Asian session: The euro fell for a second day

00:00 China Bank holiday

00:30 Australia Producer price index, q / q IV quarter +0.6% +0.5% +0.3%

00:30 Australia Producer price index, y/y IV quarter +2.7% +3.0% +2.9%

The euro fell for a second day on concern that Greece will struggle to reach an agreement with creditors to ease its debt burden.

The 17-nation currency weakened before European Union finance ministers meet in Brussels today to discuss a Greek debt swap, new budget rules and a financial firewall to protect indebted states.

Bondholders negotiating a debt swap with Greece have made their “maximum” offer, leaving it to the EU and International Monetary Fund to decide whether to accept the deal, said Charles Dallara, who’s representing private creditors in the talks.

Financial markets in China, Hong Kong, Singapore, South Korea, Taiwan, Indonesia and Malaysia are shut for the Lunar New Year holiday today.

The Australian dollar rose against most of its 16 major counterparts before reports that may show the U.S. economy is accelerating, supporting demand for the riskier assets.

The Australian dollar traded near the highest level in almost 12 weeks as Asian stocks extended a week-long rally in global equities. Demand for the South Pacific nations’ currencies was limited on concern Greece will struggle to reach agreement with its creditors on a deal that will lighten the country’s debt burden.

Australian dollar demand was also limited after a report showed wholesale cost pressures are easing, providing scope for the Reserve Bank of Australia to implement a third consecutive interest-rate cut.

The producer price index (MXAP) advanced 0.3 percent in the October-to-December period from the prior quarter, when it gained 0.6 percent, the Bureau of Statistics said in Sydney today. The median estimate of economists surveyed by Bloomberg News was for a 0.4 percent increase.

A Credit Suisse Group AG index based on swaps indicates an 82 percent chance that the RBA will lower rates by 25 basis points, or 0.25 percentage point, when policy makers gather on Feb. 7. The benchmark rate is currently 4.25 percent following quarter-point reductions at each of the central bank’s two most recent meetings.

EUR/USD: during the Asian session the pair was restored to $1.2900.

GBP/USD: during the Asian session the pair has receded from week’s highs.

USD/JPY: during the Asian session the pair has a little grown.

Main European data is a little thin on Monday with just the Manufacturing and Services sentiment data for January for France. At 1130GMT, International Monetary Fund Managing Director Christine Lagarde speaks on "the economic challenges of 2012 and restoring confidence and growth" in Berlin before the German Council on Foreign Relations. At 1430GMT, the EIA publishes its early Annual Energy Outlook. US data for Monday starts at 1430GMT with the weekly Capital Goods Index, which is followed at 1530GMT by the weekly Retail Trade index.