Eurpoean news release - affect on the euro?

Beginner Questions
1

Hi all,
As i scour the forex news calendar, not that I am a news trader as i’m not, but being as i’ve only been in the market for about 5 months, i’m still comming to grasp which news events really dictate changes in the market.

Tomorrow the US releases the New homes start for the previous month, now obviously to me this is very important, if it is good than that will only still strengthen the dollar further, if it is not of course the adverse will occur. That is relatively easy to figure out as its 1 country and 1 currency.

Now the EURO, some 13 countries.
So obviously economic data from 1 or more country will affect the euro, but i’m trying to understand how much.
So again tomorrow is an important news release concerning the German Business Climate Index. How much impact will a single countries outlook influence the euro?
(I assume Germany will have a substantial impact as compared to some of the other countries).

So if someone could shed some insight, that would be appreciated.

2

So again tomorrow is an important news release concerning the German Business Climate Index. How much impact will a single countries outlook influence the euro?
(I assume Germany will have a substantial impact as compared to some of the other countries).

From what I know Germany makes up aprox 22%-28% of the Euro-Zone’s GDP (the greatest amount). I do not know what is 2nd and 3rd, France and ???. Hopes this helps some.

3

Thanks,

Germany 1, France 2, Italy 3, Spain 4

So i think it would be safe to assume that a German economic news release will have a big impact on the Euro.

As i trade the Euro/USD mostly, tomorrow might be a good day to take off trading, but i’ll watch it just to see how it reacts