Daily Report: Euro Rebound Limited By Greece Uncertainties

While Euro attempted a rebound yesterday, the strength was limited as Greece's coalition government announced to delay a vote on major new austerity for a week. Finance Minister Stournaras said that the EUR 13.5b austerity measures will be submitted to parliament next week as there were still disagreements over the the details. Prime Minister Samaras said in a statement that he had "exhausted all the available time" and he warned that "if no agreement is reached and the country is led into chaos". French Finance Minister Moscovici said after his meeting with German Finance Minister Schaeuble that they're continue to "seek a comprehensive solution during the month of November, to end the uncertainty" on Greece. Luxembourg Prime Minister said through a spokesman that the situation won't be cleared until November 6 at earliest as it's uncertain when troika report on Greece will be finalized.

In US, after closing the stock markets for two days due to hurricane Sandy, markets are set to reopen on Wednesday. NYSE Euronext said the NYSE would open as usual but at the same time be prepared to turn to full electronic trading. Minneapolis Fed Kocherlakota said that he strongly disagreed the claim that Fed has done too much on its accommodative policies. He emphasized that US is recovering from the "largest adverse shock in 80 years" and "a historically unprecedented shock should lead to a historically unprecedented monetary-policy response". And he said that given the high unemployment is expected to remain over the next few years, monetary policy is "too tight, not too easy".

On the data front, New Zealand building permits rose more than expected by 7.8% mom in September. Australia building approvals also rose more than expected by 7.8% mom in September. UK Gfk consumer sentiment dropped to -30 in October. Japan PMI manufacturing deteriorated to 46.9 in October. Eurozone CPI and unemployment will be the main feature in European session. in US session, Canadian GDP, US employment cost index and Chicago PMI will be released.