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00:01 United Kingdom BRC Retail Sales Monitor y/y November -0.1% +0.9% +0.4%
00:30 Australia Building Permits, m/m October +9.5% -1.8% -7.6%
00:30 Australia Building Permits, y/y October +12.4% +20.2% +14.5%
00:30 Australia Current Account, bln Quarter III -12.4 -14.7 -14.9
01:30 Japan Labor Cash Earnings, YoY October 0.0% +0.4% +0.2%
03:30 Australia Announcement of the RBA decision on the discount rate - 3.25% 3.00% 3.00%
03:30 Australia RBA Rate Statement
The euro traded 0.1 percent from a six-week high versus the dollar before European Union finance ministers meet in Brussels today amid optimism the region can find solutions for its debt crisis.
The euro held a three-day gain against the yen after Greece offered to spend as much as 10 billion euros ($13 billion) to buy back government securities and as Spain said it expects funds for bank recapitalization next week. Greece invited holders of bonds to tender their securities in a so-called modified Dutch auction, the Athens-based Public Debt Management Agency said in a statement yesterday on its website. PDMA offered an average maximum purchase price for the bonds maturing from 2023 to 2042 of 34.1 percent. The offer runs to 5 p.m. London time on Dec. 7.
The dollar remained lower as U.S. lawmakers continue negotiations on how to avert the so-called fiscal cliff of spending cuts and tax increases. In the U.S., House Republicans, rejecting President Barack Obama’s demand for higher tax rates, countered with a $2.2 trillion deficit-cutting plan that would trim Medicare and Social Security and cap tax deductions for top earners. The proposal, in a letter yesterday to Obama from House Speaker John Boehner and other Republican leaders, seeks $800 billion in tax revenue in the next decade and would slow the growth in Social Security cost-of-living payments.
Demand for Australia’s currency was limited as swaps trades indicate a 93 percent chance the Reserve Bank will lower the overnight cash-rate target today. Nineteen out of 28 economists surveyed by Bloomberg News expect a 25 basis point cut to 3 percent today.
EUR / USD: during the Asian session, the pair traded in the range of $1.3045-65.
GBP / USD: during the Asian session, the pair traded in the range of $1.6085-00.USD / JPY: during the Asian session the pair fell to Y82.05.
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