The euro rose against the dollar, extending a gain from last week, demonstrating an optimism that the European leaders meeting this week will signal support for Greece and outline fresh measures to combat the region’s debt crisis.

Further, positive news for the eurozone came as exports rose for the second month in June, driven by a surge in shipments from Germany, as companies focused on emerging markets to help offset falling demand at home. Exports increased by a seasonally adjusted 2.4% from May.

However, the market seems concerns about the Spanish economy with Friday news where Spanish banks have reported a rise in bad loans to €164bn in June. Given that the eurozone agreed bank bailout programme is only €100bn, markets fear that eventually Spain will require a broader rescue package.

In the US market confidence unexpectedly rose in August boosting the prospect of stronger household spending this quarter. The University of Michigan index of consumer sentiment increased to 73.6, the highest level since May. We are seeing the GBP-USD rate hold firm trading in the 1.5600 to 1.5700 range.

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