Asian session: The euro fell

The euro fell from a seven-week high against the dollar before a report forecast to show the currency bloc’s economy contracted, adding to signs its three-year debt crisis is hindering growth. The euro area’s GDP probably slipped 0.1 percent in the third quarter from the previous three-month period, according to the median estimate of economists surveyed by Bloomberg News. That would confirm data from last month showing the bloc fell into a recession for the second time in four years. Economists in a separate poll expect the ECB will leave its key rate unchanged at 0.75 percent today.

The common currency slid versus most of its 16 major peers after Standard & Poor’s downgraded Greece to selective default. Greece’s credit grade was cut to SD, or selective default, from CCC, S&P said on its website yesterday. The nation has offered 10 billion euros ($13.1 billion) to buy back bonds issued earlier this year in an attempt to cut a debt load that may threaten future international aid. Along with data due today on the euro area’s third-quarter gross domestic product, European Central Bank President Mario Draghi and his board meet on policy.

The New Zealand dollar rose against most of its main counterparts after Reserve Bank Governor Graeme Wheeler said the outlook for the nation’s economy is stronger and policy makers kept interest rates steady. The Reserve Bank of New Zealand left its official cash rate unchanged at 2.5 percent, in line with the estimates of 16 economists in a Bloomberg survey.

EUR / USD: during the Asian session the pair fell to $ 1.3045.

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6085-00.

USD / JPY: during the Asian session, the pair rose to Y82.60.