Asian sesion: The euro kept a gain
The dollar maintained a two-day gain against the Swiss franc after President Barack Obama endorsed deficit-cutting measures as a step toward raising the debt ceiling and avoiding default.
Obama called the revival of the so-called Gang of Six proposal “good news.”
The Australian dollar held onto yesterday’s advance before a report forecast to show sales of existing U.S. homes rebounded, supporting demand for higher- yielding assets.
The euro kept a gain against the yen as European leaders prepare for a summit tomorrow on how to contain the region’s debt crisis.
EUR/USD: the pair shown low in $1.4130 area then restored.
GBP/USD: the pair decreased in $1.6100 area.
USD/JPY: the pair decreased in Y79.00 area.
The UK dominates early data Wednesday, with releases at 0830GMT including lending data, but more importantly the minutes of the latest Bank of England MPC meeting. The BOE's release of Trends in Lending at the same time may cast light on whether presently very tight credit conditions for SMEs and mortgage borrowers are easing. Expect the latter to show a continuing flat trend in mortgage approvals and mortgage lending.