Data released:
06:00     UK     Nationwide house price index (July)    0.2%    -0.2%    0.0%
06:00     UK     Nationwide house price index (July) Y/Y    -0.4%    -0.8%    -1.1%
06:00     Germany     Retail sales (June) real adjusted    6.3%    -    -2.8%
06:00     Germany     Retail sales (June) real unadjusted Y/Y    -1.0%    -    2.2%
06:45     France     PPI (June)    -0.1%    -0.2%    -0.5%
06:45     France     PPI (June) Y/Y    6.1%    5.8%    6.0%
06:45     France     Consumer spending (June)    1.2%    0.5%    -0.8%
06:45     France     Consumer spending (June) Y/Y     1.8%    0.4%    -1.8%
08:30     UK     M4 money supply (June) final    -0.5%    -    0.1%
08:30     UK     M4 money supply (June) final Y/Y    -0.7%    -    -0.2%
08:30     UK     Consumer credit (June), bln     0.4    0.3    0.2
09:00     EU(17)     Harmonized CPI (July) Y/Y preliminary  2.5%       2.7%    2.7%

The yen and Swiss franc rose as Moody’s Investors Service said it may cut Spain’s credit ranking and U.S. lawmakers delayed voting on a plan to raise the debt limit to avert a default.
The franc headed for an eighth monthly advance versus the greenback, the longest streak of gains in 17 years, while the Australian and New Zealand currencies declined.
The dollar headed for a fourth weekly loss versus the yen before a government report today that economists said will show growth slowed last quarter.
Gross domestic product expanded 1.8% in the three months ended June 30, compared with 1.9% in the previous quarter.
Spain’s Aa2 ratings were placed on review for possible downgrade by Moody’s.

EUR/USD printed a new session lows on $1.4228 before recovered to $1.4257.

GBP/USD initially fell to $1.6260 before back to $1.6290.


USD/JPY under pressure below session highs on Y77.80.

US data starts with the much-awaited GDP data at 1230GMT.
Data continues at 1345GMT when the Chicago PMI is forecast to hold steady at 61.1 in July. At 1355GMT, the preliminary Michigan Sentiment Index is expected to revised up to a reading of 64.0 in July.