European session:

Data:

08:00 UK Halifax house price index (October) -0.9%

08:00 UK Halifax house price index (October) 3m Y/Y -1.0%

10:00 EU(17) GDP (Q3) revised 0.2%

10:00 EU(17) GDP (Q3) revised Y/Y 1.4%

11:00 Germany Manufacturing orders (October) seasonally adjusted 5.2%

11:00 Germany Manufacturing orders (October) not seasonally adjusted, workday adjusted Y/Y 5.4%

The euro fell against the dollar and the yen after Standard & Poor’s warned it may downgrade the European Financial Stability Fund.

The euro area’s six AAA rated countries are among those placed on a negative outlook, and their ratings may be cut depending on the result of a summit of European leaders on Dec. 9, S&P said yesterday in a statement. The company said ratings may be cut by one level for Austria, Belgium, Finland, Germany, the Netherlands and Luxembourg, and by up to two notches for the other governments.

EUR/USD: during european session the pair receded from low reached on asian session and could become stronger above $1,3400.

GBP/USD: the pair has trading in $1.5590-$ 1,5660 area.

USD/JPY: the pair has decreased in Y77.60 area.

Bank of Canada rate announcemet is due at 1400GMT. The BoC is not expected to make any policy change at this time. The overnight rate is 1%, and while the Bank views this as very accommodative. While the Bank may have some inclination tighten, conditions in the global economy and financial markets have kept policy on hold. At 1500GMT, Fed Governor Daniel Tarullo is due to testify before a Senate Banking Committee on the Dodd-Frank reforms, in Washington.