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Economic calendar (GMT0):
00:30 Australia Westpac Consumer Confidence May +0.3% -6.8%
01:30 Australia Wage Price Index, q/q Quarter I +0.7% +0.8% +0.7%
01:30 Australia Wage Price Index, y/y Quarter I +2.6% +2.6% +2.6%
03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%
03:00 Japan Bank of Japan Monetary Base Target 270 270 270
03:00 Japan BoJ Monetary Policy Statement
05:00 Japan BoJ monthly economic report May
07:30 Japan BOJ Press Conference
08:00 Eurozone Current account, adjusted, bln March 21.9 24.2 18.8
08:30 United Kingdom Retail Sales (YoY) April +4.2% +5.3% +6.9%
08:30 United Kingdom Bank of England Minutes
08:30 United Kingdom Retail Sales (MoM) April +0.1% +0.4% +1.3%
The U.S. dollar traded lower against the most major currencies amid the release of Federal Reserve's meeting minutes later in the day. Market participants are awaiting the Fed's view of the economy. Recently published U.S. economic data was mixed and showed uneven recovery of the U.S. economy.
The New Zealand dollar traded near 3-week lows against the U.S. dollar. Declining dairy prices and the weak economic data in Australia had a negative impact on the kiwi. Dairy prices at the GlobalDairyTrade auction declined. Market participants speculate that the New Zealand dollar is overvalued as Reserve Bank of New Zealand governor Graeme Wheeler warned this month. No economic data was published in New Zealand.
The Australian dollar decreased against the U.S. dollar after the release of the weak economic data in Australia. The Westpac consumer sentiment in Australia decreased 6.8% in May, after a 0.3% gain in April.
Wage prices in Australia increased 0.7% in the first quarter (Q4 2003: +0.7%). Analysts had expected a 0.8% rise.
The Australian dollar also came under pressure due to the falling iron ore prices. Iron ore is Australia's biggest export (about 20% of all exports).
The Japanese yen hits 3.5-month highs against the U.S. dollar after the Bank of Japan left monetary policy unchanged on Wednesday. The Bank of Japan will continue to increase the monetary base at a pace of ¥60 trillion to ¥70 trillion per year. Japan’s central bank expects a moderate economic recovery.
Japan’s trade deficit was ¥808.9 billion in April, compared to a deficit of ¥1,714.2 billion in March. Analysts had forecasted a deficit of ¥640.0 billion.
EUR/USD: the currency pair traded mixed
GBP/USD: the currency pair traded mixed
USD/JPY: the currency pair declined to Y101.16
The most important news that are expected (GMT0):
14:00 Eurozone Consumer Confidence May -8.6 -8.0
14:00 U.S. FOMC Member Dudley Speak
15:30 U.S. Fed Chairman Janet Yellen Speaks
17:30 U.S. FOMC Member Narayana Kocherlakota
18:00 U.S. FOMC meeting minutes
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