The dollar traded 0.8 percent from an 11-month high versus the euro before European Central Bank President Mario Draghi speaks today amid concern policy makers are struggling to contain the euro region’s debt crisis.

Euro held yesterday’s decline as France and Italy prepare to sell debt next week amid speculation Standard & Poor’s will cut the credit ratings of European countries. France will auction bills on Dec. 27, while Italy will offer debt maturing in 2014, 2018, 2021 and 2022 on Dec. 29. S&P said this month it may cut the credit grades of 15 euro nations, including Germany and France, the region’s biggest economies.

New Zealand’s dollar fell after the data. New Zealand’s economy grew faster than analysts estimated last quarter on Rugby World Cup spending, a boost the central bank may look past as it awaits more lasting recovery signs before raising record-low interest rates. Gross domestic product rose 0.8 percent in the three months ended Sept. 30 from the previous quarter, when it increased 0.1 percent, Statistics New Zealand said in a report released today in Wellington. Growth was faster than the 0.6 percent median projection in a Bloomberg News survey of 14 economists.

Australia’s dollar weakened against most its major counterparts as Asian stocks retreated, sapping demand for higher-yielding currencies.

EUR/USD: on Asian session the pair gain.

GBP/USD: on Asian session the pair gain.

USD/JPY: on Asian session the pair holds in range Y78.00-Y78.15.

On Thursday UK data sees the third release of Q3 GDP data at 0930GMT along with Q3 Balance of Payments data where the Current Account Balance is expected at -stg6.3 billion. There is no major core-European data due on Thursday but at 1600GMT, the ESRB is due to hold a press conference, including Mario Draghi and Mervyn King as well as Andrea Enria.

US data starts at 1130GMT when initial jobless claims are expected to rise 14,000 to 380,000 in the December 17 employment survey week. US data at 1500GMT includes leading indicators, the FHFA Home Price Index and also BLS mass layoffs. This is followed at 1530GMT by the weekly EIA Natural Gas Stocks data. Later US data sees the 2000GMT release of Treasury Allotments by Class and the 2130GMT release of M2 money supply data.