Foreign exchange market. Asian session: the U.S. dollar traded lower against the most major currencies after the results from the European Central Bank's stress tests

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

09:00 Eurozone M3 money supply, adjusted y/y September +2.1% +2.2% 2.5%

09:00 Eurozone Private Loans, Y/Y September -1.5% -1.3% 1.2%

09:00 Germany IFO - Business Climate October 104.7 104.6 103.2

09:00 Germany IFO - Current Assessment October 110.5 109.5 108.4

09:00 Germany IFO - Expectations October 99.3 98.7 98.3

The U.S. dollar traded lower against the most major currencies after the results from the European Central Bank's stress tests. The European Central Bank said on Sunday that 25 banks failed due to a capital shortfall and 13 banks have to raise an additional €10 billion in capital. Most banks have already taken steps to solve their problems.

The New Zealand dollar traded higher against the U.S. dollar after the results from the European Central Bank's stress tests. No major economic reports were released in New Zealand.

The Australian dollar traded higher against the U.S. dollar after the results from the European Central Bank's stress tests. No major economic reports were released in Australia.

The Japanese yen traded higher against the U.S. dollar in the absence of any major economic reports from Japan.

EUR/USD: the currency pair rose to $1.2714

GBP/USD: the currency pair increased to $1.6107

USD/JPY: the currency pair fell to Y107.85

The most important news that are expected (GMT0):

10:00 United Kingdom CBI retail sales balance October 31 35

13:45 U.S. Services PMI (Preliminary) October 58.9 58.7

14:00 U.S. Pending Home Sales (MoM) September -1.0% +1.1%

23:50 Japan Retail sales, y/y September +1.2% +0.9%