Asian session: The euro touched its lowest level in two years

The euro touched its lowest level in two years before regional finance ministers gather in Brussels today to discuss crisis-fighting measures adopted by heads of government at a summit last month.

The 17-nation currency remained lower after three days of declines before European Central Bank President Mario Draghi addresses the European parliament today. ECB President Draghi is scheduled to speak in Brussels after the central bank cut the main refinancing rate to a record 0.75 percent on July 5. Draghi said after last week’s decision the cut may have only a “muted” economic impact and growth in the euro area “continues to remain weak with heightened uncertainty.”

Australia’s currency slid after the official Xinhua News Agency reported yesterday that Chinese Premier Wen said the government will intensify fine-tuning of policies in response to downside risks to growth. The comments came after the South Pacific nation’s biggest trading partner announced the second interest-rate cut in a month.

Consumer prices in China rose 2.2 percent in June from a year earlier, according to a report released today. That’s the slowest pace in 29 months and compares with the median forecast for a 2.3 percent inflation rate in a Bloomberg poll.

EUR / USD: during the Asian session the pair receded from Friday's low.

GBP / USD: during the Asian session the pair holds in range $1.5470-$1.5495.

USD / JPY: during the Asian session the pair fell to Y79.40.

In Europe Monday, Eurozone finance ministers meet in Brussels to discuss bank aid for Spain and the situation in Greece. European data starts at 0600GMT with the German trade balance and then at 0630GMT with the Bank of France business survey. European speakers start at 0730GMT when ECB Governing Council Member Ewald Nowotny is due to hold a press conference on the financial stability report, in Vienna, while at 0915GMT, French President Francois Hollande is due to open the "Great Social Conference", in Paris. Also, at 0930GMT, the German government gives a press conference, in Berlin. At 1000GMT, the OECD leading indicator data for EMU and the UK are due. At 1230GMT, ECB President Mario Draghi is due to speak at the Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament, in Brussels.

At 1530GMT, Bank of England deputy governor Paul Tucker Gives Evidence to the TSC Libor Fixing inquiry. Then, at 1730GMT, Bank of England MPC Member Adam Posen Delivers a speech at the University of Greenwich. S data starts at 1330GMT with the weekly MNI Capital Goods Index, which is followed at 1400GMT by the Employment Trends Index and then at 1430GMT by weekly MNI Retail Trade Index. At 1555GMT, San Francisco Fed President John Williams speaks to the Oregon, Idaho and Nevada Bankers annual joint convention, in Coeur d'Alene, Idaho. Later US data, at 1900GMT sees consumer credit usage, which is expected to rise $8.5 billion in May.