Asian session: The euro declined
The euro declined versus the dollar and the yen, paring its first weekly advance this month.
The common currency rose this week as euro-area finance ministers prepare to meet today in Wroclaw, Poland. ECB President Jean-Claude Trichet pressed euro-area governments to take decisive action to halt the debt crisis and show “unity of purpose” at today’s gathering.
The ECB said yesterday it will lend dollars to banks in the region in a series of three-month loans. The Frankfurt-based organization said it will coordinate with the Federal Reserve and other central banks to conduct three separate dollar liquidity operations to ensure lenders have enough of the currency through the end of the year.
EUR/USD: the pair bargains fell on asian session.
GBP/USD: the pair fell to area of Sep 12-13 low on $1.5760-$ 1.5780. USD/JPY: the pair becomes stronger to Y76.80 area.The meeting of Europe's Economic and Financial Affairs Council (ECOFIN) takes place in Poland from today, including US Treasury Secretary Tim Geithner. European data starts at 0600GMT with ACEA new car registrations data. Data continues at 0800GMT with the ECB current account data for July. EMU data then continues at 0900GMT with Q2 labour costs and the July trade balance.