This is a review of the elements likely to affect foreign exchange (Forex) trading in Europe:

Main headlines

G-20 Agree More Government Action Needed for World Recovery - Bloomberg

Lagarde: IMF to Cut Global Growth Target Next Month - CNBC

Germany Losing Patience With Spain as EU Warns on Crisis - Bloomberg

Euro under $1.29 for first time since QE3 - FT

Japan Azumi: there will be no vacuum in FX policy - Reuters

Americas wrap-up

Fed's Williams sees expanded QE3 in 2013, end by 2014 - Reuters

Inflation well anchored in US, not so much in UK: Fed paper - Reuters

Obama should call China a currency manipulator: Romney aide - Reuters

Retailers Alert—Halloween to Scare Up $8 Billion in Spending - CNBC

Google shares hit record high - Reuters

Apple Co-Founder Wozniak Wants to Be an Australian Citizen - Bloomberg

Asia-Pacific summary

Asia Stocks Swing Between Gain, Loss as Exporters Fall - Bloomberg

Renminbi gains traction in cross-border trade - FT

China's Central Bank Injects Funds to Ease Cash Crunch - Bloomberg

China-Japan Talks Start in Beijing Amid Island Tension - Bloomberg

Investors pour money into India after reforms - FT

RBA Says 'Buffers' Shield Households From Global Risks - Bloomberg

South Korea Delays Fiscal Balance to Boost Economy - WSJ

Exiled Thai Leader Thaksin Signals Sister to Avert Political Crisis - Bloomberg

Philippines, China Agree to Preserve Ties as They Repeat Claims - Bloomberg

Ex-Olympus Chairman Admits Accounting Fraud Role in Court - Bloomberg

European news

Monti Downplays Sovereignty Risk - WSJ

Nobel Winner Stiglitz Says Time Running Out for Europe - Bloomberg

Tables Turn on Spain With Pressure to Seek Bailout - CNBC

Spanish Bad Bank Risks Investor Conflict With Stressed Lenders - Bloomberg

Next BOE Chief Must Be Independent of Banks, Cable Says - Bloomberg

Temasek reconsiders StanChart stake - FT

RBS Managers Said to Condone Manipulation of Libor Rates - Bloomberg

FOREX action

EUR: The euro crosses are still in consolidating mood. Tables turn on Spain with renewed pressure from its peers to seek a sovereign bailout. To do so, Eurozone states studying the leverage of the permanent bailout fund (ESM) so it can reach a capacity of more than €2trn. EUR-USD is close to 1.2900, its weakest reading since the Fed announced the arrival of QE3. We maintain a downward call on the main euro pairs.

GBP: The sterling crosses show more resilience compared to the euro ones. Cable is holding above 1.6240, while GBP-JPY trades a tad below 126.40. EUR-GBP points south and is below 0.8000. Today's fairly weak agenda in both Eurozone and UK leaves this pair to market sentiment.

CHF: The Swiss franc gains traction versus the common currency. EUR-CHF is trading below 1.2100 but it seems rather difficult to see a movement back to the 1.20 floor set by the SNB. USD-CHF steadies above 0.9350.

Nordics: The krona and the kroner seem to be directionless in the last few days. The SEK is weaker compared with the NOK.

USD & JPY: The US dollar and the Japanese yen are still in demand in a risk-averse context. Departing Japan Finance minister Azumi has sayed that there will be no vacuum in FX policy. USD-JPY holds below 78.00 after hitting a 7-month low at 77.131. Pay close attention to today's US macro indicators.

CAD, AUD & NZD: The three dollars advance lead by the kiwi that was heavily sold yesterday. A strong reading from China's leading indicator provided by Conference Board help as well.

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