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The euro dropped versus the majority of its most-traded counterparts amid speculation Europe’s effort to expand its bailout fund to 1 trillion euros ($1.3 trillion) is falling short. The 17-nation currency pared gains versus the dollar after the European Central Bank failed to offset the extra liquidity created by its bond purchase program. Euro-area finance ministers are meeting today. Europe’s efforts to expand its rescue fund are flagging, forcing renewed consideration of a role for the ECB in insulating Spain and Italy from the debt crisis, two officials familiar with the discussions said. Finance ministers will have an initial discussion today on channeling ECB loans to cash-strapped euro nations through the International Monetary Fund, aiming to bring the central bank onto the front lines without violating its ban on direct lending to governments, said the people, who declined to be identified because the talks are at an early stage.

Australia’s dollar was the biggest winners versus the greenback as investors sought higher-yielding assets. Australia’s dollar rallied for a second day against the greenback, rising as much as 1.8 percent before trading at $1.0008, up 1 percent. It fell for the past four weeks. The Aussie pared its drop for November to 4.8 percent. The Aussie was the best performer against the U.S. dollar yesterday among the most-traded currencies, rising 2 percent as equities rallied worldwide.

Americans were less pessimistic on the outlook for jobs and wages this month, a report showed. The Conference Board’s index increased to 56 from a revised 40.9 reading in October in the biggest monthly gain since April 2003, figures from the New York-based private research group showed today. The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six major U.S. trading partners, was down 0.3 percent to 78.985 after earlier dropping as much as 0.9 percent.

European stocks advanced for a third day as euro-area finance ministers met to discuss insuring a portion of bonds issued by debt-stricken countries and U.S. consumer confidence unexpectedly rose in November.

Finance ministers from the 17-member monetary union met in Brussels to debate using their bailout fund, the European (SXXP) Financial Stability Facility, to insure sovereign debt with guarantees. Italian 10-year bonds fell, pushing yields for the benchmark securities toward euro-era records as the country sold 7.5 billion euros ($10 billion) of debt maturing in 2014, 2020 and 2022.

National benchmark indexes rose in 14 of the 18 western- European markets. France’s CAC 40 Index and the U.K.’s FTSE 100 Index climbed 0.5 percent, while Germany’s DAX Index advanced 1 percent.

BASF, the world’s largest chemical company, climbed 2.1 percent to 50.56 euros after the company raised its sales target for the end of this decade as Chief Executive Officer Kurt Bock laid out his strategy after seven months in charge.

K+S, Europe’s biggest potash supplier, increased 3 percent to 39.46 euros. The company will develop a Canadian mineral deposit that it acquired this year.

G4S Plc, the world’s largest security company, rose 3.2 percent to 246.8 pence after Alex Magni, an analyst at HSBC Holdings Plc upgraded the stock to “overweight” from “neutral.”

Remy Cointreau SA, the maker of Remy Martin cognac, climbed 2.9 percent to 61.90 euros after the company forecast (RCO) “a substantial increase” in full-year earnings. Remy Cointreau also posted first-half current operating profit that jumped 27 percent to 106.2 million euros, topping analysts’ estimates.

Oriflame Cosmetics SA, the Swedish maker of cosmetics, surged 7 percent to 207.70 kronor after Svenska Handelsbanken AB raised the company’s shares to “buy” from “accumulate.”

Colruyt plunged 8 percent to 27.22 euros after reporting a steeper-than-estimated drop in fiscal first-half profit as its expansion in France turned unprofitable because of price cuts and accelerated store openings. The company said its forecast (COLR) for full-year profit close to last year’s 338 million euros “remains a challenge.”

Transocean Ltd., the world’s largest offshore oil driller, slumped 8.7 percent to 39.20 Swiss francs after announcing it will sell shares to help refinance its acquisition of Aker Drilling ASA.

Sees possible fiscal, hsg, EZ drags ahead but baseline est is "the U.S. economy will continue to grow at a moderate pace in 2012. Unemployment will come down slowly. Inflation will stay in acceptable bounds." Says currently, "my notion of "appropriate monetary policy" is one of holding steady the current policy rate (federal funds rate) of zero to 25 basis points and the balance sheet steady at current scale."

U.S. stocks rose, following the biggest gain in a month for the Standard & Poor’s 500 Index, as the largest increase since 2003 in a gauge of consumer confidence bolstered optimism in the American economy.

Stocks extended gains as the Conference Board’s index increased to 56 from a revised 40.9 reading in October.

Europe’s effort to expand its bailout fund to 1 trillion euros ($1.3 trillion) is falling short, forcing renewed consideration of a role for the European Central Bank in insulating Spain and Italy from the debt crisis, two officials familiar with the discussions said.

Finance ministers will tonight hold an initial discussion on channeling ECB loans to cash-strapped euro nations through the International Monetary Fund, aiming to bring the central bank onto the front lines without violating its ban on direct lending to governments, said the people, who declined to be identified because the talks are at an early stage.

Dow 11,609.78 +86.77 +0.75%, Nasdaq 2,527.63 +0.29 +0.01%, S&P 500 1,201.46 +8.91 +0.75%

Yahoo! Inc. climbed 2.8 percent as two people with knowledge of the matter said private-equity firm Thomas H. Lee Partners is considering a bid for the Internet company.

Hewlett-Packard Co. (HPQ) gained 2.9 percent after RBC Capital Markets raised its recommendation for the computer maker’s shares.

Seagate Technology Plc jumped 3.6 percent to $16.56. The company forecast higher sales than analysts had estimated, saying it withstood flooding in Thailand better than much of the disk-drive industry.

Research In Motion Ltd. (RIM) rose 6.6 percent to $17.57. The BlackBerry maker was raised to “market perform” from “underperform” at Stanford C. Bernstein & Co., which said shareholder activism may lead to management change or a takeover.

Tiffany & Co. tumbled 8.5 percent to $67.38. The world’s second-largest luxury jewelry retailer cited “weaknesses” in sales in Europe and the eastern U.S. as the holiday season began.

Gold prices are stable after a strong growth on Monday by nearly 2%, while gold rose in price in the framework of general optimism in global financial markets on hopes for the imminent debt problems in the eurozone.

Stocks ETF backed by gold funds last week rose to a record 69.993 million ounces, adding just over 2.2 million ounces per month, which indicates the high investor demand for assets, alternative currencies, stocks and bonds.

Experts note that prices are unlikely to update the historical high this year, as trading activity is reduced before the New Year, when traders try to take profits and step aside.

In September, prices reached a historical high of $ 1.920,30 per ounce and has since declined to 10.7%. From the beginning, gold has risen in price by more than 20%.

Today, December gold futures on the Comex in New York is kept in the range 1704 - 1718 dollars per troy ounce.

• US unemployment to remain painfully high for many yrs, deterioration in fin'l conds intensify headwinds.

• There's a strong case for more US hsg policies to spur demand.

Crude oil climbed for a second day in New York after U.S. consumer confidence increased in November by the most in more than eight years.

The Conference Board’s index rose to 56 from a revised 40.9 reading in October as Americans grew more upbeat about employment and income prospects. It was the biggest monthly gain since April 2003, figures from the New York-based private research group showed today.

Crude oil for January delivery climbed to $99.79 and dropped as low as $97.23 during the session. Prices are up 8.8 percent this year.

Brent oil for January settlement climbed $1.67, or 1.5 percent, to $110.67 a barrel on the London-based ICE Futures Europe Exchange.

American Airlines parent AMR Corp. filed for bankruptcy after failing to secure cost-cutting labor agreements and sitting out a round of mergers that dropped it from the world’s largest airline to No. 3 in the U.S.

With the filing, American became the final large U.S. full- fare airline to seek court protection from creditors. The Fort Worth, Texas-based company, which traces its roots to 1920s air- mail operations in the Midwest, listed $24.7 billion in assets and $29.6 billion in debt in Chapter 11 papers filed today in U.S. Bankruptcy Court in Manhattan. Chairman Gerard Arpey will retire and be replaced by Thomas Horton, AMR said.

EUR/USD $1.3300, $1.3320, $1.3390, $1.3500, $1.3575, $1.3600

Data:

07:00 UK Nationwide house price index (November) 0.4%

07:00 UK Nationwide house price index (November) Y/Y 1.6%

09:30 UK M4 money supply (October) final -0.3%

09:30 UK M4 money supply (October) final Y/Y -2.7%

09:30 UK Consumer credit (October), bln 0.0

10:00 EU(17) Economic sentiment index (November) 93.7

10:00 EU(17) Business climate indicator (November) -0.44

The euro rose sharply against the dollar on Tuesday, boosted by relief among investors that Italy managed to sell government bonds to the market even though it was forced to pay record high auction yields.

Traders said speculation of good demand at the auction started to drive the euro higher ahead of the results, while buying by hedge funds also drove the single currency higher.

Italy sold 7.5 billion euros of three- and 10-year government bonds, close to the upper end of its target range.

EUR/USD: the pair has shown high in $1.3440 area, but later has fallen in $1,3340 area.

GBP/USD: the pair has grown above $1.5600.

USD/JPY: the pair has fallen in Y77.80 area.

At 1500GMT, the FHFA Home Price Index is due at the same time as the index of consumer confidence is forecast to rebound to a reading of 44.4 in November after plunging in October to a reading of 39.8. The Michigan Sentiment index rose solidly in November. This is followed at 1530GMT by the Dallas Fed Services Outlook Survey. At 1630GMT, Fed Vice Chair Janet Yellen makes remarks on the global recovery at the San Francisco Fed's Asia Economic Policy Conference in San Francisco. At 0100GMT Wednesday (8pm Eastern), Minneapolis Fed President Narayana Kocherlakota delivers a speech on monetary policy to the Stanford Institute for Economic Policy Research in Stanford.

• OBR cuts UK 2011 GDP to 0.9% vs 1.7%;
• OBR cuts 2012 GDP to 0.7% vs 2.5%;
• OBR cuts 2013 GDP to 2.1% vs 2.9%;
• OBR cuts 2014 GDP to 2.7% vs 2.9%.

Resistance 2: Chf0.9300/10 (area of Nov 28 high)

Resistance 2: Chf0.9240 (session high)

Resistance 1: Chf0.9180 (area of Nov 28 low)

Current price: Chf0.9175

Support 1: Chf0.9140 (session low)

Support 2: Chf0.9100 (resistance line from Nov 9)

Support 3: Chf0.9080 (Nov 18 low)

Resistance 3: $ 1.5710 (61,8 % FIBO $1,5890-$ 1.5420)

Resistance 2: $ 1.5690 (Nov 22 high)

Resistance 1: $ 1.5650 (session high, 50,0 % FIBO of falling $1,5890-$ 1.5420)

Current price: $1.5629 

Support 1 : $1.5590 (Nov 28 high)

Support 2 : $1.5550 (resistance line from Nov 14)

Support 3 : $1.5460 (area of session low and Nov 28 low)

Resistance 3: $ 1.3600/10 (Nov 18 high, 38.2 % FIBO $1,4240-$ 1,3210)

Resistance 2: $ 1.3570 (Nov 22 high)

Resistance 1: $ 1.3440 (session high)

Current price: $1.3392

Support 1 : $1.3375 (high of asian session)

Support 2 : $1.3215 (low of european session)

Support 3 : $1.3270 (Nov 28 low)

EUR/USD $1.3300, $1.3320, $1.3390, $1.3500, $1.3575, $1.3600

The dollar dropped after U.S. lost its last stable outlook from the three biggest credit-ranking companies after Fitch Ratings lowered the nation to negative following a congressional committee’s failure to agree on deficit cuts.

Fitch’s outlook on the U.S., which it still assigns its top AAA grade, reflects “declining confidence that timely fiscal measures necessary to place U.S. public finances on a sustainable path will be forthcoming,” making the probability of a downgrade greater than 50 percent over two years, the company said yesterday in a statement. Standard & Poor’s and Moody’s Investors Service said Nov. 21 that the so-called supercommittee’s inability to reach an agreement didn’t merit downgrades because the inaction will trigger $1.2 trillion in automatic spending cuts.

The Australian and New Zealand dollars rose toward the highest in a week before euro-area officials meet in Brussels amid optimism leaders are working to fast-track a solution to the region’s debt crisis.

The so-called Aussie gained for a fourth day against the yen as Asian stocks extended a global rally, boosting demand for higher-yielding assets. The currency earlier weakened after the government said it will cut spending by A$6.8 billion ($6.7 billion) to deliver a budget surplus, adding pressure on the Reserve Bank of Australia to lower interest rates. Fitch Ratings upgraded Australia’s long-term foreign- currency issuer default rating to AAA from AA+ before the release of the budget review. The nation now holds the top grade at all three main credit assessors for the first time.

EUR/USD: on Asian session the pair gain.

GBP/USD: on Asian session the pair gain.

USD/JPY: on Asian session  the pair showed new week’s high, but receded later.

• Eurobonds not solution at moment
• Eurobonds only if have stability union
• but that won't be in the short term
• Oppose idea of issuing elite bonds

The euro rose in early U.S. session amid falling yields of government bonds from the Italian medium term and there were rumors that the IMF is preparing a preemptive bailout for Italy in the amount of 400-600 million euros. But then quickly followed by denials,including an official from the IMF. Negative background outweighed the sentiment and the euro fell. Thus, Moody's warned that the rapid development of the sovereign and banking crisis threatening the region's rankings of European government bonds. The Organization for Economic Cooperation and Development (OECD) said that France needed to take more stringent economic measures in order to achieve the goal of a budget deficit for 2012, as GDP growth may not reach projected levels due to the recession.

Investors are awaiting meeting of Ministers of the euro area, which may adopt the rules of the European Foundation for financial stability. Their approval would allow the fund to $ 440 billion euros to attract funds from investors.

The pound weakened versus higher- yielding peers after data showed U.K. house prices dropped last month and retail sales fell, and as the British Chambers of Commerce cut its economic-growth forecasts. Chancellor of the Exchequer George Osborne presents updated economic and fiscal forecasts to Parliament tomorrow amid speculation government growth estimates will be cut and budget shortfalls will be greater than predicted. The central bank said last week that the threat of the euro-area debt crisis on the U.K. economy has increased. Minutes of the central bank’s Nov. 9-10 meeting released on Nov. 23 showed some policy makers said an increase in stimulus may be needed to support the economy. The minutes also revealed the nine-member Monetary Policy Committee voted unanimously to keep its key interest rate at a record low of 0.5 percent.

EUR/USD: yesterday the pair advanced.

GBP/USD: yesterday the pair grew.

USD/JPY: yesterday the pair advanced.                                

On Tuesday EMU data includes the 0900GMT release of both the business climate indicator and the economic sentiment survey for November. UK data starts at 0930GMT with the BOE Lending to Individuals, M4, Bankstats and Effective Rates data, while also in the UK today, the UK OBR forecast and Autumn statement from the Chancellor George Osborne are due with the UK Autumn Budget Statement at 1230GMT.US data starts at 1245GMT with the weekly ICSC-Goldman Store Sales data, which is followed at 1355GMT by the weekly Redbook Average and then at 1400GMT by the S&P/Case-Shiller Home Price Index. At 1500GMT, the FHFA Home Price Index is due at the same time as the index of consumer confidence is forecast to rebound to a reading of 44.4 in November after plunging in October to a reading of 39.8. The Michigan Sentiment index rose solidly in November. This is followed at 1530GMT by the Dallas Fed Services Outlook Survey. At 1630GMT, Fed Vice Chair Janet Yellen makes remarks on the global recovery at the San Francisco Fed's Asia Economic Policy Conference in San Francisco. At 0100GMT Wednesday (8pm Eastern), Minneapolis Fed President Narayana Kocherlakota delivers a speech on monetary policy to the Stanford Institute for Economic Policy Research in Stanford.

Resistance 3: Chf0.9360 (Mar 10-11 high)

Resistance 2: Chf0.9325/30 (area of Nov 25 high)

Resistance 1: Chf0.9240 (session high)

The current price: Chf0.9200

Support 1: Chf0.9180 (middle line from Nov 25)

Support 2: Chf0.9150 (Nov 24 low)

Support 3: Chf0.9105 (Nov 22 low)

Comments: the pair is on downtrend. In focus support Chf0.9180.

Resistance 3 : $1.5655 (50.0% FIBO $1.5420-$1.5885)

Resistance 2 : $1.5615 (resistance line from Nov 25)

Resistance 1 : $1.5560 (middle line from Nov 25)

The current price: $1.5527

Support 1 : $1.5470 (session low)

Support 2 : $1.5420/25 (area of Nov 24 low)

Support 3 : $1.5340 (Oct 4 low)

Comments: the pair is on uptrend. In focus resistance $1.5560.

Resistance 3: $1.3480 (high of the European session on Nov 23)

Resistance 2: $1.3410 (Nov 24 high)

Resistance 1: $1.3370 (middle line from Nov 25)

The current price: $1.3363

Support 1 : $1.3285 (session low)

Support 2 : $1.3210 (Nov 25 low)

Support 3 : $1.3145 (Oct 4 low)

Comments: the pair is on uptrend. In focus resistance $1.3370.

Change % Change Last

Nikkei 225 8,287 +127.48 +1.56%

Hang Seng 18,038 +348.33 +1.97%

S&P/ASX 200 4,058 +73.86 +1.85%

Shanghai Composite 2,383 +2.81 +0.12%

FTSE 100 5,313 +148.11 +2.87%

CAC 40 3,013 +155.96 +5.46%

DAX 5,745 +252.46 +4.60%

Dow 11,523.01 +291.23 +2.59%

Nasdaq 2,527.34 +85.83 +3.52%

S&P 500 1,192.55 +33.88 +2.92%

10 Year Yield 1.96% -0.01 --

Oil $97.79 -0.42 -0.43%

Gold $1,709.20 -1.60 -0.09%

00:00 Australia HIA New Home Sales, m/m October -3.5%

07:00 Switzerland UBS Consumption Indicator October 0.84

07:00 United Kingdom Nationwide house price index November +0.4% -0.1%

07:00 United Kingdom Nationwide house price index, y/y November +0.8% +1.3%

09:30 United Kingdom Consumer credit, bln October 0.6 0.5

09:30 United Kingdom Mortgage Approvals October 51.0K 51.8K

10:00 Eurozone Economic sentiment index November 94.8 94.0

10:00 Eurozone Business climate indicator November -0.18 -0.23

12:00 United Kingdom Government Autumn Statement

13:30 Canada Current Account, bln Quarter III -15.3 -11.3

14:00 U.S. S&P/Case-Shiller Home Price Indices, y/y September -3.8% -3.0%

15:00 U.S. Consumer confidence November 39.2   

15:00 U.S. Housing Price Index, m/m Septembeк -0.1% +0.1%

16:30 U.S. FOMC Member Yellen Speaks

17:15 U.S. FOMC Member Raskin Speaks

21:45 New Zealand Building Permits, m/m October -17.1%

23:50 Japan Industrial Production (MoM) October -3.3% +1.1%

23:50 Japan Industrial Production (YoY) October -3.3% -1.0%