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Economic calendar (GMT0):
01:30 Australia RBA Monetary Policy Statement
01:30 China PPI y/y April -2.3% -1.8% -2.0%
01:30 China CPI y/y April +2.4% +2.1% +1.8%
05:00 Japan Leading Economic Index March 108.7 106.5
05:00 Japan Coincident Index March 112.9 114.0
06:00 Germany Current Account March 13.9 19.5
06:00 Germany Trade Balance March 15.8 16.9 14.8
08:30 United Kingdom Industrial Production (MoM) March +0.9% -0.1% -0.1%
08:30 United Kingdom Industrial Production (YoY) March +2.7% +2.3%
08:30 United Kingdom Manufacturing Production (MoM) March +1.0% +0.3% +0.5%
08:30 United Kingdom Manufacturing Production (YoY) March +3.8% +3.3%
08:30 United Kingdom Trade in goods March -9.7 -9.0 -8.5
The U.S. dollar traded higher against the most major currencies. The U.S. currency was supported by the yesterday’s ECB President Mario Draghi comments that the ECB could ease monetary policy in June to tackle low inflation, and the better-than-expected number of initial jobless claims, published on Thursday.
The New Zealand dollar traded lower against the U.S. dollar due to the weak Chinese inflation, but later recovered its losses. China's consumer price index (CPI) increased 1.8% year-on-year in April, the lowest inflation rate in 18 months. Analysts had expected a 2.1% gain. China’s producer price index (PPI) declined 2.0% year-on-year in April. Analysts had forecasted a decline of 1.8%. No economic data was published in New Zealand.
The Australian dollar declined against the U.S. dollar due to the Reserve Bank of Australia (RBA) monetary policy statement and the weak Chinese inflation, but later recovered its losses. The RBA said in its statement that the current accommodative monetary policy is appropriate for some time.
The RBA increased its growth forecast for the current quarter from 2.75% to 3%, and lowered its inflation outlook to a 2.75% increase year-on-year, from 3.00% in its February statement.
The Japanese yen traded little changed against the U.S. dollar. Japan's leading economic index declined to 106.5 in March, from 108.7 in February. February's figure was revised down from 113.5.
Japan's coincident index was up to 114.0 in March, from 112.9 in February. February's figure was revised down from 113.0.
EUR/USD: the currency pair traded mixed
GBP/USD: the currency pair declined to $1.6915
USD/JPY: the currency pair climbed to Y101.75
The most important news that are expected (GMT0):
12:30 Canada Employment April 42.9 14.9
12:30 Canada Unemployment rate April 6.9% 6.9%
14:00 United Kingdom NIESR GDP Estimate April +0.9%
14:00 U.S. JOLTs Job Openings April 4173 4210
22:00 U.S. FOMC Member Narayana Kocherlakota
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