EUR/USD off session lows

Euro came off session lows against the US dollar on Monday during the European late morning trade.

EUR/USD pair slid to a session low at 1.3088 at 8:33 GMT, after which pulled off and reached 1.3121 at 9:22 GMT. Support was expected at June 21st low, 1.3072, while resistance was to be met at June 21st high, 1.3169.

German business climate increased at a moderate pace in June, according to data, released earlier on Monday by the IFO research institute. IFO Business Climate indicator rose to a seasonally adjusted reading at 105.9 in June from 105.7 in May, as this result met preliminary estimates. On the other hand, German IFO Current Assessment index dropped to 109.4 in June from 110.0 during the preceding month. Projections showed a smaller decrease to 109.6. IFO Expectations index for Germany, which reflects the business prospects in the next 6 months, increased to 102.5 in June from 101.6 in May, exceeding experts expectations of a reading at 102.0. IFO monthly report encompasses 7 000 German companies surveyed, which operate in the sectors of trade, manufacturing and construction.

Additionally, Consumer Confidence in Italy registered a higher value in June, reaching a reading of 95.7, while revised data during the previous month showed a reading of 86.4. Experts suggested a slight decrease in the value of this index to 86.2.

Today it also became clear that Italys Trade balance with non EU countries recorded a wider surplus in May, compared to that a month ago, 3.000 billion EUR versus 1.464 billion EUR. Export rose by 3.2% in May, compared to April, while import decreased by 1.3% during the same period. Energy import was lower by 3.3%. In annual terms, export climbed 0.7%, while import figure tumbled by 15.5%. Major influence for this overall drop was caused by lower import of energy products by over 26%.