Foreign exchange market. European session: the euro traded higher against the U.S. dollar on hopes for a deal between Greece and its creditors

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

06:00 Switzerland UBS Consumption Indicator May 1.67 Revised From 1.25 1.73

08:00 Germany IFO - Business Climate June 108.5 108.1 107.4

08:00 Germany IFO - Current Assessment June 114.3 114.1 113.1

08:00 Germany IFO - Expectations June 103.0 102.5 102.0

08:30 United Kingdom BBA Mortgage Approvals May 42.0 Revised From 42.1 42.5

09:00 Eurozone Eurogroup Meetings

11:00 U.S. MBA Mortgage Applications June -5.5% 1.6%

The U.S. dollar traded mixed against the most major currencies ahead of the final U.S. gross domestic product (GDP) data. The final U.S. GDP is expected to decline 0.2% in the first quarter.

The euro traded higher against the U.S. dollar on hopes for a deal between Greece and its creditors. Greek Prime Minister Alexis Tsipras is set to meet European Central Bank President Mario Draghi, the International Monetary Fund Managing Director Christine Lagarde and European Commission President Jean-Claude Juncker in Brussels today.

Tsipras said before flying to Brussels that some latest Greek reform proposals were refused by its creditors.

The Eurogroup's meeting is scheduled to be later in the day, while next Eurozone leaders' meeting is scheduled to be tomorrow.

EU officials said on Monday and on Tuesday that a deal could be reached this week.

Meanwhile, the economic data from the Eurozone was weaker than expected. German business confidence index dropped to 107.4 in June from 108.5 in May, missing expectations for a decline to 108.1.

"The outlook for the German economy is overcast," Ifo President Hans-Werner Sinn said.

The Ifo current conditions index fell to 113.1 from 114.3, missing forecasts of a decline to 114.1.

The Ifo expectations index declined to 102 from 103. Analysts had expected the index to decrease to 102.5.

The British pound traded mixed against the U.S. dollar after the number of mortgage approvals data in the U.K. The British Bankers' Association (BBA) released the number of mortgage approvals in the U.K. on Tuesday. The number of mortgage approvals increased to 42,530 in May from 42,020 in April. It was the highest reading since March 2014.

EUR/USD: the currency pair increased to $1.1234

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair fell to Y123.71

The most important news that are expected (GMT0):

12:30 U.S. GDP, q/q (Finally) Quarter I 2.2% -0.2%

13:00 Belgium Business Climate June -4.9 -5.1

13:00 Switzerland SNB Quarterly Bulletin

14:30 U.S. Crude Oil Inventories June -2.676 -1.8