European session: the euro rose

Data:

08:00 Germany IFO - Business Climate July 105.3 104.8 103.3

08:00 Germany IFO - Current Assessment July 113.9 113.0 111.6

08:00 Germany IFO - Expectations July 97.3 96.8 95.6

08:30 United Kingdom GDP, q/q (preliminary) Quarter II -0.3% -0.2% -0.7%

08:30 United Kingdom GDP, y/y (preliminary) Quarter II -0.2% -0.3% -0.8%

10:00 United Kingdom CBI industrial order books balance July -11 -10 -6

During the European session, the euro rose despite weak data on the index of business sentiment in Germany, which fell more economists forecast in July to a minimum by more than 2 years, since the worsening of the debt crisis affected the economic outlook and the company's profits. Index Ifo institute business climate fell to 103.3 in July from 105.2 in June, registering its third consecutive decline and reached the lowest level since March 2010. According to the average forecast of economists expected a more modest decline to 104.5.

Support the single currency has had a performance management board member of the European Central Bank Ewald Nowotny, who said Wednesday that it sees no reason for granting a permanent fund with a banking license in Europe, although the ECB has so far rejected this idea. Also, the euro responded positively to the comments that the EU is going to move forward on the issue of banking supervision at the beginning of September.

The British pound fell after data showed that UK GDP in the second quarter, according to preliminary data, decreased by 0.7% q / q, is expected to decline by 0.2% k / k

EUR / USD: the pair rose to the level of $ 1.2170

GBP / USD: on the news about of GDP the pair rose to $ 1.5551, and then fell to $ 1.5467

USD / JPY: the pair is trading in a range of Y78.10 - Y78.28