EUR/USD $1.3050, $1.3060, $1.3100, $1.3115, $1.3200, $1.3235, $1.3250, $1.3300

USD/JPY Y98.80, Y99.25, Y99.75, Y100.00, Y100.50, Y100.90, Y101.00

GBP/USD $1.5200, $1.5300, $1.5400, $1.5405

EUR/GBP stg0.8570, stg0.8575, stg8585

AUD/USD $0.9150, $0.9200, $0.9225, $0.9280

AUD/JPY Y92.10

USD/CAD C$1.0215, C$1.0235, C$1.0250, C$1.0300

Data

08:00 Eurozone M3 money supply, adjusted y/y June +2.9% +3.0% +2.3%

08:00 Germany IFO - Business Climate July 105.9 106.3 106.2

08:00 Germany IFO - Current Assessment July 109.4 109.7 110.1

08:00 Germany IFO - Expectations July 102.5 102.5 102.4

08:30 United Kingdom GDP, q/q (Preliminary) Quarter II +0.3% +0.6% +0.6%

08:30 United Kingdom GDP, y/y (Preliminary) Quarter II +0.3% +1.4% +1.4%

The dollar rose sharply against the euro after the publication of data on Germany, but was unable to hold his position, and returned to their previous values, since the interest in this event went down.

As the results of studies that have been presented by the German Institute of Ifo, this month the level of confidence in the German business confidence rose again, registering with the third monthly increase in a row. It is worth noting that recent data has become another confirmation that the eurozone is heading towards recovery.

According to the report, the July index of business sentiment climbed to 106.2, up from 105.9 in June. We add that the latest reading was slightly below average forecasts of experts at the level of 106.3, but, nevertheless, was above the long-term average at around 101.

Experts point out that increasing the level of trust in Germany would be a relief for the euro zone after its largest economy in the 1st quarter, barely grew. Optimism among consumers and the growing confidence in the business community point to an acceleration in economic growth in the 2nd half of the year. According to the latest estimates of economists economic growth for the full year should reach 0.5%.

In addition, it was reported that the companies participating in the monthly surveys Ifo, were more satisfied with the current business conditions. The relevant sub-index rose in July to the level of 110.1, compared to 109.4 in June, as well as the experts' forecasts at 109.7. The data also showed that the index of business expectations fell slightly - to 102.4 from 102.5, while many experts expected a constant figure.

The pound dropped significantly against the dollar, which has been associated with the release of the report by Britain's GDP. The preliminary data that has been submitted by the Office for National Statistics, at the end of the second quarter of the UK economy grew by confirming with the forecasts of experts, which has helped to support manufacturing, construction and services sectors. It should be noted that recent data have raised hopes that the economic recovery may strengthen.

According to the report, in the last quarter GDP growth was 0.6%, compared with an increase of 0.3%. We add that the pace of growth is fully in line with expectations.

Meanwhile, it was reported that annualized GDP growth in the second quarter was 1.4%, compared with an increase of 0.3% in the first quarter, recording the largest increase since the first quarter of 2011. Note that the annual growth is also confirmed experts' opinion.

The largest contribution to GDP growth has been marked by the service sector, which expanded by 0.6% compared with the previous quarter. In addition, the data showed that the volume of construction rose by 0.9%, recovering from a fall of 1.8% in the first quarter, when production was at its lowest level since early 2001. Add that to GDP growth by 0.08 percentage points also helped to increase the production by 0.6%, with the growth of manufacturing output by 0.4%.

The cost of the New Zealand Dollar was higher against the U.S. dollar, which impacted on the decision by the RBNZ rates, and managing comments.

Chapter RBNZ Wheeler said the global outlook remains controversial, the eurozone remains in recession and shows signs of slowing growth in China and Australia, but a more recent positive economic data from the U.S. and Japan. In the global debt markets have become more cautious because of the expected release of the U.S. Federal Reserve and the policy of "quantitative easing."

In addition, managing the RBNZ said that economic growth in New Zealand rose, and although it varies, becomes more widespread across industries. Consumption is growing and reconstruction Kantenberi will be supported by a broad increase in activity in the construction industry, particularly in Auckland. This will support the overall activity and ultimately will reduce housing shortages.

Despite the fact that since May 2013 the foreign trade-weighted New Zealand dollar has declined, it remains high and will continue to be an obstacle for the tradable sectors, reducing export revenues and increasing demand for imports. Fiscal consolidation will reduce aggregate demand in the planned term.

Meanwhile, Managing RBNZ said that although the cessation of monetary stimulus is likely to be necessary in the future, we expect that the interest rate will remain unchanged until the end of the year.

EUR / USD: during the European session, the pair fell to $ 1.3164, and then went back up to $ 1.3215

GBP / USD: during the European session, the pair fell to $ 1.5262

USD / JPY: during the European session, the pair fell to Y99.61

At 12:30 GMT the United States will announce a change in orders for durable goods for June. At 13:00 GMT Belgium will release the index business sentiment in July. At 23:30 GMT Japan will present the consumer price index for June.

EUR/USD

Offers $1.3340/50, $1.3320, $1.3280/300, $1.3250/60, $1.3237

Bids $1.3170/60, $1.3150, $1.3125/15, $1.3105/00, $1.3080

GBP/USD

Offers $1.5470, $1.5440/50, $1.5420, $1.5390/410, $1.5350, $1.5330/35

Bids $1.5250/40, $1.5220-00, $1.5180/70

AUD/USD

Offers $0.9300, $0.9260/65, $0.9240/50, $0.9220, $0.9200

Bids $0.9130/25, $0.9110/00, $0.9050, $0.9000

EUR/GBP

Offers stg0.8700, stg0.8680/85, stg0.8665, stg0.8645/55, stg0.8639

Bids  stg0.8589, stg0.8582, stg0.8575/65

EUR/JPY

Offers Y133.20, Y133.00, Y132.45/50, Y132.15/20

Bids Y131.50, Y131.40/35, Y131.20, Y131.00, Y130.80/75, Y130.50

USD/JPY

Offers Y101.15/20, Y101.00, Y100.70/90, Y100.45/50 , Y100.25/30

Bids Y99.60/50, Y99.40/35, Y99.20/10, Y99.00, Y98.80

EUR/USD $1.3050, $1.3060, $1.3100, $1.3115, $1.3200, $1.3235, $1.3250, $1.3300

USD/JPY Y98.80, Y99.25, Y99.75, Y100.00, Y100.50, Y100.90, Y101.00

GBP/USD $1.5200, $1.5300, $1.5400, $1.5405

EUR/GBP stg0.8570, stg0.8575, stg8585

AUD/USD $0.9150, $0.9200, $0.9225, $0.9280

AUD/JPY Y92.10

USD/CAD C$1.0215, C$1.0235, C$1.0250, C$1.0300

The dollar maintained a gain from yesterday against its major peers before data on U.S. employment and manufacturing that may influence market expectations for when the Federal Reserve will pare back its stimulus measures. The number of people in the U.S. continuing to receive jobless benefits fell by 89,000 to 3.03 million in the week ended July 13, economists surveyed by Bloomberg News forecast before today’s data. A second report will show that durable goods orders climbed 1.4 percent in June, a third-consecutive gain, according to the median estimate in a separate poll.

The Bloomberg Dollar Index yesterday advanced by the most in two weeks after a report showed sales of new U.S. homes rose to the highest level in five years. Purchases (NHSLTOT) of new homes in the U.S. rose 8.3 percent to an annualized pace of 497,000 homes in June, the Commerce Department said yesterday, beating the median estimate for a 1.7 percent advance. Fed Chairman Ben S. Bernanke told Congress last week that any reduction in stimulus would depend on the economy’s performance.

The euro held near a two-month high versus the yen before a survey forecast to show Germany’s business climate improved for a third month. In Germany, the Ifo institute’s business climate index, based on a survey of 7,000 executives, probably climbed to 106.1 from 105.9 in June, according to the median forecast in a Bloomberg survey. A measure of current conditions also gained, while a gauge of expectations was unchanged, the survey shows.

The New Zealand dollar rose against all its major peers after Reserve Bank Governor Graeme Wheeler said “removal of monetary stimulus will likely be needed in the future.” The central bank said the pace of future interest-rate increases will depend on the booming housing market’s impact on prices, while reiterating it will keep borrowing costs at a record-low 2.5 percent this year.

EUR / USD: during the Asian session the pair rose above $ 1.3200

GBP / USD: during the Asian session the pair rose above $ 1.5330

USD / JPY: during the Asian session the pair fell to Y100.00

There is a full calendar on Thursday, with the German IfO survey and the UK second quarter GDP data the stand out events. The calendar gets underway at 0600GMT, with the release of the German May construction orders. Other data expected at 0800GMT, the EMU June M3 data. The main release for 0800GMT is the German July IFO business survey. Analysts see the Business survey coming in at 105.9, with current  conditions at 109.6. Eurozone finance ministers will gather in Brussels from 1100GMT for the latest ECOFIN meeting, with the discussion likely to focus on the latest disbursement of funds to Greece. The Belgium July business Sentiment survey will cross the wires at 1300GMT. There is a full calendar on Thursday, with the German IfO survey and the UK second quarter GDP data the stand out events. At 0830GMT, the first reading of the UK's second quarter GDP data will be released, along with the May services index. A sharp rise in the pace of UK growth is expected in the second quarter.

Across the Atlantic, the calendar starts at 1200GMT, with the release of the US June revised Building Permits data. At 1230GMT, the Jobless Claims data for the July 20 week and the June Durable Goods data will be published. Initial jobless claims are expected to rise by 6,000 to 340,000 in the July 20 week after falling by 24,000 in the previous week.  US Treasury Secretary Jack Lew is expected to make remarks on outstanding projects financed by multilateral development banks, due at 1245GMT. Back in Washington, at 1330GMT, the IMF's regular biweekly press briefing is expected. Then, at 1430GMT, the EIA Natural Gas Storage for the July 19 week are expected. The July Kansas City Fed Production data will be released at 1500GMT. Late US data is expected at 2030GMT, when the Money Supply data for the July 15 week will cross the wires.

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3197 -0,20%

GBP/USD $1,5314 -0,38%

USD/CHF Chf0,9372 +0,27%

USD/JPY Y100,27 +0,79%

EUR/JPY Y132,34 +0,61%

GBP/JPY Y153,53 +0,41%

AUD/USD $0,9165 -1,34%

NZD/USD $0,7977 -0,21%

USD/CAD C$1,0314 +0,22%

08:00 Eurozone M3 money supply, adjusted y/y June +2.9% +3.0%

08:00 Germany IFO - Business Climate July 105.9 106.3

08:00 Germany IFO - Current Assessment July 109.4 109.7

08:00 Germany IFO - Expectations July 102.5 102.5

08:30 United Kingdom GDP, q/q (Preliminary) Quarter II +0.3% +0.6%

08:30 United Kingdom GDP, y/y (Preliminary) Quarter II +0.3% +1.4%

12:30 U.S. Durable Goods Orders June +3.6% +1.1%

12:30 U.S. Durable Goods Orders ex Transportation June +0.7% +0.5%

12:30 U.S. Durable goods orders ex defense June +3.5%

12:30 U.S. Initial Jobless Claims July 334 339

13:00 Belgium Business Climate July -12.8 -11.2

23:30 Japan Tokyo Consumer Price Index, y/y July 0.0% +0.2%

23:30 Japan Tokyo CPI ex Fresh Food, y/y July +0.2% +0.3%

23:30 Japan National Consumer Price Index, y/y June -0.3% +0.1%

23:30 Japan National CPI Ex-Fresh Food, y/y June 0.0% +0.3%