European session: the euro strengthened to a seven- month high against the dollar after Ifo

09:00 Germany IFO - Business Climate December 101.4 101.9 102.4

09:00 Germany IFO - Current Assessment December 108.1 108.1 107.1

09:00 Germany IFO - Expectations December 95.2 96.5 97.9

09:00 Eurozone Current account, adjusted, bln October 2.4 5.8 3.9

09:30 United Kingdom Bank of England Minutes -

10:00 Eurozone Construction Output, m/m October -1.4% -1.6%

10:00 Eurozone Construction Output, m/m October -2.6% -4.1%

11:00 United Kingdom CBI retail sales volume balance December 33 26 19

Euro again renewed a maximum of seven months against the U.S. dollar due to strong data on business confidence in Germany. German business confidence index for the economy rose in December 2012 to 102.4 points from 101.4 points a month earlier, according to the research institute Ifo.

Growth in the euro helped the reported increased Greece's rating agency Standard & Poor's by five points. This caused the hope that most of the Greek problems may have left behind. These actions follow after eurozone countries demonstrated a commitment to support Greece's membership in the EU and the Greek government has shown its commitment to fiscal measures, the agency said. The yield on 10-year Greek, Italian and Spanish bonds also fell, reflecting the relief on the market. Greek ASE Composite Index jumped 2%.

Contribute to the reduction of the dollar and expectations that the Democrats and Republicans in the U.S. will soon be able to reach agreement on a plan to reduce the country's budget deficit. Also, the dollar's decline was caused by a warning from Fitch about the threat of the loss of America's current AAA rating in the case of "fiscal cliff."

The yen fell to its lowest level since August 2011 against the euro on expectations of the program of incentives for the Bank of Japan following the meeting on December 19-20. The yen started to fall on Monday after news of the victory in the elections in Japan conservative Liberal Democratic Party.

Yen down for third day against the dollar after the Japanese government report showed that the trade deficit widened in November. Exports fell by 4.1 percent, compared with a year earlier, the Finance Ministry said in Tokyo. The median forecast of economists was a 5.5% decline. Imports increased by 0.8%, causing a deficit of 953.4 trillion yen, the third largest on record.