Asian session: The yen declined

The yen declined against most of its major peers as Asian stocks rose and before U.S. data forecast to show improvement in industrial production and housing starts, reducing demand for refuge assets. U.S. industrial production probably increased 0.2 percent in September from the previous month, when it fell 1.2 percent, according to the median estimate of economists surveyed by Bloomberg News before the Fed releases the figures today.

The Japanese currency slid for a fourth day to an almost one-month low against the greenback after Federal Reserve Bank of St. Louis President James Bullard said U.S. growth will pick up next year and push down unemployment.

Demand for the euro was supported before European Union leaders meet this week to discuss measures to contain the debt crisis. The 17-nation euro rose before EU leaders start a two-day summit in Brussels on Oct. 18 amid speculation Spain will ask for a financial bailout. The country is preparing to make request for a rescue and allow the European Central Bank to begin buying its debt, the Financial Times reported, citing an unidentified Spanish economy ministry official.

New Zealand’s dollar slid after data showed annual inflation was the slowest in more than 12 years. Consumer prices in New Zealand rose 0.8 percent in the third quarter from a year earlier, the country’s statistics bureau said in Wellington today. The result was the lowest since the fourth quarter of 1999.

EUR / USD: during the Asian session, the pair traded in the range of $1.2950-75.

GBP / USD: during the Asian session, the pair traded in the range of $1.6060-85.

USD / JPY: during the Asian session, the pair rose to Y78.90, updating monthly high.