07:00 Germany PPI (October) Y/Y 7,8%
07:00 Germany PPI (October) 0.0% The yen rose for a second day against the dollar and the euro on speculation a plunge in global stocks prompted investors to sell higher-yielding assets and pay back low-cost loans from Japan.
Federal Reserve policy makers predicted last month the U.S. economy will contract through the middle of 2009, with some prepared to cut interest rates further in response, according to a record of their Oct. 28-29 meeting. The Fed lowered its benchmark rate to 1 percent, matching a half-century low, to avert the worst recession since World War II.
The British pound declined on speculation the Bank of England will cut rates in the face of a recession.
U.K. retail sales fell 0.9 percent in October after a 0.4 percent decline in the previous month, according to a Bloomberg News survey. The Office for National Statistics will release the data at 9:30 a.m. in London. BOE policy makers are prepared to lower their benchmark rate from the current target of 3 percent, minutes of this month's BOE meeting showed yesterday.
EUR/USD having shown low on $1,2465, the pair has become stronger in area $1,2530.
US data starts at 1330GMT with the weekly jobless claims, which are expected to fall 10,000 to 506,000 in the November 15 employment survey week after surging 32,000 in the previous week to a seven-year high. Claims were at 479,000 in the October 18 employment survey week.
Further US data at 1500GMT sees the Philly Fed Business Outlook Survey for November and leading indicators for October. The Philadelphia Fed index is expected to improve to a still pessimistic reading of -35.0 in November after the October plunge. The leading indicators index is expected to fall 0.5% in October. Negative contributions are expected from falling stock prices and consumer confidence. These are expected to be offset by a sharp rise in the real money supply.
The weekly natural gas stocks data is due at 1535GMT. At 1900GMT, Treasury Secretary Henry Paulson is due to speak at the Reagan Presidential Library, in Simi Valley, California. Late data sees the 2130GMT release of the M2 money supply.