00:00 Australia Conference Board Australia Leading Index June 0.0% -0.2%

01:45 China HSBC Manufacturing PMI (Preliminary) August 47.7 48.3 50.1

The dollar advanced versus most of its major counterparts before housing and employment data that may signal continued recovery in the U.S., boosting the case for a reduction in central bank stimulus. The U.S. Federal Housing Finance Agency will probably say today its house price index climbed 0.6 percent in June after a 0.7 percent advance the previous month, according to the median estimate of economists surveyed by Bloomberg News.

The Bloomberg U.S. Dollar Index touched the highest in more than two weeks after minutes of the Federal Reserve’s July meeting showed most committee members were “broadly comfortable” with Chairman Ben S. Bernanke’s plan to start reducing bond buying this year. The FOMC will probably reduce its monthly purchases of $85 billion in bonds at its Sept. 17-18 meeting, according to 65 percent economists in an Aug. 9-13 Bloomberg survey. The median estimate is a cut to $75 billion each month.

The euro strengthened against the yen before data that may show a pickup in European manufacturing and services. An index of activity in manufacturing and services in the euro area probably rose to 50.9 in August from 50.5 a month earlier, according to a poll before data today from London-based Markit Economics.

Australia’s dollar rebounded from a two-week low after an index of manufacturing in China, the South Pacific nation’s biggest trading partner, rose to 50.1 this month from 47.7 in July, according to preliminary data published today by HSBC Holdings Plc and Markit Economics. A reading above 50 indicates expansion.

EUR / USD: during the Asian session the pair fell to $ 1.3330

GBP / USD: during the Asian session the pair fell below $ 1.5600

USD / JPY: during the Asian session the pair rose to Y98.30

Thursday is a busy day for data releases on both sides of the Atlantic, dominated by the release of the flash PMI data. The main European data gets underway from 0658GMT, when the French August flash manufacturing and services PMI data will be released. Both numbers are seen higher than the July reading, with manufacturing at 50.2 and services at 49.2. German PMI numbers will cross the wires at 0728GMT. Economists are looking form August flash manufacturing to come in at 51.1 and services at 51.7. The consolidated eurozone PMI data will be released at 0758GMT. August flash manufacturing is seen coming in at 50.7, services at 50.2 and Composite at 50.9.