US consumer confidence comes out later in the day at 21:00GMT. Greenback Bid Against Yen; Offered Against Others (Morning Slices) The overnight session shows a USD that is bid against the Yen and mildly offered against all other major currencies. MORNING SLICES Fundys - The overnight session shows a USD that is bid against the Yen and mildly offered against all other major currencies.

Meanwhile in the Eurozone, the much anticipated German ZEW was released, coming in much better than expected at -3.5 after analysts had been looking for a -8.0. Global equities are back under pressure with weakness in the financials and oil driving much of the price action. The release of the more dovish RBA minutes has also weighed on broader investor sentiment after the central bank disclosed that they would still be prepared to cut rates further despite the recent decision to stay on hold. In Japan, the rumor that the BoJ would be buying subordinated debt issues by banks was confirmed, with the measures imposed to stabilize the financial system.

Looking ahead to the North American calendar, US producer prices, housing starts and building permits are due at 12:30GMT, along with Canada manufacturing shipments and labor productivity.