Asian session: The yen weakened

00:00 Australia Consumer Inflation Expectation November +2.0% +1.9%

04:30 Japan Industrial Production (MoM) (Finally) September +1.5% +1.5% +1.3%

04:30 Japan Industrial Production (YoY) (Finally) September +5.4% +5.4% +5.1%

The yen weakened against all of its major peers as Asian stocks gained and after data showed Japan’s growth slowed in the third quarter, adding to the case for the central bank to boost stimulus. Growth in Japan’s gross domestic product slowed to an annualized 1.9 percent in the July-September period from 3.8 percent in the second quarter, government figures showed today. The median estimate of economists surveyed by Bloomberg News was for a 1.7 percent increase.

The euro snapped a three-day advance after European Central Bank executive board member Peter Praet said the central bank can use negative interest rates. An official report is likely to show today that the euro region’s economy expanded 0.1 percent in the third quarter, based on a separate Bloomberg poll of economists. GDP grew 0.3 percent in the second quarter, marking an end to the longest recession on record.

The Bloomberg U.S. Dollar Index held a decline from yesterday after Federal Reserve chairman nominee Janet Yellen said the economy and labor market are performing “far short of their potential”. “A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases,” Yellen said in testimony prepared for her nomination hearing today before the Senate Banking Committee. “I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.”

EUR / USD: during the Asian session the pair fell to $ 1.3560

GBP / USD: during the Asian session, the pair fell to $ 1.6025

USD / JPY: during the Asian session the pair rose to Y99.75

The European calendar gets underway at 0700GMT, when German third quarter flash GDP numbers are released. There is a slew of French data expected at 0745GMT, when September current account, Q3 payrolls, Q3 flash GDP and the October HICP numbers will be published. Spain's September industrial orders numbers will be released at 0800GMT, along with the Spanish September service survey. The ECB monthly bulletin will be released at 0900GMT, which is likely to replicate the opening statement read by President Draghi at Thursday's post-rate cut presser. At 0945GMT, ECB Governing Council member Erkki Liikanen will deliver a speech at EBA Research Workshop, in London. At 1000GMT, Bundesbank Vice President Sabine Lautenschlaeger and Buba Board member Andreas Dombret will hold a press conference, in Frankfurt. After individual releases earlier, 1000GMT sees the release of the amalgamated EMU numbers. At midday GMT, Eurogroup finance ministers meet in Brussels, with Greece amongst the topics to be discussed.  UK retail sales for October will be released at 0930GMT.