Asian session: dollar gains some ground

06:00     Germany     CPI (July) final    0.4%    0.4%    0.1%
06:00     Germany     CPI (July) final Y/Y    2.4%    2.4%    2.3%
06:00     Germany     HICP (July) final Y/Y    2.6%    2.6%    2.4%
06:45     France     Industrial production (June)    -1.6%    0.5%    1.9 (2.0)%

The dollar rose against the majority of its major counterparts as the Federal Reserve’s pledge for record low interest rates failed to convince investors global growth will be sustained, boosting demand for haven currencies.
The Swiss franc weakened after the nation’s central bank said it expanded measures to counter the currency’s strength.
Japan’s Finance Minister Yoshihiko Noda said in parliament today that one-sided moves in the yen can hurt growth.
Japan is “very serious about preventing yen strength,” said Kurt Magnus, executive director of currency sales at Nomura Holdings Inc. in Sydney.
The euro slipped as a French report showed industrial production fell more than economists estimated in June.

UK data starts at 0930GMT with the Bank of England's Quarterly Inflation Report. The August Inflation Report is set to show inflation, at least in the near term, higher and growth lower than predicted back in May, while BOE Governor Mervyn King will leave all policy options open at the press conference. The BOE's central forecasts are based on market rate expectations. The fact the market has stopped pricing in rate hikes this year or next will inevitably push up on the market rate inflation forecast.
US data starts at  at 1400GMT with Wholesale Inventories and then at 1430GMT with the weekly EIA Crude Oil Stocks data. Later on, at 1800GMT, the US Treasury is expected to post a $135.0 billion budget gap in July, smaller than the $165.0 billion gap in July 2010.