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15.07.2014 15:53

Foreign exchange market. American session: the U.S. dollar increased against the most major currencies after congressional testimony by Federal Reserve Chair Janet Yellen

The U.S. dollar increased against the most major currencies after congressional testimony by Federal Reserve Chair Janet Yellen. The Fed Chair said the economy in the U.S. is continuing to improve but the recovery is not yet complete. She added that if the labour market continues to improve more quickly, the Fed will hike its interest rate sooner than expected, but weaker conditions will mean a longer period of low interest rate.

The U.S. Commerce Department released weaker-than-expected retail sales. The U.S. retail sales rose 0.2% in June, missing expectations for a 0.6% gain, after a 0.5% increase in May. May's figure was revised up from a 0.3% rise.

The retail sales in June was driven by weak sales at restaurants and auto dealers. Auto sales declined 0.3%.

Retail sales excluding automobiles in the U.S. increased 0.4% in June, missing expectations for a 0.5% rise, after a 0.4% gain in May. May's figure was revised up from a 0.1% increase.

The NY Fed Empire State manufacturing index climbed to 25.6 in July from 19.3 in June. Analysts had expected the index to decrease to 17.4.

The euro declined against the U.S. dollar after congressional testimony by Federal Reserve Chair Janet Yellen. The ZEW economic sentiment index for Germany declined to 27.1 in July from 29.8 in June, missing expectations for an increase to 33.4. That was the seventh straight decline in seven months.

The ZEW economic sentiment index for the Eurozone increased to 61.8 in July from 58.4 in June, missing expectations for a rise to 62.3.

The British pound surged against the U.S. dollar after the inflation data from UK and testimony by the Bank of England Governor Mark Carney, but fell after congressional testimony by Federal Reserve Chair Janet Yellen. The consumer price index in the UK increased 0.2% in June, after a 0.1% decline in May.

On a yearly basis, UK consumer price index rose 1.9% in June, exceeding expectations for a 1.6% gain, after a 1.5% rise in May.

The house price inflation jumped to 10.5% in May from 9.9% in April.

The retail price index for the UK increased to 2.6% in June from 2.4% in May. Analysts had expected the index to remain unchanged at 2.4%.

The Bank of England Governor Mark Carney testified to parliament's Treasury committee. He said that the timing of the first interest rate hike by the BoE would be "driven by the data".

The Swiss franc traded lower against the U.S. dollar after congressional testimony by Federal Reserve Chair Janet Yellen. The producer & import prices in Switzerland were flat in June, missing forecasts of a 0.3% rise, after a 0.1% increase in May.

The New Zealand dollar traded lower against the U.S dollar after congressional testimony by Federal Reserve Chair Janet Yellen. No major economic reports were released in New Zealand.

The Australian dollar traded lower against the U.S. dollar after the Reserve Bank of Australia's minutes and congressional testimony by Federal Reserve Chair Janet Yellen. The RBA decided to keep unchanged its interest rate at 2.5%. The RBA said that low interest rate supports demand. Australia's central bank added that the Australian currency "remained high by historical standards".

Australia's new motor vehicle sales rose 1.7% in June, after a 0.4% growth in May. May's figure was revised up from a 0.3% rise.

The Japanese yen traded slightly lower against the U.S. dollar after congressional testimony by Federal Reserve Chair Janet Yellen. The BoJ kept unchanged its interest rate. Japan's central bank will continue to expend the monetary base at an annual pace of about 60-70 trillion yen.

The BoJ lowered its growth forecast to 1.0% for the current financial year ending in March from the previous growth of a 1.1%.

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