The Euro continues to maneuver just under 1.2300 levels against the US dollar as investors get ready for a barrage of central bank activity around the world, being kicked off by the US Fed- which starts its two day monetary policy meeting today. The currency stayed supported on ideas that the policymakers in Europe would act on their pledge to do everything to ensure that the Eurozone debt struggle is alleviated. 

US Treasury Secretary Timothy Geithner and his German counterpart stressed the need for coordinated action Monday in the face of the eurozone debt crisis and faltering global growth, but left open what joint steps Europe and the United States would take to shore up the world economy in the coming months.

However, the economic data continued to stress the single currency. Retail sales in Germany declined for the third month in a row in June. Retail sales dropped 0.1% in June compared with May in price, seasonally and calendar-adjusted terms, according to provisional figures by the federal statistics office Destatis. On the annual basis, retail sales were up 2.9% in June.

Further on the data front, the consumer price inflation in the euro zone rose to a seasonally adjusted annual rate of 2.4%, from 2.4% in the preceding month. The unemployment rate in the region also remained unchanged last month. The Eurostat said that the rate of unemployment remained unchanged at a seasonally adjusted 11.2%, from 11.2% in the preceding month whose figure was revised up from 11.1%.

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