EU focus: Euro and Aussie gain ground

The euro edged up across the board on Tuesday after a batch of Chinese economic data calmed some investor worries by showing inflation was not as bad as feared and growth still solid, giving a broad boost to risky assets.

The Australian dollar also gained after the Chinese reports showed industrial production and retail sales posting solid growth. Consumer prices accelerated to a 5.5% annual rate in May, slightly higher than the consensus forecast and the fastest in nearly three years.
The market is now turning its attention to inflation figures in other parts of the world, and most importantly the May data on U.S. retail sales for signs on whether the sudden slowdown in the economy is hampering household spending.
"We've just had some very negative surprises," said a trader at a U.S. bank. "Unless retail sales are worse than expected, maybe we'll have a nice bounce for equities and cross/yen."
The safe-haven Swiss franc held near a record high against the euro amid European debt crisis.
Talks about a second bailout for Greece are getting closer to conclusion as euro zone finance ministers meet later on Tuesday to finalise the details of a bailout.
On Monday, Standard & Poor's slashed Greece's rating to CCC, making the highly indebted country its lowest-rated in the world.
"The clock is ticking on a solution for the Greek debt crisis," BNP Paribas analysts say.