The euro are under pressure before Italy sells short-term debt today amid concern the region’s debt crisis is deepening.

The common currency fell as Greece’s political leaders go into a fifth day of talks to form a government and before data that may show the euro region’s economy contracted.

Italy plans to raise as much as 10 billion euros ($12.9 billion) from bill sales. The dollar and the yen were bound for a weekly gain versus most major as JPMorgan Chase & Co. said it made a $2 billion trading loss, boosting demand for safer assets.

EUR/USD: the pair showed low in $1,2900 area then slightly receded.

GBP/USD: the pair decreased in $1.6100 area.

USD/JPY: the pair receded in Y79.80 area.

US data starts at 1230GMT with producer prices, which are expected to hold steady again in April after the flat reading in March. Energy

prices are expected to decline further after falling 1.0% in March. The core PPI is forecast to rise 0.2% in the month after the 0.3% increase

in March. At 1315GMT, Dallas Fed President Richard Fisher speaks to the  Texas Bankers Association 128th Annual Convention. US data continues at

1355GMT, when the Michigan Sentiment Index is expected to hold steady at a reading of 76.4 in early-May after rising slightly in April.