USD keeps the red around 1.3000

Euro takes a breather but pressure persists

Forex: US Dollar Index flat above 82.00

Forex: GBP/USD extends recovery to 1.5100

Forex: EUR/USD glued to 1.3000

Eurogroup calls Greece to fully implement the agreed milestones for March

Forex: AUD/USD tests 1.0200