- Summary of trade between 17:00 ET and 23:00 ET: Friday's recovery on Wall Street lifted most Asian stock markets, with a $2.9B M&A transaction further boosting sentiment (Celgene is to Acquire Pharmion). Lingering concerns over the health of the U.S. economy saw some carry trade reversal on the JPY crosses, supporting the USD after a weekend filled with bearish news for the greenback. OPEC's talk of oil prices being undervalued and its concerns with the falling USD lifted crude prices.

- Summary of news affecting USD price action at the start of the week: The Gulf Arab states will discuss a proposal next month to revalue their currencies. Economists are expecting the Gulf Common Currency states will move away from a USD peg to a basket of currencies, although no dramatic impact is expected. The USD was in focus at the OPEC meeting, with Saudi Arabia fighting off an attempt by Iran and Venezuela to get the group to discuss pricing oil in different currencies. In other news, the G20 meeting failed to offer any surprises, with the ministers agreeing on the need for "greater exchange-rate flexibility in a number of surplus countries" in "emerging Asia". The USD is expected to take more knocks at the start of the week, with home-builder confidence data to be released Monday and housing starts data to be released on Tuesday.

- Singapore Q3 GDP highlights a potential change in market focus: (SI SINGAPORE Q3 GDP YOY: 8.9% V 9.4% expected; QOQ: 4.3% V 6.4% expected) Some analysts expect market focus to shift from U.S. housing/credit trouble to the theme of a global slowdown emanating from U.S. economic weakness. Softer than expected growth in Singapore during Q3 adds weight to this argument. "The dollar may see some stabilization as other economies gauge the (subprime) spillover," said Sophia Drossos at Morgan Stanley.

- U.S. housing market in focus: Australian building materials maker James Hardie Industries, a company which makes about 80% of its sales in the slumping U.S. housing market, posted a 32% drop in Q2 profit, but its shares jumped nearly 10% on a relief rally. James Hardie said that there was no indication that the worst was over in the U.S. housing downturn.

- Asian Equities: At 23:01 ET Japan's Nikkei is +0.10% (after a major pullback), Australia's ASX is +1.04% (managing to hold on to early gains), South Korea's KOSPI is -0.25% and the Shanghai Composite Index is -1.17%. The strengthening JPY hurt exporters in Tokyo, while resource stocks and financials lifted Australia's benchmark index. South Korean brokers failed to gain significantly after legislation was passed that could increase M&A activity among financial companies, suggesting that the change in legislation has already been baked into valuations.

- Commodities: Crude oil gained 0.76% between 18:00 ET and 23:07 ET, last quoted at $94.58/bbl. A private meeting of OPEC ministers was mistakenly broadcasted to journalists, revealing a spat between Saudi Arabia and anti-U.S. members, Iran and Venezuela about the depreciating U.S. dollar. Spot gold gained 0.74% to $792.80/oz, benefiting from higher oil prices and bearish USD sentiment. Shanghai copper is little changed and holding near an 8-month low.

(by Eben Esterhuizen and Gavin Pierce)