The yen rose against most major currencies, against the background of the fact that U.S. Treasuries rose and yields fell on their heads discussing the Fed's rate of economic growth. The yield on 10-year bonds fell 1 basis point to 2.726 %. The yield on 30 -year bonds also fell 1 basis point to 3.755 %, and 5 - year securities - 1.5 bp to 1.469 %.

Speeches by leaders of the Fed after the decision not to reduce the asset purchase program again raised the question of when the Fed is ready to stop loose monetary policy.

Atlanta Fed President Dennis Lockhart said the U.S. economy has lost some strength, noting that improving growth requires a significant amount of innovation. Meanwhile, Lockhart , who is now not a voting member of the FOMC, did not comment on the size of the solutions asset purchase .

President of the New York Fed , William Dudley, who is a voting member of the FOMC, said that the budget brake generated tax increases and budget sequestration , continues to justify a very stimulating monetary policy. Dudley said that last week he supported the Fed's decision to maintain the current pace of asset purchase .

The dollar rose slightly against the euro, which was due to release data on manufacturing activity in the euro area. Despite the fact that the Purchasing Managers 'Index rose , data on manufacturing activity were weaker than economists' expectations .

In the eurozone, the preliminary consolidated production index rose in September more than expected to a 27- month high of 52.1 compared with 51.5 in August. Economists had expected a rise to 51.7 . The index of purchasing managers in the services sector reached 52.1 compared with 50.7 in August. Activity in the services sector rose a second month in a row , has expanded at the fastest pace since June 2011 . Meanwhile , the index of manufacturing activity fell to 51.1 in September from 51.4 in August. However , industrial production increased for the third consecutive month.

In addition, the course of trading was influenced by the statements of President Atlanta Fed 's Lockhart , as well as the head of the New York Fed Dudley .

Meanwhile, we add that little pressure on the U.S. dollar had data on the index of business activity in the industry. Note that in September, the index of manufacturing activity in the U.S. PMI Markit weakened to 52.8 vs. 54.2 and 53.1 above. The decrease was primarily due to a reduction in new orders , including export , as well as the deterioration of the employment situation .

European stocks declined for a second day as investors weighed the German election result and statements on monetary policy from Federal Reserve officials William C. Dudley and Dennis Lockhart.

The Stoxx Europe 600 Index retreated 0.5 percent to 312.63 at 4:41 p.m. in London. The gauge has still surged 9.7 percent this quarter, on course for the biggest gain in four years. The measure advanced for a third week last week, extending its rally this year to 12 percent, after the Fed unexpectedly refrained from reducing its monthly asset purchases.

Fed Bank of New York President Dudley said today that policy makers must “forcefully” push against economic headwinds as the U.S. has yet to show “any meaningful pickup” in momentum. Lockhart, the Atlanta Fed president, said U.S. monetary policy should focus on creating a more dynamic economy following a recent slowing in growth.

German Chancellor Angela Merkel’s Christian Democratic bloc won 41.5 percent of the vote in yesterday’s election. After Merkel’s Free Democratic allies failed to take any seats in the lower house of parliament, her possible coalition partners are the Social Democratic opposition and the Green party. Negotiations to form German governments usually last from four to six weeks.

National benchmark indexes fell in 16 of the 18 western-European markets.

FTSE 100 6,557.37 -39.06 -0.59% CAC 40 4,172.08 -31.58 -0.75% DAX 8,635.29 -40.44 -0.47%

Sabadell declined 2.9 percent to 1.84 euros and Barclays dropped 2.7 percent to 266.1 pence. A gauge of financial shares was the second-worst performer in the MSCI World Index as Atlantic Equities LLP forecast a drop in fixed-income trading revenue for the biggest U.S. banks. Citigroup Inc. may post a decline in annual sales of more than 10 percent, the Financial Times reported. The newspaper said the New York-based bank declined to comment.

National Grid slipped 1.7 percent to 746 pence. UBS downgraded the shares to neutral from buy, saying the price already reflects growth projections for the company. The stock trades at 14.3 times estimated earnings, compared to its five-year average of 11.7 times, data compiled by Bloomberg show.

Metso retreated 3.3 percent to 30.76 euros as Morgan Stanley cut its rating on the stock to equal weight, similar to a hold recommendation, from overweight. The brokerage cited worse-than-projected orders for mining equipment in the first half of the year.

Infineon Technologies AG gained 1.5 percent to 7.60 euros after Boersen-Zeitung reported that the company’s full-year profit will be 20 percent greater than its forecasts amid signs of a global chip-market recovery. The newspaper cited an interview with Chief Financial Officer Dominik Asam.

Finmeccanica SpA increased 4 percent to 4.71 euros, its highest price in seven months amid separate reports from La Repubblica and Corriere della Sera of bids for some of the Italian arms company’s holdings.

Oil prices fell markedly , dropping at the same time below $ 108 per barrel, as the higher the volume of production in Iraq and a possible improvement in US- Iranian relations have improved the outlook for supply and compensate for this upbeat economic data from China and Europe .

Note that the price of oil fell last week, after the resumption of some supplies from Libya after weeks of unrest and fear, on the background of the fact that the probability of military action by the U.S. against Syria has decreased significantly .

Prices resumed their downward trend, after Iraq , a major oil producer in OPEC , said today that it has increased production at its southern oil fields after the repair of the pipeline. We also add that the downward trend was also supported by innovative options meetings between the leaders of the United States and Iran this week.

Iranian President Hassan Rouhani will seek to set the tone for further nuclear talks with world powers that can bring relief to the tension, and improve the relationship between the countries.

In addition, we add that the course of trade affected by Chinese data that showed that this month the manufacturing PMI index increased significantly , thereby exceeded the estimates of experts , and reaching the highest level in six months, which primarily was due to the increase in new export orders.

According to the report , the September purchasing managers' index for the manufacturing sector rose to 51.2 points, compared with 50.1 in August , reaching a six-month high at the same time . Note that according to the average forecasts of experts the value of the manufacturing index was up to the level of 50.9 points.

No less important was the report on the euro area. As it became known , the preliminary consolidated production index rose in September more than expected to a 27- month high of 52.1 compared with 51.5 in August. Economists had expected a rise to 51.7 .

The index of purchasing managers in the services sector reached 52.1 compared with 50.7 in August. Activity in the services sector rose a second month in a row , has expanded at the fastest pace since June 2011 . Meanwhile , the index of manufacturing activity fell to 51.1 in September from 51.4 in August. However , industrial production increased for the third consecutive month.

The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 103.44 a barrel on the New York Mercantile Exchange.

November futures price for North Sea Brent crude oil mixture fell $ 1.06 to $ 107.94 a barrel on the London exchange ICE Futures Europe.

The cost of gold futures fell slightly today , by expanding the losses of the previous session , as many investors continued to weigh the Fed's comments with regard to incentives. Recall that the price of gold on Wednesday showed its largest increase in percentage terms since 2009, after the Fed decided to keep its bond-buying program unchanged, contrary to forecasts of a slight decline .

However, this increase was short-lived , as some Fed officials on Friday indicated that the central bank may slow the purchase of bonds in the near future.

Note that one of them was the head of the Federal Reserve Bank of St. Louis, James Bullard , who said the decision not to reduce the amount of bond buying was "dangerous" and next month may be a slight reduction program. The decision was " borderline " after the publication of weak data.

Bullard named October as the likely period to reduce the amount of QE, as may be published some data that will change the understanding of the prospects , and as a result , the Committee may hold a slight reduction in the volume of purchases in October. Markets should not be surprised by the decision , because the members of the Committee on Open Market repeatedly stated that the decision would be "slow" , or reduction of the program will depend on the data , "- said Bullard .

Meanwhile , we add that the decline in gold prices helped the victory of German Chancellor Angela Merkel. Note that Angela Merkel won a landslide victory over his opponent Peer Steinbrueck and his party of Social Democrats ( center-left ) , which won only 26 % of the vote . However, to obtain an absolute majority in the Bundestag Christian Democratic Party Merkel did not have any of three places. Her former colleagues in the coalition, the Free Democratic Party failed to gain 5 % of the vote to win seats in Parliament. As a result, Merkel will have to negotiate with the other party is likely to Peer Steinbrück party to form a coalition .

The cost of the October gold futures on COMEX today dropped to $ 1327.60 per ounce.

EUR/USD $1.3300, $1.3400, $1.3500, $1.3520

USD/JPY Y97.50, Y97.75, Y98.00, Y99.00, Y99.40, Y99.60, Y99.90, Y100.00, Y101.00

AUD/USD $0.9350, $0.9450

NZD/USD $0.8370

AUD/JPY Y93.50

EUR/NOK Nok7.9760

EUR/GBP stg0.8370, stg0.8430

U.S. stock futures fell before speeches from Federal Reserve officials that may give clues to when the central bank will reduce monetary stimulus.

Global Stocks:

Nikkei  14,742.42 -23.76 -0.20%

Hang Seng 23,371.54 -130.97 -0.60%

Shanghai Composite 2,221.04 +29.19 +1.3%

FTSE  6,562.95 -33.48 -0.51%

CAC  4,190.66 -13.00 -0.31%

DAX 8,637.38 -38.35 -0.44%

Crude oil $104.67 -1.62%

Gold $1321.40 -0.83%

06:58 France Manufacturing PMI (Preliminary) September 49.7 50.2 49.5

06:58 France Services PMI (Preliminary) September 48.9 49.3 50.7

07:00 Switzerland KOF Institute Economic Forecast Quarter IV

07:28 Germany Manufacturing PMI (Preliminary) September 51.8 52.3 51.3

07:28 Germany Services PMI (Preliminary) September 52.8 53.2 54.4

07:58 Eurozone Services PMI (Preliminary) September 50.7 51.1 52.1

08:00 Eurozone Manufacturing PMI (Preliminary) September 51.4 51.8 51.1

10:00 Germany Bundesbank Monthly Report September

The euro fell slightly against the dollar after data on manufacturing activity in the euro area. Despite the fact that the Purchasing Managers 'Index rose , data on manufacturing activity was weaker than economists' expectations . The increase was primarily due to improved activity in the services sector.

In the eurozone, the preliminary consolidated production index rose in September more than expected to a 27- month high of 52.1 compared with 51.5 in August. Economists had expected a rise to 51.7 . The index of purchasing managers in the services sector reached 52.1 compared with 50.7 in August. Activity in the services sector rose a second month in a row , has expanded at the fastest pace since June 2011 . Meanwhile , the index of manufacturing activity fell to 51.1 in September from 51.4 in August. However , industrial production increased for the third consecutive month.

In Germany, the seasonally adjusted Composite Index , a measure of activity in the manufacturing sector and the service sector reached 53.8 eight-month high in September, compared with 53.5 in August. Values ​​above 50 indicate expansion, while a decrease below 50 per sector. Activity in the private sector rose a fourth straight month in September , driven by continued growth in new orders , which rose at the fastest pace since June 2011 . In response to an increase in new orders , employers, private sector employment increased in September, while the pace of job creation were the most prominent in March 2012 . The rise in the overall performance of the private sector reflects the strong improvement in activity in the services sector. Purchasing Managers' Index (PMI) for the service sector rose to 54.4 in September from 52.8 the previous month , reaching the highest level in seven months. Economists had expected the index to rise to 53. Meanwhile, the activity indicator for the manufacturing sector fell to 51.3 in September from 51.8 in August. Economists' expectations were at the level of increase to 52 . Sub-indicator level of production at German factories fell to three-month low 52.7 from 54.8 in August.

Market participants continue to assess the results of the elections in Germany , held last Sunday , and began talks on forming a new coalition government led by Angela Merkel . Angela Merkel won a landslide victory over his opponent Peer Steinbrueck and his party of Social Democrats ( center-left ) , which won only 26 % of the vote . However, to obtain an absolute majority in the Bundestag Christian Democratic Party Merkel did not have any of three places. Her former colleagues in the coalition, the Free Democratic Party failed to gain 5 % of the vote to win seats in Parliament. As a result, Merkel will have to negotiate with the other party is likely to Peer Steinbrück party to form a coalition .

Dollar loses second day against the yen ahead of today's speech, the president Federal Reserve Bank of New York and Atlanta Fed Dudley Dennis Lockhart . Recall that last week, the Fed unexpectedly refrained from lowering monthly asset purchases , saying that more signs of sustainable recovery of the labor market .

The Australian dollar rose after today's publication of the preliminary data of the manufacturing index from HSBC PMI on China's economy. This month the index rose to 51.2 , from 50.1 in August , while analysts had expected growth of only 50.9 .

EUR / USD: during the European session, the pair fell to $ 1.3498

GBP / USD: during the European session, the pair rose to $ 1.6059

USD / JPY: during the European session, the pair fell to Y98.86

At 13:00 GMT the United States will leave the index of business activity in the manufacturing sector in September.

EUR/USD

Offers $1.3650/60, $1.3620, $1.3600, $1.3575/80, $1.3550

Bids $1.3500, $1.3485/80, $1.3455/50, $1.3420/00

GBP/USD

Offers $1.6180/85, $1.6145/50, $1.6090/100, $1.6075/80

Bids $1.6000, $1.5980, $1.5960/50, $1.5920, $1.5900

AUD/USD

Offers $0.9540/50, $0.9525/30, $0.9500, $0.9480, $0.9450

Bids $0.9385/80, $0.9350, $0.9300, $0.9280

EUR/GBP

Offers stg0.8520, stg0.8500, stg0.8480, stg0.8460/65, stg0.8450

Bids stg0.8400, stg0.8355/50, stg0.8320, stg0.8300

EUR/JPY

Offers Y135.20, Y135.00, Y134.50, Y134.20/25

Bids Y133.50, Y133.00, Y132.80, Y132.60/50, Y132.20

USD/JPY

Offers Y99.90/0.00, Y99.80, Y99.60, Y99.50, Y99.15/20

Bids Y98.80, Y98.60, Y98.50, Y98.25/20

European stocks were little changed, following three weeks of gains, as investors weighed the German election result. U.S. index futures and Asian shares were also little changed.

German Chancellor Angela Merkel won 41.5 percent of the vote in her bid for a third term as leader of Europe’s largest economy, according to results from all 299 districts after yesterday’s election. That still leaves her short of a majority, with Merkel needing to find a coalition partner after the Free Democrats failed to win seats in the lower house of parliament.

Euro-area services and manufacturing growth accelerated to the fastest in more than two years in September as demand improved. A composite index based on a survey of purchasing managers in both industries rose to 52.1 from 51.5 in August, Markit Economics said. Economists had forecast 51.8, based on the median of 25 estimates in a survey.

National Grid Plc declined 1.6 percent as UBS AG cut its rating on the stock.

Aberdeen Asset Management Plc climbed 1.9 percent after forecasting full-year profit at the upper end of analyst projections.

FTSE 100 6,582.8 -13.63 -0.21%

CAC 40 4,207.32 +3.66 +0.09%

DAX 8,672.29 -3.44 -0.04%

The Eurozone private sector recovery strengthened further in September largely due to a strong upturn in services, preliminary data from Markit Economics showed Monday.

The flash composite output index rose more-than-expected to 52.1 in September, a 27-month high, from 51.5 in August. It was forecast to rise to 51.7.

The Purchasing Managers' Index for the service sector came in at 52.1, up from 50.7 in August. Services activity rose for the second month running, expanding at the fastest rate since June 2011.

Meanwhile, the manufacturing PMI fell to 51.1 in September from 51.4 in August. Nonetheless, manufacturing output rose for the third straight month.

"The overall rate of growth signaled by the Eurozone PMI remains modest, however, consistent with gross domestic product rising by a meager 0.2 percent in the third quarter," said Chris Williamson, chief economist at Markit.

EUR/USD $1.3300, $1.3400, $1.3500

USD/JPY Y97.50, Y97.75, Y98.00, Y99.00, Y99.40, Y99.60, Y99.90, Y100.00, Y101.00

AUD/USD $0.9350, $0.9450

NZD/USD $0.8370

AUD/JPY Y93.50

EUR/NOK Nok7.9760

Asian stocks traded near a four-month high after a Chinese manufacturing index jumped more than forecast.

Nikkei 225 14,742.42 -23.76 -0.16%

Hang Seng 23,354.73 -147.78 -0.63%

S&P/ASX 200 5,252.46 -24.23 -0.46%

Shanghai Composite 2,221.04 +29.19 +1.33%

Delta Electronics Inc. a maker of power-supply packs for notebook computers, surged 6.3 percent, leading technology shares higher.

Woori Finance Holdings Co. gained 1.6 percent in Seoul amid speculation sales of its regional bank units will succeed.

Newcrest Mining Ltd., Australia’s largest gold producer, slumped 8.2 percent after the price of the precious metal fell for a second day.

01:45 China HSBC Manufacturing PMI (Preliminary) September 50.1 50.9 51.2

The euro was 0.3 percent from a seven-month high against the dollar after Angela Merkel won an overwhelming endorsement from German voters, putting her on course for the biggest election tally since Helmut Kohl’s post-reunification victory of 1990. Merkel’s Christian Democratic bloc took 41.5 percent of the vote in yesterday’s election, to 25.7 percent for the Social Democrats of Peer Steinbrueck, according to results from all 299 districts. That leaves her short of a majority and party leaders are due to meet today to discuss coalition talks.

Merkel’s choice is limited to a re-run of her first-term “grand coalition” with her traditional SPD rivals or the first-ever national alliance with the Greens. Neither party rushed to endorse a coalition.

European Central Bank President Mario Draghi will speak in the European Parliament today.

The dollar declined for a second day versus the yen before Fed Bank of New York President Dudley and Bank of Atlanta President Dennis Lockhart are scheduled to speak today. The Fed last week unexpectedly refrained from reducing its $85 billion in monthly asset purchases, saying it needs to see more signs of sustained labor market gains.

Australia’s dollar advanced after a report today indicated manufacturing expansion in China, the nation’s biggest trading partner. The preliminary reading for a Chinese manufacturing Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics rose to 51.2 this month from 50.1 in August. The Bloomberg survey median was for 50.9.

EUR / USD: during the Asian session the pair traded in the range of $ 1.3520-30

GBP / USD: during the Asian session, the pair traded in the range of $ 1.5995-30

USD / JPY: during the Asian session the pair fell to Y99.05

Monday sees the release of flash manufacturing and services PMI data on both sides of the Atlantic. French flash PMI data is set for release at 0658GMT, to be followed by German data at 0728 GMT and the combined EMU data at 0758GMT. The 'flash' Purchasing Managers' Index data for September will be followed by the German Ifo benchmark economic sentiment index Tuesday. Both are expected to establish the trend of solid forward-looking indicators in the Eurozone but are also expected to contrast markedly with the continually weak data from the real economy. There is no other data, but EU Economics and Monetary Affairs Commissioner Olli Rehn speech discusses eurozone challenges in New York at 1200GMT. ECB President Mario Draghi is set to hold his quarterly hearing before the European Parliament, in Brussels.

Across the Atlantic, the US September Markit flash PMI data will be released at 1258GMT. ECB President Mario Draghi is set to hold his quarterly hearing before the European Parliament, in Brussels. There is a full calendar of Fedspeak following on from Friday's raft of policymaker speeches. At 1320GMT, Atlanta Federal Reserve Bank President Dennis Lockhart will deliver a speech in New York. At 1330GMT, New York Federal Reserve Bank President William Dudley will hold a speech in New York. Later, at 1730GMT, Dallas Federal Reserve Bank President Richard Fisher will deliver a speech on banking and too-big-to-fail in San Antonio. Late data sees the release of the September Treasury Allotments data at 1900GMT. Late, at 2230GMT, Mexican President Enrique Pena Nieto will give a speech in New York.

01:45 China                    HSBC Manufacturing PMI (Preliminary) September 50.1 50.9

06:58 France Manufacturing PMI (Preliminary) September 49.7 50.2

06:58 France Services PMI (Preliminary) September 48.9 49.3

07:00 Switzerland KOF Institute Economic Forecast Quarter IV

07:28 Germany Manufacturing PMI (Preliminary) September 51.8 52.3

07:28 Germany Services PMI (Preliminary) September 52.8 53.2

07:58 Eurozone Services PMI (Preliminary) September 50.7 51.1

08:00 Eurozone Manufacturing PMI (Preliminary) September 51.4 51.8

10:00 Germany Bundesbank Monthly Report September

12:30 U.S. Chicago Federal National Activity Index August -0.15 -0.05

13:00 Eurozone ECB President Mario Draghi Speaks

13:00 U.S. Manufacturing PMI (Preliminary) September 53.1 54.2

13:30 U.S. FOMC Member Dudley Speak

15:15 Switzerland SNB Chairman Jordan Speaks

18:00 United Kingdom MPC Member Dr Ben Broadbent Speaks