The dollar rose significantly against the euro, the most likely cause of what may be called expectations regarding publication of the minutes of the last meeting of the Committee on the open market. As we all remember , the last meeting of the Committee took an unexpected decision not to reduce the size of the program QE. The current protocol is to better understand the distribution of forces in the Committee , thereby giving more guidance on further Fed action .

It should be noted that the recent failed attempts to make a sustained break above 1.3600 provoked the current correction, which can be accelerated in the event of a friendly tone of the Fed.

Meanwhile, we add that , despite the recent rebound in risk appetite due to Obama's intention to nominate Janet Yellen as the new Fed chairman after the departure Bernanke , the market's attention once again shifted to the ongoing crisis in the Congress , where both parties refuse to compromise .

The news of Yellen was not unexpected , since it has become a prime candidate . However, confirmation that Yellen nominated for the post of head of the Central Bank, will point to the absence of risk of aggressive policy tightening .

But , as expected , the effect of the news of the Yellen gradually fades away , and the players' attention switched back to the situation in the U.S. government and key date coming on October 17. If Congress does not take a bill to raise the debt ceiling, it is unable to service its debt .

Despite rumors of negotiations between Republicans and Democrats , in fact, the situation remains deadlocked and does not receive development.

The pound has fallen against the U.S. dollar, which was triggered by the release of weak data from Britain.

As it became known , the industrial production in the UK unexpectedly fell in August to the lowest in almost a year , putting into question the strength of economic recovery in the third quarter.

Industrial production fell by 1.1 percent from July , when it rose 0.1 percent, the Office for National Statistics . According to the median forecast of economists rate was to increase by 0.2 percent. In the factories production declined by 1.2 percent ( the largest decline contributed to the decline of manufacturing of pharmaceutical preparations).

It should be noted that the International Monetary Fund yesterday raised its forecast for GDP growth in the UK, but today's data suggests that the industrial sector is lagging behind in development. Policy of the Bank of England is likely to keep policy unchanged , to strengthen the recovery.

Meanwhile , it was revealed that the total industrial production rose by 1.1 percent in the three months to August.

In a separate report ONS said that the trade deficit in goods fell to 9630 million pounds ( 15.5 billion U.S. dollars) from 9.94 billion pounds. Exports rose 1.1 percent, while imports fell by 0.1 per cent. The deficit with the European Union expanded.

European stocks declined for a third day amid concern that the impasse over the U.S. budget and debt limit may lead to a default.

The Stoxx Europe 600 Index slipped 0.7 percent to 304.85 at 4:30 p.m. in London. The benchmark has fallen 1.6 percent this week after U.S. House Speaker John Boehner said he will attach conditions before backing a bill to raise the federal borrowing limit and as the first shutdown of the federal government in 17 years continues.

President Barack Obama said yesterday that the U.S. economy risks a “very deep recession” if Congress doesn’t raise the debt ceiling. He spoke after calling Boehner to “reiterate that he won’t negotiate on a government-funding bill or debt-limit increase,” said Brendan Buck, a Boehner spokesman.

Tentative Steps

Still, lawmakers began taking the first tentative steps toward a path to raising the limit even as the rhetoric grew more divisive. Senate Democrats plan a test vote before the end of this week on a measure that would grant Obama authority to raise the ceiling, probably for a year, unless two-thirds of both chambers of Congress oppose.

The Treasury has said that it will exhaust measures to avoid exceeding the borrowing limit on Oct. 17. If that happens, the government will run out of cash to pay all of its bills at some point between Oct. 22 and Oct. 31, according to the Congressional Budget Office.

Obama will nominate Janet Yellen as chairman of the Federal Reserve, which would put the world’s most powerful central bank in the hands of a key architect of its unprecedented stimulus program and the first female leader in its 100-year history.

Obama will announce the nomination at 3 p.m. today in Washington, a White House official said in an e-mailed statement. Yellen, 67, would succeed Ben S. Bernanke, whose term expires on Jan. 31.

National benchmark indexes retreated in 13 of the 18 western European markets.

FTSE 100 6,337.91 -27.92 -0.44% CAC 40 4,127.05 -6.48 -0.16% DAX 8,516.69 -39.20 -0.46%

Alcatel-Lucent slid 7.5 percent to 2.56 euros. Ayrault said he wanted negotiations to limit job cuts. “If there is no accord, this restructuring won’t be approved,” he said on Europe1 radio.

Alcatel said on Oct. 8 that it will eliminate 10,000 jobs as Chief Executive Officer Michel Combes accelerates a 1 billion-euro ($1.4 billion) cost-cut plan to revive the unprofitable company.

Saint-Gobain (SGO) dropped 4.2 percent to 36.65 euros. Morgan Stanley cut its rating on the stock to underweight, similar to a sell recommendation, from equal weight, saying it doesn’t see a recovery yet in the European building industry and the contribution from emerging markets will slow.

Vedanta Resources Plc (VED) slid 5 percent to 1,017 pence, its lowest price in three months. The India-focused metals and oil producer said fiscal second-quarter copper output in Zambia declined 26 percent and iron-ore mining in Karnataka state remains halted.

Celesio AG dropped 3 percent to 19.88 euros. Commerzbank AG downgraded the drug wholesaler to hold from buy, citing the risk that its majority shareholder, Franz Haniel & Cie GmbH, may not allow McKesson Corp. to gain control of the business. Celesio jumped 20 percent yesterday as Dow Jones reported that McKesson has started talks with Franz Haniel about acquiring the company.

Wimpey advanced 5.1 percent to 103.7 pence. Goldman added the U.K.’s second-largest homebuilder by volume to its conviction buy list, citing its exposure to the domestic housing-market recovery.

The cost of oil futures declined substantially , while enhancing their earlier losses , after the Energy Information Administration reported a bigger -than-expected gain in U.S. inventories .

Energy Department data on changes in stocks in the U.S. this week:

- Oil stocks rose 6.8 million barrels ;

- Gasoline inventories rose by 0.1 million barrels . ;

- Distillate inventories fell by 3.1 million barrels . ;

- Refining capacity utilization rate 86.0% ;

- Oil terminal in Cushing and decreased by 0.168 million barrels . to 32.62 million bpd.

Also, add that some investors continue to win back messages from the International Monetary Fund, which downgraded the outlook for global growth in 2013 to 2.9 % from 3.2% that had been expected in July, and for 2014 - up to 3 , 6% to 3.8%. The outlook for U.S. economic growth for the current year decreased to 1.6% from 1.7% in 2014 - to 2.6 % from 2.8 %. As for the Asia- Pacific region, the IMF downgraded Japan's economic growth forecast for 2013 to 2% from 2.1 %, while China's GDP will grow by 7.6 % instead of the expected 7.8% in July . In 2014, Japan's GDP will increase by 1.2 % (1.1 % in the previous estimate ), China - 7.3% ( 7.7 % in the July forecast ) .

It should also be noted that , despite the recent rebound in risk appetite due to Obama's intention to nominate Janet Yellen as the new Fed chairman after the departure Bernanke , the market's attention once again shifted to the ongoing crisis in the Congress , where both parties refuse to compromise .

The news of Yellen was not unexpected , since it has become the leading candidate after the previous favorite Larry Summers fizzled out last month after relentless opposition Democrats. However, confirmation that Yellen nominated for the post of head of the Central Bank, will point to the absence of risk of aggressive policy tightening .

But , as expected , the effect of the news of the Yellen gradually fades away , and the players' attention switched back to the situation in the U.S. government and key date coming on October 17. If Congress does not take a bill to raise the debt ceiling, it is unable to service its debt .

Despite rumors of negotiations between Republicans and Democrats , in fact, the situation remains deadlocked and does not receive development.

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 101.72 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture fell $1.36 to $ 108.82 a barrel on the London exchange ICE Futures Europe.

Today, the price of gold dropped significantly in the first place was due to profit-taking by traders . In addition , we add , that the nomination Yellen has revived hopes of the players on the fact that the U.S. would still be able to avoid a default on the debt.

It should be noted that today the White House will call the name of the new head of the U.S. Federal Reserve . It is expected that Barack Obama nominates for this key position Janet Yellen , who until recently served as vice president and deputy chairman of the Federal Reserve Board of Governors of the organization. 67 -year-old Yellen will be the first representative of the Democratic Party of the United States at the head of the main regulator of the U.S. economy since 1987 and the first woman to head the Federal Reserve.

Experts suggest that Janet Yellen intends to continue the program to stimulate economic growth in the U.S. , with all available resources from the Fed . Commentators have noted that the main challenge for her will be the fight against high unemployment in America, which currently stands at 7.3 percent .

We also add that analysts expect a positive market reaction to the appointment Yellen , because it is " well known as a high professional level."

Recall that the authority of the current Fed chairman Ben Bernanke will expire in January 2014. Barack Obama has repeatedly said that Bernanke during the eight years of successful work in office.

Given the fact that the change of the head of the U.S. Federal Reserve takes place against the background of the confrontation between Democrats and Republicans in Congress, it is possible that legislators statement Yellen will be complicated because of internal political disagreements on the fight with the budget deficit and the U.S. economy .

Meanwhile , we add that the decline in gold prices also contributes to the budget crisis in the United States . Yesterday , U.S. President Obama and Speaker of the House John Boehner discussed by telephone the budget crisis , and the markets once again began to hope for its resolution. This has stimulated the demand for the dollar , thus , falls metal.

In addition , the data showed that the gold reserves of the world 's largest exchange-traded fund SPDR Gold Trust fell 1.8 tonnes on Tuesday . Note that since October 1, stocks in the fund decreased by 8 tons , which was associated with the partial termination of the U.S. government.

The cost of the December gold futures on COMEX today dropped to $ 1301.60 per ounce.

EUR/USD $1.3450, $1.3500, $1.3530, $1.3550, $1.3555, $1.3560, $1.3570, $1.3585, $1.3600, $1.3665, $1.3700, $1.3725

GBP/USD $1.5850, $1.5890, $1.6075, $1.6180, $1.6200

USD/JPY Y95.75, Y96.00, Y96.40, Y97.00, Y97.50, Y97.90, Y98.00, Y99.00

AUD/USD $0.9300, $0.9380, $0.9400, $0.9500

EUR/NOK Nok8.1000

NZD/USD $0.8100

EUR/GBP stg0.8300, stg0.8425

EUR/USD Y132.80, Y134.00

USD/CAD Cad1.0280

EUR/USD

Offers $1.3660/80, $1.3650, $1.3620, $1.3580, $1.3560/70

Bids $1.3510, $1.3500, $1.3455/50, $1.3420, $1.3400

GBP/USD

Offers $1.6145/50, $1.6100, $1.6035/40

Bids $1.5950, $1.5900, $1.5880

AUD/USD

Offers $0.9550, $0.9500, $0.9480/85

Bids $0.9425/20, $0.9400, $0.9380, $0.9350

EUR/JPY

Offers Y133.20, Y133.00, Y132.80, Y132.50, Y132.20

Bids Y131.20, Y131.00

USD/JPY

Offers Y98.20, Y97.90/00, Y97.80, Y97.50

Bids Y97.00, Y96.85/80, Y96.55/50, Y96.20

EUR/GBP

Offers stg0.8550, stg0.8500, stg0.8480

Bids stg0.8420, stg0.8400, stg0.8380, stg0.8350

EUR/USD $1.3450, $1.3500, $1.3530, $1.3550, $1.3555, $1.3560, $1.3570, $1.3585, $1.3600, $1.3665, $1.3700, $1.3725

GBP/USD $1.5850, $1.5890, $1.6075, $1.6180, $1.6200

USD/JPY Y95.75, Y96.00, Y96.40, Y97.00, Y97.50, Y97.90, Y98.00, Y99.00

AUD/USD $0.9300, $0.9380, $0.9400, $0.9500

EUR/NOK Nok8.1000

NZD/USD $0.8100

EUR/GBP stg0.8300, stg0.8425

EUR/USD Y132.80, Y134.00

USD/CAD Cad1.0280

Asian stocks outside Japan fell on concern the impasse over the U.S. debt limit may lead to a default and after the International Monetary Fund cut its global outlook. Japan’s Topix index capped the biggest gain in almost three weeks after the yen weakened.

Nikkei 225 14,037.84 +143.23 +1.03 %

Hang Seng 23,033.97 -144.88 -0.63 %

S&P/ASX 200 5,152.99 +3.54 +0.07 %

Shanghai Composite 2,198.2 +23.53 +1.08 %

Geely Automobile Holdings Ltd. fell 3.4 percent in Hong Kong after Goldman Sachs Group Inc. sold the carmaker’s shares at a discount, according to a term sheet obtained by Bloomberg.

WorleyParsons Ltd. lost 2.9 percent in Sydney after the mining-services provider said it expects 2014 fiscal first-half earnings to decline.

SoftBank Corp. slumped 5.7 percent after Citigroup Inc. cut the Japanese mobile carrier’s equity rating.

Toyota Motor Corp., Asia’s biggest auto manufacturer, gained 3 percent in Tokyo after falling as much as 0.7 percent.

The yen declined against all its 16 major peers after a White House official said President Barack Obama will nominate Janet Yellen today to head the Federal Reserve, boosting demand for higher-yielding assets. Fed Vice Chairman Yellen, 67, would succeed Chairman Ben S. Bernanke, whose term ends Jan. 31. She was the favorite in surveys of economists and had the backing of 20 members of the Senate Democratic caucus who signed a July 26 letter to Obama.

The Bloomberg U.S. Dollar Index was near its lowest closing level in seven months before the Fed releases minutes of last month’s meeting when it unexpectedly refrained from trimming bond purchases. The congressional standoff that’s halted the release of key economic data and risks a breach of the U.S. debt limit continues. U.S. House Speaker John Boehner insisted yesterday on immediate negotiations with Obama, rejecting the president’s stance that he’ll talk only after the shutdown ends and the risk of default is pushed back. Republicans have sought spending cuts and changes to Obama’s health-care law. The U.S. borrowing authority lapses on Oct. 17.

The euro rose before a report forecast to show German industrial production rebounded in August and the European Central Bank president speaks today. Industrial production in Germany probably rose 1 percent in August after declining 1.7 percent in the previous month, a report today is forecast to show according to the median estimate in a Bloomberg News survey. ECB President Mario Draghi is scheduled to speak today at Harvard University’s John F. Kennedy School of Government in Cambridge, Massachusetts.

EUR / USD: during the Asian session the pair traded in the range of $ 1.3560-00

GBP / USD: during the Asian session, the pair traded in the range of $ 1.6060-20

USD / JPY: during the Asian session the pair rose to Y97.40

There is no early European data, with the first expected release from the UK at 0830GMT. The UK data includes the August industrial production release and the August trade balance.  More UK data is set to cross the wire in the afternoon session, when the NIESR releases their October monthly GDP forecast. The release comes the day after the IMF upped its 2013 UK growth forecast to 1.4% from an original 0.7%.

GOLD 1,324.20  -0.60 -0.05%

OIL (WTI) 103.52  0.49 0.48%

Nikkei 225 13,894.61 41,29 0,30%

Hang Seng 23,136.74 162,79 0,71%

S & P / ASX 200 5,149.45 -11.67 -0.23%

Shanghai Composite 2,198.2 23,53 1,08%

FTSE 100 6,365.83 -71.45 -1.11%

CAC 40 4,133.53 -32.05 -0.77%

DAX 8,555.89 -35.69 -0.42%

Dow -161.22 14,775.02 -1.08%

Nasdaq -75.35 3,695.03 -2.00%

S&P -20.84 1,655.28 -1.24%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3572 -0,03%

GBP/USD $1,6084 -0,02%

USD/CHF Chf0,9040 +0,09%

USD/JPY Y96,88 +0,21%

EUR/JPY Y131,48 +0,14%

GBP/JPY Y155,80 +0,17%

AUD/USD $0,9420 -0,05%

NZD/USD $0,8284 -0,22%

USD/CAD C$1,0368 +0,53%

08:30 United Kingdom Industrial Production (MoM) August 0.0% +0.2%

08:30 United Kingdom Industrial Production (YoY) August -1.6% -0.7%

08:30 United Kingdom Manufacturing Production (MoM) August +0.2% +0.3%

08:30 United Kingdom Manufacturing Production (YoY) August -0.7% +1.0%

08:30 United Kingdom BOE Credit Conditions Survey Quarter III

08:30 United Kingdom Trade in goods August -9.9 -8.8

10:00 Germany Industrial Production s.a. (MoM) August -1.7% +1.1%

10:00 Germany Industrial Production (YoY) August -2.2% -1.5%

14:00 United Kingdom NIESR GDP Estimate September +0.9%

14:00 U.S. FOMC Member Charles Evans Speaks

14:30 U.S. Crude Oil Inventories October +5.5

18:00 U.S. FOMC meeting minutes September

21:30 New Zealand Business NZ PMI September 57.5

22:00 Eurozone ECB President Mario Draghi Speaks

23:50 Japan Core Machinery Orders August 0.0% +2.9%

23:50 Japan Core Machinery Orders, y/y August +6.5% +8.5%

23:50 Japan Tertiary Industry Index August -0.4% +0.5%