Asian session: Japan’s currency fell

00:30 Australia National Australia Bank's Business Confidence December 5 6

05:00 Japan Small Business Confidence January 51.1 51.3

Japan’s currency fell as its haven appeal waned on speculation Turkey’s central bank will raise interest rates at an extraordinary meeting today, and after China’s largest lender said investors in a troubled high-yield trust can recoup funds. Turkey’s central bank said it will “take the necessary policy measures for price stability” at a meeting today, fueling speculation that it could do everything from raise rates by 3 percentage points to impose capital controls. A decision by policy makers last week to keep rates on hold was partly responsible for the currency’s biggest weekly selloff in almost four years.

The dollar rose versus the yen before the Federal Reserve begins a two-day meeting amid forecasts it will cut monthly asset purchases by $10 billion.

The pound has climbed against 13 of its 16 major peers this year on signs the U.K. economy is strengthening. Gross domestic product probably rose 2.8 percent in the fourth quarter from a year ago, the fastest expansion since the first three months of 2008, according to the median of estimates in a Bloomberg survey.

EUR / USD: during the Asian session, the pair rose to $ 1.3680

GBP / USD: during the Asian session, the pair rose to $ 1.6620

USD / JPY: on Asian session the pair traded in the range of Y102.50-80

Today's release of UK Q4 GDP at 0930GMT, with most expecting a positive outcome (median forecast 0.70% Q/Q, 2.8% y/y).