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The Euro Rose After The EU GDP Reports

The euro rose after the EU GDP reports. Europe's two largest economies expanded more than economists predicted in the second quarter, helping to pull the euro area out of its longest-ever recession. Futures on the Euro Stoxx 50 index increased 0.3 percent.

Asian shares: Japan's Nikkei 1.32%, Hong Kong's Hang Seng close, Korea's Kospi 0.57%, Australia's ASX 200 -0.01% and China's Shanghai -0.29%.

The German economy expanded more than economists predicted in the second quarter, helping a fledgling recovery in the euro area. Gross domestic product rose 0.7 percent from the first quarter, when it stagnated. Economists forecast a gain of 0.6 percent. Second-quarter growth in Germany was primarily driven by domestic demand, the statistics office said. Private and government consumption both increased from the first quarter, investment activity picked up and net trade also contributed to growth, it said.

The French economy grew 0.5 percent, posting its best quarterly expansion since President Francois Hollande came to power in May 2012. France's expansion was lifted by a recovery in consumer spending and exports, the national statistics office said.

Faster growth in the region's two largest economy probably coaxed the currency bloc out of a six-quarter slump, supporting the European Central Bank's prediction of a gradual recovery in the second half. At the same time, unemployment in the euro area remains at a record high of 12.1 percent and the Bundesbank expects a slowdown in Germany later this year.

Economic confidence in the euro area increased for a third month in July. Manufacturing expanded for the first time in two years, according to a survey among purchasing managers by London-based Markit Economics.

French Consumer Prices Index decreased by 0.3% in July 2013, it rose by 1.1% year-on-year.

SNB's Zurbreugg says EURCHF cap to stay as long as needed. Says the 1.20 EURCHF cap has spared Switzerland the worst of the Eurozone crisis. Now the level is 1.2300 the situation still needs to be monitored but the tension has eased. The minimum level will stay in place as long as necessary.

The dollar was broadly firmer in yesterday after racking up a third session of gains as upbeat U.S. retail data sent Treasury yields sharply higher and fuelled talk the Federal Reserve will start tapering next month. The dollar index was up at 81.771.

Australia consumer confidence climbs to 5mth high in Aug-survey. The survey of 1,200 people by the Melbourne Institute and Westpac Bank showed its index of consumer sentiment rose 3.5 percent in August from July.

Watch today: German GDP, UK employment report, EU GDP.

By Zulutrade