European session: euro rose

The yen rose against most of the 16 major currencies as investors sought safe haven for their assets against the debt crisis in Europe, which negatively affects the growth of the global economy. It is also to strengthen the currency impact data, which showed that Japan's economy grew less than expected. Economic growth in Japan fell to 1.4% per annum in the second quarter compared with a revised 5.5 percent in the first three months of the year.

At the same time, the euro rebounded against the dollar after Italy had sold treasury bills to the bag 8 billion euros ($ 9.9 billion). Previously, the exchange rate fell, as the ECB Governing Council member Luc Cohen stated that the purchase of bonds in Spain and Italy will not solve the difficulties encountered, and will not affect the growth of investor confidence. Yield increases as financial markets do not trust the Spanish and Italian authorities to take steps to restore their economies.

Demand for the dollar was weak on the eve of release of data on the level of retail sales and industrial production, which will be published this week.

Course of the New Zealand dollar rose as market participants are waiting for the release of data on the level of retail sales, which is expected to grow by 0.7%.