Euro bounces off 4-week high against dollar

Euro tilted lower in the Asian market today, bouncing for the 4th session of 7 from a 4-week high vs. US dollar, ahead of the release of key economic data by the european and the US economies.

As of 05:13 GMT, EUR/USD fell by 0.01% to $1.1170 from the opening of $1.1171, with a high of 1.1180 and a low of $1.1169.

Investors are anticipating the release of major economic data by Germany, with the preliminary reading of the GDP q/q, expected to contract by 0.1% in Q2 vs. 0.4% growth in Q1, with the release of the annual reading for the same index which is expected to contract by 0.3% vs. a rise by 0.6% in the previous reading.

This comes before France release of the final CPI reading, which is expected to contract by 0.2%, unchanged from June's preliminary reading vs. a rise by 0.2% in May. leading to the release of the eurozone's employment change index preliminary reading which is expected to stabilize at 0.3% during Q1.

In addition to the release of the eurozone's flash GDP q/q reading, expected to grow by 0.2%, unchanged from the previous Q1 reading, and the annual reading of the same index expected to grow by 1.1%, and with the release of the reading industrial production m/m, which is expected to fall by 1.4% vs. rising by 0.9% in May.

On the other hand, investors are also anticipating the release of the US import prices m/m index reading, which may reflect stability at zero levels vs a drop by 0.9% in June, and the annual reading of the same index is expected to fall by 2.0% unchanged from June.