The following data
were issued
06:00GermanyGDP (Q1) preliminary 1.5% 1.5% 0.3%
06:00GermanyGDP (Q1) preliminary Y/Y adjusted 2.6% 2.6% 1.8%
06:00GermanyGDP (Q1) preliminary Y/Y unadjusted 1.8% 1.8% 1.6%
06:45FranceBusiness confidence (May) 102.0 105.0 106.0
07:30ItalyBusiness confidence (May) 89.6 87.0 87.6 (86.9)
The yen fell to a one-month low against the euro
as a rally in Asian stocks encouraged investors to add to holdings of
higher-yielding assets funded in the Japanese currency.
The euro reversed
gains versus the
dollar after reports showed German consumer confidence fell more than
economists forecast and French business confidence declined to the weakest in
more than two years in May. The
GfK consumer confidence indicator fell to 4.9 points in June compared with 5.6
points in May and against analysts' forecasts for an improvement to 5.8. In France,
the Insee business confidence dropped to 102 in May from 106 in April, beyond
estimates for a more modest fall to 104.
EUR/USD opened around $1.5815. Rate printed
high above $1.5800 before retreating to $1.5728 after triggering stops on $1.5760.
Bids $1.5730/20, $1.5690/80, stops below, offers $1.5780/85.
GBP/USD opened at $1.9843. Triggered stops
through $1.9750 added further weight, taking cable to $1.9717 before recovering
up to $1.9770. Cable bids $1.9720-00, $1.9680-60/50. Offers $1.9780/85,
$1.9815/25.
USD/JPY rose from Y103.20 to Y103.90/00.
Later rate set stable near Y103.75. Dlr-yen offers Y104.20, Y104.40, barrier
Y104.50, stops above. Bids Y103.10/00, Y102.70, barrier Y102.50.
Meanwhile, the US consumer confidence is expected to have dipped to 60.0 in May from 62.3 in April; new home sales are forecast to have fallen to an annualised 522,000 unit rate in April following a 526,000 unit rate in the previous month.