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16.08.2011 08:48

Asian session review: Euro slips, focus on Franco-German summit

Data released:
06:00     Germany     GDP (Q2) flash    0.1%    0.6%    1.3 (1.5)%
06:00     Germany     GDP (Q2) flash Y/Y    2.7%    3.1%    4.7 (4.9)%

The euro dipped against the dollar on Tuesday, having eased off the previous day's three-week high, with the focus on whether a Franco-German summit will lay the groundwork for further measures to help quell the euro zone's sovereign debt crisis.
The two leaders will meet in Paris from 1400 GMT and a joint news conference is expected at 1600 GMT.
Data showed German GDP growth slowed more than expected in the second quarter, dropping to 0.1% in seasonally adjusted terms from a revised 1.3% in the first three months of the year.
"This is a serious disappointment," West LB economist Joerg Lueschow said. "Many growth forecasts will now likely be lowered and we will do so too. This does not provide any positive signs for euro zone GDP. We cannot expect more than stagnation now."
With French data last week signalling a stagnated economy in the second quarter, the weak German figures suggested a slowdown for EU economy.
Germany's surprisingly weak data dragged down the euro, while German stocks featured among the top losers, with the DAX down 2.4%.


EUR/USD rose to $1.4474 in Asia before retreated to the lows around $1.4360. Currently rate tries to recover.
GBP/USD also was under pressure, weakened to $1.6319. But strong UK CPI report lifted the rate to  $1.6380.
USD/JPY remains within the 20-points range, limited by Y76.70/90.

US Housing starts, Building permits and Import Price Index come at 12:30 GMT.
Later at 13:15 GMT US  Industrial Production will be released.

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