The euro declined against the U.S. dollar and traded around a seven-month low after ECB President Mario Draghi's speech intensified expectations for an expansion of the ECB's quantitative easing program. Speaking at 25th Frankfurt European Banking Congress Draghi said that the central bank will assess the degree of stability of factors, which hold back inflation. He added if the 2% inflation target is at risk the central bank will use all tools available to support it.

This week's data are likely to show that the European economic sentiment and business activity rates little changed in November.

The U.S. dollar rose against major currencies after several Fed officials indicated that the central bank should raise interest rates soon. Market participants are also waiting for today's Fed announcement, which may contain important statements on the bank's policy.

New York Federal Reserve Bank President William Dudley said that the timing of a liftoff in rates depends on data. He expects the U.S. economy to be fine in 2016. Dudley added that the FOMC still has time to take a decision to raise rates in December.

EUR/USD: the pair fell to $1.0600 in Asian trade

USD/JPY: the pair rose to Y123.25

GBP/USD: the pair fell to $1.5155

The most important news that are expected (GMT0):

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

08:00 France Services PMI (Preliminary) November 52.7 52.6

08:00 France Manufacturing PMI (Preliminary) November 50.6 50.8

08:30 Germany Manufacturing PMI (Preliminary) November 52.1 52

08:30 Germany Services PMI (Preliminary) November 54.5 54.3

09:00 Eurozone Manufacturing PMI (Preliminary) November 52.3 52.3

09:00 Eurozone Services PMI (Preliminary) November 54.1 54.1

14:45 U.S. Manufacturing PMI (Preliminary) November 54.1 53.9

15:00 U.S. Existing Home Sales October 5.55 5.4

15:00 U.S. Fed Announcement