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Economic calendar (GMT0):
06:00 Germany CPI, m/m (Finally) April -0.2% -0.2% -0.3%
06:00 Germany CPI, y/y (Finally) April +1.3% +1.3% +1.1%
06:00 Japan Prelim Machine Tool Orders, y/y April +41.8% +48.8%
06:45 France CPI, m/m April +0.4% +0.2% 0.0%
06:45 France CPI, y/y April +0.6% +0.8%
08:30 United Kingdom Average earnings ex bonuses, 3 m/y April +1.4% +1.3%
08:30 United Kingdom Average Earnings, 3m/y March +1.7% +2.2% +1.7%
08:30 United Kingdom Claimant count April -30.4 -31.2 -25.1
08:30 United Kingdom Claimant Count Rate April 3.4% 3.3%
08:30 United Kingdom ILO Unemployment Rate March 6.9% 6.8% 6.8%
09:00 Eurozone Industrial production, (MoM) March +0.2% -0.3% -0.3%
09:00 Eurozone Industrial Production (YoY) March +1.7% -0.1%
09:00 Switzerland Credit Suisse ZEW Survey (Expectations) March 7.0 7.4
09:30 United Kingdom BOE Inflation Letter Quarter II
09:30 United Kingdom BOE Gov Mark Carney Speaks
The U.S. dollar traded lower against the most major currencies ahead of the release of producer price index (PPI) in the U.S. The U.S. producer price index should increase 0.2% in April, from a 0.5% rise in March. The U.S. producer price index excluding food and energy should climb 0.2% in April, from a 0.6% increase in March.
The euro traded higher against the U.S. dollar. The industrial production in the Eurozone decreased 0.3% in March, from a 0.3% increase in February. Analysts had expected this figure. The year-on year rate of the industrial production in the Eurozone decreased 0.1% in March, from a 1.7% increase in February.
The euro also remained under pressure due to possible additional stimulus measures from the ECB next month.
The British pound hits 3-week lows against the U.S. dollar after the release of the BoE’s quarterly inflation report and the U.K. labour market figures. The BoE left its GDP outlook at 3.4% for this year that indicates the BoE could delay the interest rate hike. But the Bank of England Governor Mark Carney said that the British economy is moving closer to the point of needing tighter policy.
The U.K. unemployment rate declined to 6.8% in March, from 6.9% in February. The claimant count dropped by 25,100 in April, compared to a decline of 30,400 people in March. Analysts had expected a decrease of 31,200 people.
EUR/USD: the currency pair increased to $1.3731
GBP/USD: the currency pair dropped to $1.6756
USD/JPY: the currency pair declined to Y101.71
The most important news that are expected (GMT0):
12:30 U.S. PPI, m/m April +0.5% +0.2%
12:30 U.S. PPI, y/y April +1.4%
12:30 U.S. PPI excluding food and energy, m/m April +0.6% +0.2%
12:30 U.S. PPI excluding food and energy, Y/Y April +1.4%
14:30 Eurozone ECB's Jens Weidmann Speaks
22:30 New Zealand Business NZ PMI April 58.4
23:50 Japan Tertiary Industry Index March -1.0% +2.5%
23:50 Japan GDP, q/q (Preliminary) Quarter I +0.2% +1.0%
23:50 Japan GDP, y/y Quarter I +2.6%
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