This article provides a brief analysis of the main financial and economic events of the day.

Economy The markets ended last week on a strong note follow the European Central Bank President Mario Draghi who pledged to do whatever was necessary to protect the euro zone from collapse, fueling hopes that the ECB would act to lower borrowing costs for highly indebted countries such as Spain and Italy. In a joint statement Friday, German Chancellor Angela Merkel and French President François Hollande also vowed to defend the euro; "we are deeply committed to the integrity of the euro zone." However, Investors remained cautious as German Economy Minister Philipp Roesler warned the ECB over the weekend about any large-scale government bond purchases. Also Monday, preliminary data showed that Spain’s gross domestic product fell 0.4% in the second quarter, in line with expectations and following a 0.3% decline in the previous quarter.

EUR/USD The shared currency has dropped to 1.2270 soon after flash Spanish GDP figures for the second quarter showed that the economic activity has contracted by 0.4%. This number is only one of the key numbers that will set the tone in the upcoming week.

USD/JPY Its price rose in Asian trading on Monday, extending Friday's gains after sluggish U.S. gross domestic product rates fueled more talk of Federal Reserve stimulus in early Asia trading on Monday. The U.S. economy grew 1.5% in the second quarter of the year, according to an advance estimate by the Commerce Department released on Friday.