Asian session: The euro headed for a weekly decline against all of its 16 major peers

00:15 U.S. FOMC Member Richard Fisher Speaks 0

01:00 China Non-Manufacturing PMI January 56.0 52.9

The euro headed for a weekly decline against all of its 16 major peers as Greece and its creditors struggle to reach an agreement on a debt swap. The euro held losses from yesterday against the yen as finance ministers from Germany, Finland, Luxembourg and the Netherlands were said to hold talks in Berlin today. Finance ministers from the four euro-area countries with AAA grades from all three major ratings companies -- Germany, Finland, Luxembourg and the Netherlands -- will meet in Berlin today, a German Finance Ministry spokesman. The ministers will discuss current issues without briefing reporters after the meeting, according to the spokesman, speaking on the condition of anonymity.

Japan’s currency traded within one yen of a postwar high versus the dollar, raising speculation the country will intervene to weaken it. Japan’s Finance Minister Jun Azumi said today he will take decisive steps against one-sided moves in the yen if needed. The currency’s level doesn’t reflect economic fundamentals, and falling U.S. interest rates are increasing speculative yen buying, he told reporters in Tokyo. Japan sold the yen on Oct. 31 on concern its advance to a record would hurt exporters.

The so-called Aussie slid after reaching a five-month high yesterday as a gauge showed non-manufacturing industries in China, Australia’s largest trading partner, expanded at a slower pace last month.

New Zealand’s currency, nicknamed the kiwi, fell versus all of its major peers as Asian stocks dropped. Australia’s dollar failed to extend a three-day advance against its U.S. counterpart after a report from China Federation of Logistics and Purchasing and the National Bureau of Statistics showed the country’s non-manufacturing purchasing managers’ index fell to 52.9 in January from 56 the previous month. A reading above 50 indicates an expansion. The Australian and New Zealand currencies were poised to complete a seventh-straight week of gains amid speculation reports today will show an increase in U.S. employment, supporting demand for higher-yielding assets.

EUR/USD: during the Asian session the pair fell.

GBP/USD: during the Asian session the pair advanced.

USD/JPY: during the Asian session the pair holds in range Y76.13-Y76.26.

European data sees the release of the final services PMI data from the major European states, including France at 0848GMT, Germany at 0853GMT and the main EMU release at 0858GMT. The final PMI figures are expected to remain unrevised from the preliminary figures. EMU retail trade then follows, at 1000GMT. The UK Markit/CIPS Services PMI is also due, at 0928GMT.  The main event is at 1330GMT, when the US Department of Labor Statistics releases its annual benchmark revision of its Current Employment Statistics along with the January report on employment. US data continues at 1500GMT when the ISM on-manufacturing index is expected to rise to a reading of 53.2 in January. Late US data includes the 2115GMT release of C&I loans data.