European session:

Data:

05:45 Switzerland Gross Domestic Product (QoQ) Quarter I +0.1% +0.0% +0.7%

05:45 Switzerland Gross Domestic Product (YoY) Quarter I +1.3% +0.8% +2.0%

06:00 Germany Retail sales, real adjusted April +0.8% +0.2% +0.6%

06:00 Germany Retail sales, real unadjusted, y/y April +2.3% +0.3% -3.8%

06:00 United Kingdom Nationwide house price index May -0.2% 0.0% +0.3%

06:00 United Kingdom Nationwide house price index, y/y May -0.9% -1.1% -0.7%

06:45 France Consumer spending April -2.9% +0.3% +0.6%

06:45 France Consumer spending, y/y April -2.0% 0.0% +0.4%

07:55 Germany Unemployment Change May 19 -7 0

07:55 Germany Unemployment Rate s.a. May 6.8% 6.8% 6.7%

The euro retreated as Spanish and Italian bonds rallied amid speculation the European Central Bank will announce measures to combat the debt crisis when it meets next week.

The common currency rose as polls suggested Irish voters will today endorse measures to ease the region’s debt crisis.

The dollar weakened against most of its major counterparts as gains in European stocks damped demand for the relative safety of the greenback. The Norwegian krone and Swedish krona led gains in higher-yielding currencies.

EUR/USD: the pair restored above $1,2400.

GBP/USD: the pair showed high above $1,5500.

USD/JPY: the pair receded from in Y78,70 area, but fell again later.

 

At 1345GMT, the MNI Chicago PMI is forecast to rise to a reading of 56.8 in May after falling sharply in April. Other regional data already released have been mixed. At 1430GMT, the weekly EIA Natural Gas Storage, followed at 1500GMT by the EIA Crude Oil stocks data. At 1500GMT, the New York Federal Reserve Bank releases it's Q1 report on Household Debt and Credit. Late US data sees the 1900GMT release of farm prices data and the 2030GMT release of M2 Money Supply.