London, May 8 (BridgeNews) - The following is a summary of overnight moves since Europe's close, plus possible leaders for the session ahead:
KEY ISSUES:

* EUR/USD hands back Friday's U.S. jobs data-related gains
* German March manufacturing orders slumped 4.4% on month
* Eichel strikes more cautious note on euro zone outlook
* German April unemployment, U.S. Q1 productivity data due

--Trading on Friday and Monday saw the EUR give up all and more of Friday's post U.S. employment data gains amid some poor euro zone economic data. --EUR/USD fell away from its 0.9008 post US jobs report high in US trading on Friday and, after a generally consolidative session on Monday, broke to a 5-day low of 0.8888 in late Asian trading on Tuesday.
--Data released on Monday showed that German manufacturing orders plunged 4.4% on the month in March while euro zone PPI rose by 0.1% m/m and 4.1% y/y in the same month. Eurogroup chairman Reynders said that euro zone minister retain a view of "realistic optimism" as regards recent economic developments in the zone, while German Finance Minister Eichel said the euro zone may be more vulnerable to slowing growth in the US than some officials have so far predicted. German unemployment data for April is released around 07500 GMT. As usual, the data appears to have been leaked, with a German newspaper at the weekend reporting an unadjusted 125,000 fall in the month.
--U.S. Q1 productivity data are released at 1230 GMT, while Treasury Secretary O'Neill testifies to the senate at 1330 GMT. A busy day in Sweden sees the release of April unemployment data at 0700 GMT, while Nordea present their economic forecast for the country at 0730 GMT. Riksbank First Deputy Governor Heikensten speaks at 1300 GMT.
--USD/JPY is trading on a volatile footing above Friday's 120.53 8-week low.
The pair was pushed to intraday high of 121.71 in early Asian trading on by bidding from Japanese trust banks while the JPY was also undermined by Nikkei losses, the index ending down 240 points on the day. Japanese household spending fell a real 3.3% on the month in March. Speaking to the Japanese Diet on Monday, Prime Minister Koizumi promised to pursue structural reforms "without fear of pain." EUR/JPY traded a 107.70-108.50 range in Asia.
--USD/CHF recovered from Friday's 1.7152 low to hit a 5-day high of 1.7338 in late Asian trading on Tuesday. Swiss retail sales data for February are released at 0715 GMT.
--EUR/GBP followed the EUR lower elsewhere, hitting a 3-week low around 0.6175 in US trading on Monday. While cable slipped to an intraday low around 1.4360 in late Asian trading.
--Short covering took USD/CAD to an 8-day high around 1.5425 in late US , trading while AUD/USD traded a tight 0.5185-0.5190 range.