Asian session: The euro was set for a third weekly decline against the dollar
The euro was set for a third weekly decline against the dollar, the longest streak in four months, before European Union leaders conclude a summit in Brussels today on financing needs for debt-saddled Greece.
The shared currency sank against most of its major peers this week before a report that may show a drop in business confidence in Germany, the euro-area’s biggest economy.
The dollar was poised for its first weekly gain versus the yen in more than a month before U.S. data forecast to show orders for durable and capital goods rose in May.
Australia’s dollar rose as gains in stocks supported demand for higher-yielding assets.
EUR/USD: the pair decreased in $1.4220 area.
GBP/USD: the pair decreased in $1.5960 area.
USD/JPY: the pair holds on Y80.40-Y80-60.
Likely another day of Greece related headlines, as the EU leaders summit continues. At 0800GMT the main release if the German June IfO report. The US calendar starts at 1200GMT, with the release of the May 2011 building permits revision is released. The main data release is due at 1230GMT, with the release of May 2011 Durable Goods Orders and the first quarter GDP revision. The pace of GDP growth is expected to be revised up slightly to +2.0% for the third estimate of the first quarter. The chain price index is expected to be unrevised at +1.9%. The ISM manufacturing index is released at 1400GMT and is expected to fall to a reading of 53.0 in June after falling in May, according to advance forecasts.