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18.07.2014 15:37

Foreign exchange market. American session: the Canadian dollar traded higher against the U.S. dollar after consumer inflation data from Canada

The U.S. dollar traded mixed to higher against the most major currencies after of the Reuters/Michigan consumer sentiment index. The index declined to 81.3 in July from 82.5 in June, missing expectations for an increase to 83.5.

The CB leading indicators for the U.S. rose 0.3% in June, missing expectations for a 0.6% gain, after a 0.5% increase.

Concerns over tensions in Ukraine and Israel's ground campaign in Gaza weighed on markets. Demand for safe-haven currency supported the U.S. currency.

The euro traded lower against the U.S. dollar. The current account surplus in the Eurozone declined to €19.5 billion in May from €21.6 billion in April, missing expectations for a rise to €24.3 billion. April's figure was revised up from a surplus of €21.5 billion.

The British pound traded lower against the U.S. dollar in the absence of any major market reports in the UK.

The Canadian dollar traded higher against the U.S. dollar after consumer inflation data from Canada. Annual inflation rose 2.4% in June, after an increase of 2.3% in May. June's inflation reached the highest level since February 2012.

The Bank of Canada's inflation target is 2%. The Bank of Canada Governor Stephen Poloz said this week that the current increase in inflation is temporary.

On a monthly basis, consumer inflation increased 0.1% in June, missing expectations for a 0.4% rise, after a 0.5% gain in May.

Canadian core consumer inflation (excluding eight volatile products) gained 1.8% in June, after a 1.7% rise in May.

On a monthly basis, Canadian core consumer inflation fell 0.1% in June, missing expectations for a 0.4% increase, after a 0.5% rise in May.

Wholesale sales in Canada gained 2.2% in May, exceeding expectations for a 0.7% rise, after a 1.4% increase in April. April's figure was revised up from a 1.2% gain.

The New Zealand dollar traded mixed against the U.S dollar. Decreasing demand for risk assets as the crash of a Malaysian passenger jet in eastern Ukraine and a ground offensive in Gaza weighed on markets. Market participants are awaiting the next Reserve Bank of New Zealand's interest decision. Recently released weak economic data from New Zealand could mean that the RBNZ will keep unchanged its interest rate.

No major economic reports were released in New Zealand.

The Australian dollar traded higher against the U.S. dollar in the absence of any major economic reports in Australia.

The Japanese yen traded lower against the U.S. dollar after Bank of Japan's minutes. Members of BoJ's board agreed that the economic recovery will remain on track. The BoJ added that consumer inflation were expected to continue rising moderately and will slow only temporarily.

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