European session: euro fluctuates

Data

01:00 New Zealand      NBNZ Business Confidence June 12.6 15.1

01:30 Australia Private Sector Credit, m/m June +0.5% +0.4% +0.3%

01:30 Australia Private Sector Credit, y/y June +4.0% +4.4%

01:30 Australia Building Permits, m/m June +27.3% -15.0% -2.5%

01:30 Australia Building Permits, y/y June +9.3% +10.2%

01:30 Japan Labor Cash Earnings, YoY June -0.8% +0.1% -0.6%

05:00 Japan Housing Starts, y/y June +9.3% +9.5% -0.2%

06:00 Germany Retail sales, real adjusted June -0.3% +0.6% -0.1%

06:00 Germany Retail sales, real unadjusted, y/y June -1.1% +0.4% 2.9%

06:00 Switzerland UBS Consumption Indicator June 1.05 1.6

06:45 France Consumer spending June +0.4% +0.2% +0.1%

06:45 France Consumer spending, y/y June +0.6% +0.2%

07:55 Germany Unemployment Change July 7 8 7

07:55 Germany Unemployment Rate s.a. July 6.8% 6.8% 6.8%

09:00 Eurozone Unemployment Rate June 11.1% 11.2% 11.2%

09:00 Eurozone Harmonized CPI, Y/Y (preliminary) July +2.4% +2.4% +2.4%

The euro rose against the yen and the pound, after yesterday's decline against the backdrop of optimism that the European Central Bank will hint to take decisive measures to stimulate the regional economy in its monthly circulation, which will take place on Thursday.

The single currency fluctuated against the dollar on the eve of a two-day meeting of Federal Reserve policy, which will be held today. U.S. Treasury Secretary Timothy Geithner and German Finance Minister Wolfgang Schaeuble yesterday supported the commitment of European leaders to protect the euro. The Australian dollar hit a four-month high against the dollar after a report showed that the number of building permits fell less than expected by many economists.

The pound fell for the first time in four days against the euro after the rating agency Investors Service Moody 's downgraded the outlook for UK economic growth. The pound fell against all but one of the 16 major currencies as well as a report showed consumer confidence in the UK industry has stalled this month due to the fact that the recession is getting worse. UK government bonds rose as investors sought safer assets.