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FX-Foreign Exchange News Monday 2nd July, 2012

As we write this morning the bloc currency is trading just some pips above today’s lows in the 1.2615 area ahead of a batch of manufacturing PMI data in the euro zone, Italian and EMU unemployment figures.

It has been reported that the Bad debts in the eurozone are a ‘ticking time bomb’ for the continent’s economy, with the worst effects expected to be felt next year.

The euro is extending its downside on Monday, after hitting highs in the proximities of the 1.2700 mark at the end of last week on positive data out of the EU Summit.

At the end of last week it was reported that Retail sales in Germany unexpectedly declined for a second straight month in May highlighting the negative impact of debt crisis on economy. On monthly basis retail sales contracted 0.3% contrasting the predicated improvement of 0.2%.

U.S. consumer confidence deteriorated in June to the lowest level this year as Americans became less optimistic on the economic outlook.

The GBP/USD rallied to 1.5700 ground in the last hour of Friday’s NY session, where the GBP/USD closed for the weekend, the Monday opening saw a sharp retracement of those late gains and found a support area at 1.5650.

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