The euro moved lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4610 level and was capped around the $1.4710 level. Traders will focus on some key events this week. First, the Federal Open Market Committee convenes tomorrow and Wednesday and is not expected to change interest rates at this time. Instead, Fed-watchers are interested to see if the FOMC provides any guidance as to when it may terminate some of its emergency funding programs with a particular emphasis on its programs to support the mortgage-backed securities market. The Fed is expected to provide at least some guidance about the exit strategy associated with its liquidity provision programs. The Fed is likely to acknowledge the recent improvement in U.S. economic data. It will also be interesting to see if the Fed acknowledges the recent weakness in the U.S. dollar. Second, all eyes will be on Pittsburgh where Group of Twenty officials are convening this week. Global policymakers are said to be promoting ideas for a consolidated regulatory framework in many jurisdictions including the U.S. and the eurozone. The further regulation of capital markets including the imposition of limits on the salaries of employees at financial institutions will be closely watched. Likewise, it will be interesting to see if G20 officials acknowledge the U.S. dollar's recent weakness. Data released in the U.S. today saw August leading indicators climb 0.6%, below expectations and below the revised July print of +0.9%. Nonetheless, today's print represented the fifth consecutive monthly improvement. Tomorrow's U.S. data include the September Richmond Fed manufacturing index and July house prices. In other U.S. news, the Fed rejected the U.S. Treasury's request to review its structure and governance. In eurozone news, European Central Bank policymaker Mersch reported A low interest rate policy over a long period remains a very big danger for the banking system. This situation can't be kept up for too long and as soon as the economy has started to recover well we will take the necessary measures to bring back a normalized rate structure. Mersch also said the economic crisis is not over yet and said there's still a whole row of risks to banks and economies. ECB President Trichet urged G20 governments and central banks to coordinate their policies further. Euro bids are cited around the US$ 1.3900 figure.