European session: The euro rose
06:45 Switzerland Unemployment Rate December 3.1% 3.1% 3.3%
07:00 Germany Trade Balance November 12.6 12.6 15.0
07:45 France Trade Balance, bln November -6.2 -5.8 -4.4
08:15 Switzerland Retail Sales Y/Y November -0.2% +0.6% +1.8%
09:30 Eurozone Sentix Investor Confidence January -24.0 -23.5 -21.1
11:00 Germany Industrial Production s.a. (MoM) November +0.8% -0.4% -0.6%
11:00 Germany Industrial Production (YoY) November +4.1% -0.5% +3.6%
The euro rose before the leaders of Germany and France met to craft a plan for rescuing the 17-nation common currency.
German Chancellor Angela Merkel and French President Nicolas Sarkozy held talks in Berlin today to flesh out a new rulebook for fiscal discipline negotiated at a Dec. 9 summit that seeks to create a “fiscal compact” for the euro area. Futures traders’ bets that the euro will decline against the dollar reached a record.
Merkel welcomed progress on talks on the fiscal pact at a joint press conference with Sarkozy after their meeting and said there was “very close agreement” between their two countries.
The euro pared gains as a report showed industrial production in Germany, Europe’s biggest economy, declined in November.
German industrial production dropped 0.6% after an 0.8% increase the previous month.
EUR/USD: the pair has shown high in $1,2780 area then receded.
GBP/USD: the pair has grown in $1,5460 area.
USD/JPY: the pair was limited Y76,75-Y77,00.