- On the schedule today is the release of the University of Michigan Confidence, which is expected to rise to 93.5 from the prior reading of 93.3. In FED-Speak Bernanke is scheduled to deliver a speech well after the close. - Ahead of the open in the US the FED's Poole commented on energy, noting that low inflation is possible despite oil prices. Poole continued saying that recent oil prices have been driven by demand, not supply, and finished the topic saying that supply shocks not need create a recession. In additional comments Poole said that he does not see a recession coming, but noted that "there could be a recession" . by TradeTheNews Staff - German retail sales for the month of January were sharply lower than expectations, falling to -5.1% m/m, their lowest level since April of 1999. Retail sales slumped as consumers reduced spending after the German government implemented their VAT hike. Despite the sharply lower retail sales figures, the German HDE Retail Association reiterated its 2007 nominal retail sales forecast of +0.5 to +1.0%, and its real retail sales forecast of -1.0%. - Spain's registered unemployment fell by 7.2K during February as an accelerated rate of economic growth prompted companies to higher more employees in order to meet demand. - In the Euro-Zone, January producer prices fell below estimates; the y/y measure fell to its lowest level since July of 2004, weighed down by lower energy prices, which dropped 1.0% from December. - The IMF's Rato made some comments overnight in addition to those made earlier in the week. Rato said that he does not see any inflationary pressures in Europe at the moment. Furthermore Rato said that European growth spreading into consumption, noting, that in his view, Europe has a restrictive monetary policy.