Europian session review: Euro left earlier maximum [E]

Data:
06:00 DE Import prices (April) y/y 6,9% 3.2%
06:00 DE Import prices (April) 1,3% 0.7% 0.5%
08:00 DE IFO business climate index (May) 105.6 105.1 105.9
10:00 UK CBI industrial order books balance (May) -12% -9% -11%

Euro advanced again USD after German IFO business climate report.
The Euro rose against the dollar after European Central Bank policy maker Nicholas Garganas signalled support for higher interest rates and business confidence in Germany beat economists' forecasts. However, on second half of session rate returned back again to middle of earlier range.
Separate report showed CBI industrial order books balance in May continue to increase and export order has attained highest level since February 1996. Manufacturing index in May drop to +10 in compare to +12 in April. Key factor furthered to continuation of manufacturing renders essential growth of export orders. Export orders index in May has attain 0. In period May 1996 – May 2006 it was negative. In April its number consists -13.

EUR/USD in first half of day has sharply increase to support area $1.2870/80. Offers exposed here has brought forth to rebound to $1.2850. In given area rate has stabilises before the bell of American session.
GBP/USD after Euro began to rise and as result to get resistance level $1.8850/60. After rate stabilises in range $1.8820/40.
USD/JPY remains in range Y111.60/112.10.

Today US Durable goods orders report and real estate report will issue. Some indexes expects weaken. Currencies will remain in earlier range if result of data did not differ of forecast.