Asian Market Morning Today

Here is the combined forex news excerpts from dowjones.com and rttnews.com
The euro and dollar were little changed against the yen in Asia Thursday, although they appeared poised to resume recent their downtrend as players stood on the sidelines ahead of the European Central Bank's rate decision later in the day.

"Because global stock prices are falling and economic indicators (from the U.S. and Europe) are unfavorable recently, many players want to sell" both the euro and dollar, said Yuji Saito, head of FX Group at Societe Generale.

But players were still in a wait-and-see mood during Asian trading hours because they want to get a better idea of how equity markets will react to the ECB's policy rate decision.
Here’s a related piece on the ECB cutting down the interest rates from Forexnews.com
As the economic contraction is worsening worldwide, the European Central Bank (ECB) is expected to cut rates again this week by 50/75 basis points. Timing is right with inflations at such low levels. With such a volatile environment, the Federal Reserve will keep rates near 0 for most of 2009, while the Obama's administration is expected to implement a large stimulus package soon after taking power. However, the effort will not be painless. The effects of the fiscal and monetary incentives will be seen only in the second part of the year and the new government will relay on the financial markets to pay for enormous amount of debt. As a result, inflation should again trend much higher, once the economy will start to move again, and this will come at the expenses of the U.S. dollar

In Asian trading Thursday, the impact of short-term-focused players' euro and dollar selling was canceled out by buying from European and other non-Japanese banks, some dealers said. "The euro and other units have been relatively stable in Asia these days due to European and other banks' debt finance," said Hideki Amikura, a senior dealer at Nomura Trust and Banking.

As regards the Indian market on Thursday is trading sharply lower on account of profit taking and weak cues from overseas markets following a rally on Wednesday. Stocks across the sectors are coming under selling pressure. Realty, IT, banking, metal and oil/gas are leading the decliners