Economic calendar (GMT0):

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

00:00 Australia HIA New Home Sales, m/m October -4.0% -3.0%

00:30 Australia Trade Balance October -2.40 Revised From -2.32 -2.665 -3.30

01:45 China Markit/Caixin Services PMI November 52.0 53.1 51.2

The euro declined against the U.S. dollar ahead of an ECB meeting later today. Many investors expect the bank to decide to expand its quantitative easing program. Speaking earlier at a European Banking Congress in Frankfurt ECB President Maria Draghi said that at the next meeting the central bank will assess the degree of stability of factors, which hold back inflation. He added if the 2% inflation target was at risk the central bank would use all tools available to support it.

The New Zealand dollar rose after Fonterra, New Zealand-based biggest dairy company in the world, said it would make payments to shareholders on December 10. The company noted that the latest GlobalDairyTrade auction highlighted growing milk powder prices. Fonterra's representatives said they wished to believe that dairy prices were on their way up, but concerns remained. These comments have supported the NZD today.

The Australian dollar declined at the beginning of the session amid weak trade balance data. The country's trade deficit came in at A$3.3 billion in October. The deficit has widened compared to -A$2.4 billion reported previously. Economists had expected a deficit of -A$2.67 billion. Imports were unchanged in October, while exports fell by 3%. Nevertheless the AUD rebounded later in the session.

EUR/USD: the pair fell to $1.0585 in Asian trade

USD/JPY: the pair rose to Y123.45

GBP/USD: the pair fell to $1.4920

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

08:50 France Services PMI (Finally) November 52.7 51.3

08:55 Germany Services PMI (Finally) November 54.5 55.6

09:00 Eurozone Services PMI (Finally) November 54.1 54.6

09:30 United Kingdom Purchasing Manager Index Services November 54.9 55

10:00 Eurozone Retail Sales (MoM) October -0.1% 0.2%

10:00 Eurozone Retail Sales (YoY) October 2.9% 2.7%

12:45 Eurozone ECB Interest Rate Decision 0.05% 0.05%

13:30 Eurozone ECB Press Conference

13:30 U.S. Continuing Jobless Claims November 2207 2187

13:30 U.S. Initial Jobless Claims November 260 268

14:45 U.S. Services PMI (Finally) November 54.8 56.5

15:00 U.S. ISM Non-Manufacturing November 59.1 58

15:00 U.S. Factory Orders October -1.0% 1.4%

15:00 U.S. Fed Chairman Janet Yellen Speaks

18:10 U.S. FED Vice Chairman Stanley Fischer Speaks