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21.10.2011 07:44

Asian session: the euro declined

The Swiss franc gained as investors sought a refuge amid concern policy makers will fail to break a deadlock between Germany and France that prompted leaders to schedule two summits on Europe’s debt crisis within four days.
The euro weakened versus the dollar as concern the impasse will prevent an agreement at the meetings. The franc climbed to a two-week high against the 17-nation euro. German Chancellor Angela Merkel and French President Nicolas Sarkozy agreed to ask euro-region leaders to assess a “comprehensive and ambitious” package of measures to solve the region’s debt crisis at a leaders’ summit on Oct. 23 in order to agree on the measures at a second meeting by Oct. 26 at the latest.
The yen and the dollar headed for weekly advance against most major counterparts as European stocks headed for a loss this week, boosting demand for the safest assets.

EUR/USD: on Asian session the pair fell.

GBP/USD: on Asian session the pair declined.

USD/JPY: on Asian session the pair fell.

On Friday european data begin at 0800GMT with the German IFO business survey where the business climate index is expected to decline to 106.2 with the current assessment at 116.5 and expectations index at 97.0.US data is limited to the 1400GMT release of the BLS State Unemployment data. At 1700GMT, Minneapolis Fed President Narayana  Kocherlakota delivers a speech to the Harvard Club of Minnesota in Minneapolis. Shortly after, at 1720GMT, Dallas Fed President Richard Fisher delivers a speech on the economy to The Friday Group in Dallas.

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