Asian session: the euro holds in range

00:00 New Zealand NBNZ Business Confidence October 13.2

00:30 Australia CPI, q/q Quarter III +0.6%

00:30 Australia CPI, y/y Quarter III +3.5%

The yen held gains after Europe’s debt turmoil spurred demand for refuge, boosting the currency to a post-World War II record versus the dollar yesterday. The Japanese currency traded 0.3 percent from the high after Finance Minister Jun Azumi said today his ministry will take “decisive” measures to stem the yen’s rise.

The euro holds in range before European Union leaders will hold an emergency summit today in a bid to reach agreement on measures to solve the region’s debt crisis.

The Australian dollar declined for a second day against its U.S. counterpart after a report showing slower growth in consumer prices fueled speculation that the Reserve Bank will cut interest rates.

New Zealand’s dollar held losses against the yen from yesterday after a private report showed business confidence declined in October.

EUR/USD: on Asian session the pair holds in range $1.3890-$1.3930.

GBP/USD: on Asian session the pair advanced and showed new week’s high.

USD/JPY: on Asian session the pair is under pressure.

The main focus for Wednesday will continue to be the EU Summit, although European data starts at 0645GMT. In the UK, the CBI Industrial Trends Survey is due. The manufacturers' order book balance fell sharply in September to -9 from 1 in August and analysts' median forecast is for a further decline in October to -11. At 1230GMT, durable goods orders are expected to fall 0.7% after the 0.1% decline in August. The weekly EIA Crude Oil Stocks data is due at 1430GMT.