European session: the pound rose

Data
06:45 France Industrial Production, m/m May +1.5% -0.9% -1.9%
06:45 France Industrial Production, y/y May +0.9% -1.5% +1.4%
08:30 United Kingdom Industrial Production (MoM) May 0.0% -0.1% +1.0%
08:30 United Kingdom Industrial Production (YoY) May -1.0% -2.1% -1.6%
08:30 United Kingdom Manufacturing Production (MoM) May -0.7% +0.1% +1.2%
08:30 United Kingdom Manufacturing Production (YoY) May -0.3% -1.9% -1.7%
08:30 United Kingdom Trade in goods May -10.1 -9.0 -8.4%
09:00 Eurozone ECOFIN Meetings -

During the European session, the euro rose slightly after the euro-zone finance ministers agreed on the conditions by Spanish banks, and on the background data, which showed growth of industrial production in Italy.

Support the single currency have the latest news from the European Union, where after meeting the Eurogroup agreed that the first tranche of financial assistance to recapitalize the banks in Spain in the size of 30 billion euros will go the country until the end of July 2012, which is somewhat reduced tensions and expectations for an early exit of the debt crisis.

All investors' attention will be riveted to the Ecofin meeting, which begins today in Brussels: EU finance ministers will hold the second meeting in the capital of Belgium, where he will discuss the details and conditions of the assistance program in Spain. In particular, it is expected that the country will get an extra year to meet targets for reducing the budget deficit to 3% of GDP. "Deadline" will be postponed to 2014, whereas previously it was assumed that Madrid would reduce the budget deficit to 3% of GDP by 2013

The British pound rose after data showed that the volume of production in the country exceeded forecasts, and the trade deficit narrowed significantly. Thus, in the UK industrial production increased in May by 1.0% m / m, is expected to fall by 0.2% m / m At the same time, in May, Britain's trade deficit narrowed sharply against the shock of exports, recovered from the April aggressive fall:

- Balance of trade in goods -8.363 billion GBP vs. prev. -9.709 Billion GBP - Better than forecast -9.1 billion

- The total trade balance of -2.717 billion GBP vs. prev. -4.088 Billion GBP

- The trade balance with countries outside the EU, -3.865 billion GBP vs. prev. -5.125 Billion GBP

- Exports +7.8% m / m

- Imports +1.5% m / m