London, April 23 (BridgeNews) - The following is a summary of overnight moves since Europe's close, plus possible leaders for the session ahead.
KEY ISSUES:

* Markets digest Ecofin/Eurogroup Malmo informal meeting, Ifo key to EUR/USD today * Japan on the cusp of a reform minded PM? Koizumi forges ahead.
Europe Open: AUD collapses after Woodside deal vetoed
The USD came under pressure in early Asian trading on Monday, led by a JPY advance on talk a reform minded candidate looks set to win the LDP leadership and hence Japan PM election. The EUR firmed as the USD slipped and then built on these gains as EUR/JPY was bought later in the session. Eurogroup finance ministers sensed problems brewing over the ECB's rate strategy and decided to hunker down behind Duisenberg, stressing they were not going to put pressure on the bank to cut rates at their Malmo meeting. The AUD lost ground sharply after the Australian government rejected Shell's bid for Woodside Petroleum.
--USD/JPY dropped from opening levels around 122.50 to an intraday low of 121.40 in early Asian trading as the JPY strengthened on reports reform minded candidate Koizumi is set to replace Prime Minister Mori. EUR/JPY followed suit, dropping from the 110.50 area to an intraday low of 109.60. However, both pair and cross subsequently reversed course on Japanese corporate and trust fund demand for USD/JPY and strong US bidding in EUR/JPY. USD/JPY bounced to the 122.40 area while EUR/JPY hit a 13-day high of 111.13 around the Asian midday.
Japan's consumer confidence index fell to 40.2 in March from 43.0 in December.
--AUD/USD dropped off a 7-week high around 0.5195 to a 4-day low around 0.5040 after Australian Treasurer Costello vetoed Shell's bid for Woodside Petroleum. Selling in the AUD/JPY pair pulled USD/JPY back to the 121.95 area and EUR/JPY to the 110.50 region in the Asian afternoon.
--EUR/USD was pulled to an 18-day high of 0.9082 by a combination of the early losses in USD/JPY and the bidding in EUR/JPY. There was talk a Chinese player holds options with strike prices at 0.9050 and 0.9100.
Eurogroup members, at their meeting at Malmo over the weekend, went out of their way to avoid suggestions they are putting pressure on the ECB to cut interest rates.
This followed earlier indications that ministers would do the opposite. Eurogroup Chairman Reynders said "the ECB acts on its own to carry out monetary policy in an independent way," sentiments echoed by European Commission President Prodi, Spanish economy minister Rato and a spokeswoman for German Finance Minister Eichel. Reynders reiterated his belief that euro zone growth can reach 2.5%-3.0% in 2001.
Austrian finance minister Grasser said, however, called for a cut. Today sees the release of Germany's Ifo business climate index for March at 0800 GMT, which will set the direction for EUR/USD.
--EUR/GBP tracked EUR/USD to a 2-week high around 0.6280 while cable hit an intraday high around 1.4470 in early Asian trading as the USD softened. UK M4 and PSNCR data are released at 0830 GMT.