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16.08.2011 12:22

European session: The euro weakened

Data:06:00 Germany GDP (Q2) flash 0.1% 
06:00 Germany GDP (Q2) flash Y/Y 2.7% 
08:30 UK HICP (July) 0.0% 
08:30 UK HICP (July) Y/Y 4.4% 
08:30 UK HICP ex EFAT (July) Y/Y 3.1%
08:30 UK Retail prices (July) -0.2% 
08:30 UK Retail prices (July) Y/Y 5.0%
08:30 UK RPI-X (July) Y/Y 5.0% 
09:00 EU(17) GDP (Q2) flash 0.2% 
09:00 EU(17) GDP (Q2) flash Y/Y 1.7%
09:00 EU(17) Trade balance (June) adjusted, bln -1.6

The euro weakened against most of its major counterparts as a report showing European growth slowed more than economists forecast last quarter added to concern that nations will struggle to rein in budget deficits.
The 17-nation currency retreated from a three-week high versus the dollar after European data showed the region’s growth slowed to the least since 2009, with Germany’s expansion almost stalling. 
German GDP, adjusted for seasonal effects, rose 0.1 percent from the first quarter, when it jumped a revised 1.3 percent, the Federal Statistics Office said. Economists forecast growth of 0.5 percent. 
The two leaders will focus on proposals to tighten enforcement of EU budget rules and expand coordination of national economies, according to French Finance Minister Francois Baroin.

EUR/USD: the pair decreased in area $1.4360.
GBP/USD: the pair showed low in area $1.6320 then grown.
USD/JPY: the pair decreased in area Y76.70.

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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