EU session review: Sarkozy lifts Euro

Data released:
09:00     EU(17)     Trade balance (April) unadjusted, bln     -4.1    -2.1    2.8
09:00     EU(17)     Trade balance (April) adjusted, bln     -2.9    -    -2.2 (0.9)

The euro gained for a second day following a meeting of French President Nicolas Sarkozy with German Chancellor Angela Merkel, when Sarkozy said a “breakthrough” had been made on the Greek debt crisis.
Sarkozy told that a solution involving holders of Greek bonds in a new rescue package for the indebted nation has been found. The chancellor said Germany would work with the ECB on the compromise deal.
The euro-area currency fell earlier today on concern a Greek debt default could spread to other indebted nations in the bloc.

EUR/USD rose from $1.4120 to a new session high on $1.4300. Later rate retreated to $1.4277.

GBP/USD increased from $1.6090 to $1.6185 before corrected to $1.6168.

USD/JPY fell to session lows around Y80.20, then recovered to Y80.36.

US data starts at 1355GMT, when the Michigan Sentiment Index is expected to rise to a reading of 74.5 in early-June after rising sharply to 74.3 in May.