Global markets were sold heavily after the European Central Bank disappointed the markets with weaker-than-expected measures. ECB cut its deposit rate from -0.20% to -0.30%, and extended its bond-buying program by six months, but kept its monthly buys at 60 billion euro without expansion. The pan-European index FTSEurofirst recorded its biggest one-day drop since August, falling 3.31% to a more than two-week low. Wall Street registered heavy losses as well, with Dow Jones plunging 252 points, or 1.42% to 17,477. NASDAQ dropped 85 points, or 1.67% to 5,037. S&P 500 dove 29 points, or 1.44% to 2,049.

Asian shares took a hit in tandem, with Japan's Nikkei falling 2.29% to a three-week low, in line for a weekly loss of 2.15%. Australia's S&P\ASX slid 1.46%, heading for a weekly drop of 0.98%. China's CSI300 gave up 1.02%, but set for a robust weekly profit of 4.36%. Korea's KOSPI dipped 0.82%, in line for a hefty weekly loss of 2.51%. India's Nifty squandered 0.85%, with a weekly loss of 1.85%.

Euro registered its biggest one-day gain in 7 years, rising 3.1% against the dollar yesterday to 1.0940; it was last trading at 1.0937. Euro rose to a 5-week high against sterling at 0.7223; It kept going up, gaining another 0.10% to 0.7231. Euro hit a 6-week high against the yen at 134.12, before steadying to 134.00.

Dollar was in bad shape after heavy losses yesterday, with its index down to a month-low at 97.82; and last trading up 0.07% to 97.89. Dollar will be relieved if the Non-Farm Payrolls report, due today, confirms the prospects of the rate hike later this month; it's forecast to have risen about 200,000 in November.

Oil traders are waiting for a much-anticipated OPEC meeting today, with hopes pinned on a possible cut in production to support prices, even though it's not much likely. Brent futures rose 5 cents, or 0.11% to $44.05 a barrel. U.S. crude futures gained 24 cents, or 0.60% to $41.33 a barrel.

From Canada, unemployment rate is forecast to stay the same in November as October, at 7.0%, while the employment change is expected at a positive but negligible 700. Canadian dollar have been trading near 11-year lows in the past several months, and a lower unemployment rate could help it steer away from the lows.  

From Europe, German factory orders are forecast to have grown 1.2% m\m in October, compared with September's contraction of 1.7%. A high growth for the orders would bolster the euro even more.