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The EUR came under selling pressure against the greenback on Monday after the UK Daily Telegraph reported on its website that Germany’s top industrial group has warned that Germany’s credit crunch is deepening. The dollar also drew some support after Russia’s Finance Minister said the nation has full confidence in the U.S. currency. His remarks came ahead of the first summit of leaders of Russia, China, India and Brazil on Tuesday, at which the leaders are expected to discuss issues including foreign reserve diversification. Last week marked an extremely volatile trading session for the dollar, especially against the EUR and the Yen, enabling traders to make profits from going both long and short against the greenback. However, against the GBP and the CHF the USD dropped significantly. It seems that mixed results from the leading economic indicators that were published last week have contributed to the volatility of the dollar. The most positive publication for the USD was the U.S Retail Sales index, which showed that the total value of sales at the retail level has increased in May for the first time in 3 months. However, the U.S Trade Balance continued to show negative balance between imported and exported goods and services, and during April, it even failed to reach expectations showing a significantly lower figure of -29.2B. Another disturbing publication was the Federal Budget Balance report which showed that during May the U.S. government’s spending was 189.7B higher than its income. This information proofs once again that it indeed might be premature to assume that the worse oof the economic crisis is already behind. As for the week ahead, many interesting publications will provide the traders vast opportunities to increase their equities. First of all, today at 13:00 GMT, the TIC Long-Term Purchases report will be released, and is forecasted to deliver the best result in 7 months, what should strengthen the dollar. Also this week, the monthly Building Permits and the weekly Unemployment Claims will be announced, while forex traders are advised to follow these reports as they’re expected to have a large impact on the USD.