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19.06.2014 09:09

Foreign exchange market. Asian session: the U.S. dollar dropped against the most major currencies after the Fed’s interest decision on Wednesday

Economic calendar (GMT0):

01:30    Australia              RBA Bulletin                                    Quarter II                                          

04:30    Japan                  All Industry Activity Index, m/m         April      +1.5%  -3.7%    -4,3%

04:30    Switzerland          SNB Financial Stability Report         2014                                     

07:30    Switzerland          SNB Interest Rate Decision                          0.25%   0.25%    0.25%

07:30    Switzerland          SNB Monetary Policy Assessment                                                       

07:30    Switzerland          SNB Press Conference                                               

08:30    United Kingdom   Retail Sales (MoM)                          May       +1.3%  -0.5%    -0.5%

08:30    United Kingdom   Retail Sales (YoY)                           May       +6.9%  +4.2%   +3.9%

09:00    Eurozone             Eurogroup Meetings

The U.S. dollar dropped against the most major currencies after the Fed’s interest decision on Wednesday. The Fed cut its monthly asset purchases by another $10 billion to $35 billion and kept the Federal Funds Target Rate between zero and 0.25 percent. Market participants had expected this decision. The Fed pointed out that interest rates will remain unchanged for a considerable time after the Fed’s asset purchase program ends.

Investors had awaited Fed Chair Janet Yellen gave some hints when the Fed will start to rise its interest rate, but it didn’t happen. Investors were disappointed. The U.S. currency suffered due to this disappointment by investors.

The Fed lowered its forecast for economic growth this year to a range of 2.1% to 2.3% from 2.8 to 3.0% previously.

The Fed expect its interest rate to reach 1.2% by the end of 2015 and 2.5% by the end of 2016.

The New Zealand dollar traded lower against the U.S dollar due to the slower than expected economic growth in New Zealand. New Zealand’s gross domestic product increased 1.0% in the first quarter, missing expectations for a 1.2% gain, after a 1.0% rise in the fourth quarter of 2013. The fourth quarter of 2013 figure was revised up from a 0.9% increase.

On a yearly basis, gross domestic product in New Zealand rose 3.8% in the first quarter, exceeding expectations for a 3.7% increase, after a 3.1% gain in the fourth quarter of 2013.

The Australian dollar climbed against the U.S. dollar after the Fed’s interest decision. Japanese life insurance firms and retail funds also supported the demand for the Australian dollar due to higher yields.

The Reserve Bank of Australia (RBA) released its June bulletin. The RBA said foreign property demand may have pushed up houses and the supply of dwellings in Australia. The RBA also said the growth in infrastructure investment in China could remain strong for some time, which will have a positive impact on Australian commodity exporters.

The RBA pointed out that the lower retail sales from May to mid June was driven by “the “significant downturn in consumer confidence”.

The Japanese yen climbed against the U.S. dollar after the Fed’s interest decision. Japan’s all industry activity index declined 4.3% in April, after a 1.5% increase in March. Analysts had expected the index to fall 3.7%.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

10:00    United Kingdom   CBI industrial order books balance          June      0            3            

12:30    U.S.                     Initial Jobless Claims                                June      317        316        

14:00    U.S.                     Leading Indicators                                    May       +0.4%  +0.6%  

14:00    U.S.                     Philadelphia Fed Manufacturing Survey   June      15.4      14.3

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