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Although all the economic reports published yesterday where unfavorable for the Euro, it continue to rise because of the EU Economic Summit and the decisions not to let Greece to be bankrupt.

In the USA, all the reports where favorable for the US Dollar, Philly Fed Manufacturing Index had a better then expected results, 3.2, Monthly CB Leading Index increased to 0.3%.

EUR

Fundamental Analysis

Today for the Euro zone will be published the German Ifo Business Climate which might have a slightly decrease to 113.7, the Italian Retail Sales might have a decrease off 0.1% from a previous of 0.4% and also the Euro zone’s Industrial New Orders is expected to have a more weak result then the previous of 0.8%

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The result published for the German PPI was 0.1%, the same as the expectations. Also the Consumer Confidence was align with the expectations, the result published was -11, a very small increase from a previous of -10.

Yesterday, after a seven hour discussion about Greece’ s economic situation led to the conclusion that Germany and France will have a joint position to solve Greece’s debt crisis. The details will released today in Brussels when the euro region leaders meet.

In the US the Existing Home Sales dropped to 4.77 Millions from a previous of 4.81 Millions, and an expectation of an increase at 4.92 Millions.

Also the Crude Oil Inventories had an decrees, -3.7 Millions was the published result.

EUR

Fundamental Analysis

Today is a very big day for the Euro currency, beside the EU Economic Summit, where euro region leaders meeting and discuss details for the Greece saving plan, we will see a lot of economic reports: French Flash Manufacturing PMI, French Flash Services PMI, German Flash Manufacturing PMI, German Flash Services PMI, Current Account for the Euro zone, Flash Manufacturing PMI for the Euro zone, Flash Services PMI for the Euro zone. The overall expected results are positive, which can have a positive effect over the euro currency.

Technical Analysis

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The German ZEW Economic Sentiment continues to drop, reaching a -15.1 level, and also the overall ZEW Economic Sentiment seems to be droping, reaching a -7.0 level, from a previous of -5.9. The good news was that although it decreased the expected decrease was bigger, -7.4.

In the USA the reports published for Building Permits and Housing Starts had no surprising results. Due to the fact that it is summer time, the constructions segment is having an increase. Building Permits increased with 10,000 and Housing Starts also increased, with 50,000.

EUR

Fundamental Analysis

The monthly German PPI is expected to have a very slight increase of 0.1%. The Consumer Confidence is expected to remain in the pessimistic area, around -10, a much lower result published can have a negative influence over the Euro currency.

Technical Analysis

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Yesterday’s TIC Long-Term Purchases result came out much worse the expected which made the USD Index to come back at the 75.40 support level.

The NAHB Housing Market Index result was exactly the one expected, 15, so there is no surprise there and no big influence over the USD Index.

EUR

Fundamental Analysis

One of the economic report published today will be the German ZEW Economic Sentiment which is very important and can have a big influence over the Eur currency. Last month’s German ZEW Economic Sentiment indicates a still continuing pessimism, -9, and it is expected to stay in that area, between -9 and -11. If the result should be above zero then the Eur currency might strengthen.

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The beginning of the week seems to continue last week trend for most of the currency pairs, but it is possible that this trends to change because the levels of overbought (USD index) and oversold (Eur/Usd) are starting to be reached.

EUR

Fundamental Analysis

Unless some breaking news appear, there are no economic reports or other financial data that can influence significant the currency.

Technical Analysis

Eur/Usd is testing again the 1.40 support level and it is likely that this level will not hold, or at least not this time. A more stronger support level seems to be at 1.3850.

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