Asian session: the euro gained against most major peers

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The euro gained against most major peers as Italy advanced a plan to cut its deficit before a European summit on the region’s sovereign-debt crisis. The 17-nation currency rose versus the dollar after two people familiar with the negotiations said a proposal to channel European Central Bank loans through the International Monetary Fund may deliver as much as 200 billion euros ($268 billion) to fight the crisis. Italian Prime Minister Mario Monti announced 30 billion euros of austerity and growth measures yesterday. The premier will present the package, which includes a tax on luxury goods, resurrects a property levy on first homes, and forces many workers to delay retirement, to both houses of parliament today. German Chancellor Angela Merkel is scheduled to meet French President Nicolas Sarkozy to advance a plan for stricter enforcement of the region’s deficit rules. European Union leaders will hold a summit in Brussels this week.

The greenback held a two-week climb against the yen after a Dec. 2 report showed the U.S. jobless rate slid to the lowest since March 2009.

The Australian dollar rose after Italy’s Cabinet approved austerity and growth measures before a summit on Europe’s debt crisis, supporting demand for riskier assets. Gains in the so-called Aussie may be limited on speculation the Reserve Bank of Australia will cut interest rates when it meets tomorrow.

EUR/USD: on Asian session the pair holds in a range $1.3395-$1.3425.

GBP/USD: on Asian session the pair holds in a range $1.5585-$ 1.5625.

USD/JPY: on Asian session  the pair traded nearby Y78.00.