European session review: dollar sustain a correction[M]

Following data were issued:
06:00 DE GDP (Q1) flash 0.4% 0.5% 0.0%
06:00 DE GDP (Q1) flash, г/г, unadjusted 2.9% 1.0%
08:00 IT Industrial production (March) adjusted -0.1% 0.4% 0.8%
08:00 IT Industrial production (March) adjusted, г/г 3.3%
08:00 IT GDP (Q1) 0.6% 0.5% 0.0%
08:00 IT GDP (Q1) г/г 1.5% 0.5%
08:30 UK Industrial production (March) 0.7% -0,3%
08:30 UK Industrial production (March) г/г 0.3% -1.5%
08:30 UK Manufacturing output (March) 0.7% -0.2%
08:30 UK Manufacturing output (March) г/г 1.1% -1.4%
09:00 EU GDP (Q1) flash 0.6% 0.3%
09:00 EU GDP (Q1) flash, г/г 2.0% 1.7%

On Thursday, dollar has continued to strengthen its position against Euro and yen despite strong economic data.
Eurostat informed that GDP of Eurozone has grown up in 1q 2006 on 0.6% relatively 4q 2005 and 2.0% relatively 1q.2005.
Preliminary data are those. Analytics, on the average, forecasted, that growth of GDP will make 0.6 % in quarter calculation and 2.0 % - in annual. According to data of Great Britain ONS report, industrial production has grown up on 0.7% in March, 2006 of m/m and 0.3 % y/y.
As a result GBP has strengthen its position against dollar and against other leading currencies.
Now market expects USA retail sales data which help to define the further course of events.

EUR/USD after attempt of growth in area $1.2755 has renewed decrease and as a result has reached $1.26850 before has got support and it was stabilised within the limits of $1.2700/20. Bids segregated on $1.2680 and below, in area $1.2650. Offers on $1.2750/60 and $1.2790/00. Stops above $1.2800.
GBP/USD after data issue sharply has grown up from area $1.8530/40 and approach to stabilised area $1.8675, before rebound to $1.8630. Bids marks on session minimum $1.8530
USD/JPY has consolidated in limits Y111.00/50. Bids remains on Y110.80/00, offer marks on Y111.40/50.

In 1230GMT data will issued weekly jobless claims, and retail sales data on April. As expected jobless claims for a week finished 6th May will decrease on 7k to 315k. In accordance with forecast retail sales has grown up in April on 0.8% after strengthening on 0.6% previous month Retail Sales диаграмма
The index which is not considering sales of cars is expected at level of 0.9 % which more than twice exceeds data of the last month.Retail Sales (ex. auto) диаграмма In 1400GMT business inventories data will issued. Growth of this index on March 0.5% is expected, so as earlier its strengthening noticed on 0.7%. Strong data can lead to some strengthening of dollar.