European session: the market awaits the U.S. trade balance [E]

Next data issued:
06:00 DE Trade balance, unadjusted, April, bln. 12,2 13,0 14,3
06:00 DE Current account, unadjusted, April, bln. 7,0 7,2 9,2
06:40 FR Industrial production, April, m/m -0.7% -0,1% 1,6%
06:40 FR Industrial production, April, y/y -0,3% 1,6% 1,9%
08:30 UK Non-EU trade, April, billion. -3,37 -2,79
08:30 UK Trade in goods, April, billion. -5,75 -5,7 -5,71
10:00 DE Industrial production, adjusted, April, m/m 1.6% 2,0% 2,4%
10:00 DE Industrial production, adjusted, April, y/y 4.6% 4,4% 3,9%

On Friday on European session dollar continues to consolidate against the main currencies in narrow ranges.
Issued news showed that the deficit of foreign trade balance of Britain has grown in April 2006 more than analysts assumed.
Industrial output of Germany appeared in April less than supposed.
In March Industrial manufacturing in Germany reduced, according to reconsidered data, on 1.7 % in monthly calculation. It was informed earlier about decrease on 2.4 %.
However, news did not influence on the market appreciable. The currencies remained in its ranges.

EUR/USD traded in range $1.2630/70.
GBP/USD remained in range $1.8415/50.
USD/JPY gauging within the limits Y113.80/114.00.

The major news will be the USA trade balance report. According to forecasts, deficiency gained to $65 bln. from $62 bln. month earlier.
The G-8 meeting will begin today where discuss the question of global disbalances .