00:30 Australia Building Permits, y/y September -12.0%
The euro erased an earlier drop against the dollar as Greece’s Cabinet backed Papandreou. Papandreou will travel to Cannes, France today to brief German Chancellor Angela Merkel, French President Nicolas Sarkozy, European Central Bank President Mario Draghi and other officials on developments in Greece. Group of 20 leaders will meet in Cannes tomorrow to discuss the debt crisis.
The yen advanced against 14 of its 16 major counterparts as renewed speculation Europe’s debt crisis is worsening boosted appetite for safer assets. The yen extended a gain from yesterday versus the euro on concern Greek Prime Minister George Papandreou’s pledge to put the European Union’s financing package to a referendum risks a disorderly default if voters reject it. Japan’s currency rebounded from declines earlier this week, when the government intervened to weaken it, strengthening today as Asian stocks fell.
The dollar slid against 11 of its 16 major peers as economic reports this week may show the U.S. recovery is faltering, adding to speculation Federal Reserve policy makers will signal their willingness to embark on more asset purchases, or quantitative easing, as they conclude a two-day meeting today.
EUR/USD: on Asian session the pair grows after yesterday's falling.
GBP/USD: on Asian session the pair advanced.
USD/JPY: on Asian session the pair receded from yesterday’s high.
On Wednesday UK data at 0930GMT sees just the Markit/CIPS Construction PMI for October. European events for Wednesday start at 0700GMT with the ILO measure of German unemployment. This morning also sees the release of the final manufacturing releases, including France at 0848GMT, Germany at 0853GMT and the main EMU release at 0858GMT, all of which are expected to confirm the preliminary readings.The main German unemployment data is due in the meantime, at 0855GMT and is expected to show a -10k payroll figure with the unemployment rate at a SA rate of 6.9%. US focus is the FOMC decision at 1630GMT, but US events start at 1100GMT with the weekly MBA Mortgage Application Index. This is followed at 1130GMT with Challenger Layoffs and then at 1215GMT by the ADP National Employment Report. US data continues at 1400GMT with Q3 Housing Vacancies and then at 1430GMT with the weekly EIA Crude Oil Stocks.
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