Asian session: The dollar fell

The dollar fell for a second day against the euro as Asian stocks advanced on speculation the worldwide economic recovery is building momentum, reducing demand for safer assets.

The greenback declined to a 10-week low against the pound after a national research group said the Bank of England will raise interest rates three times this year.

Australia’s dollar climbed after the central bank said there are signs of rising private investment in the nation.

The U.S. and Japanese currencies declined versus most of their major counterparts as the MSCI Asia Pacific Index of shares rose 0.4 percent and the Nikkei 225 Stock Average advanced 0.4 percent.

The pound gained after the National Institute for Economic and Social Research predicted the U.K.’s benchmark rate would rise to 1.25 percent by year-end, compared with an October forecast of 0.75 percent. The institute increased its 2011 inflation forecast to 3.8 percent from 2.8 percent.

EUR/USD: the pair bargained above a mark $1.3700.

GBP/USD: the pair bargained above a mark $1.6000.

USD/JPY: the pair has decreased in around Y81.80.

European data starts at 0700GMT with the ILO measure of German unemployment. France PPI data is due at 0745GMT and is expected to post a rise of 0.6% m/m, 5.0% y/y. This morning sees the final manufacturing PMI releases from the main European states, including France at 0848GMT and Italy at 0853GMT. The European state PMI releases through the morning lead up to the release of the EMU final manufacturing PMI data at 0858GMT. The preliminary reading for the EMU data was 56.9. Just before that final EMU manufacturing PMI release, at 0855GMT, the main German unemployment data is expected to see the unemployment rate remain at 7.5%. EMU unemployment data for December is due at 1000GMT, where the unemployment rate is expected to remain at 10.1%.

UK manufacturing PMI data is due at 0930GMT, with the result expected to show a slight decline to 58.0. Also in the UK, at 0930GMT, Bank of England lending data is due, where BoE Mortgage Approvals data is expected to slip slightly.

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