Asian session: The euro traded 0.6 percent from a three-month low

01:30 Australia Trade Balance March -0.48 -1.37 -1.59

The euro traded 0.6 percent from a three-month low as Greece’s political leaders meet for a second day in a bid to form a new government, after an election raised questions about the country’s membership of the euro bloc. New Democracy leader Antonis Samaras said he failed to forge agreement to form a Greek government after weekend elections. The attempt will pass to Alexis Tsipras, the head of Syriza, the second biggest party, which has vowed to cancel bailout terms for the nation. Tsipras will see President Karolos Papoulias today at 2 p.m. Athens time.

The 17-nation currency maintained a two-day decline against the yen after French President Nicolas Sarkozy, German Chancellor Angela Merkel’s preferred partner for enforcing debt reductions, was defeated by Socialist Francois Hollande.  

Demand for the yen was limited as Asian stocks climbed before data that may show German industrial production rebounded. German industrial production probably rose 0.8 percent in March from the previous month when it slid 1.3 percent, according to the median estimate of economists surveyed by Bloomberg News before the data due today.

The Australian dollar weakened after the nation reported its biggest trade deficit in five years. Imports outpaced exports by A$1.587 billion ($1.61 billion) in March, from a revised A$754 million deficit the previous month, the Bureau of Statistics said in Sydney today. The median economist estimate in a Bloomberg survey was for a deficit of A$1.3 billion.

EUR/USD: during the Asian session the pair fell.

GBP/USD: during the Asian session the pair decreased.

USD/JPY: during the Asian session the pair gain, however fell later.

Main core-European data is limited to the 1000GMT release of Germany industrial output data, while at the same time, ECB Governing Council member Patrick Honohan is due to participate in a panel discussion entitled "The Return of the Surprise in Central  Banking", in London. At 1230GMT, ECB President Mario Draghi is due to give an address at the Signing of the T2S Framework Agreement between the Eurosystem and the Central Securities  Depositories, in Frankfurt. US data continues at 1255GMT with the Johnson Redbook weekly chain store sales data. At 1345GMT, Richmond Fed President  Jeffrey Lacker holds a roundtable discussion with Guilfod Technical Community College students, in Greensboro, N.C. Finally, at 1745GMT, Dallas Fed President Richard Fisher speaks to a business audience at the "Growth DFW" event sponsored by the Dallas Convention & Visitors Bureau

and the Dallas Regional Chamber.