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16.06.2015 12:23

Foreign exchange market. European session: the euro traded lower against the U.S. dollar on concerns over the Greek debt problem

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

01:30 Australia New Motor Vehicle Sales (YoY) May 2.8% 0.8%

01:30 Australia New Motor Vehicle Sales (MoM) May -1.5% -1.3%

01:30 Australia RBA Meeting's Minutes

05:45 Switzerland SECO Economic Forecasts

06:00 Germany CPI, m/m (Finally) May 0.0% 0.1% 0.1%

06:00 Germany CPI, y/y (Finally) May 0.5% 0.7% 0.7%

08:30 United Kingdom Retail Price Index, m/m May 0.4% 0.3% 0.2%

08:30 United Kingdom Retail prices, Y/Y May 0.9% 1.1% 1%

08:30 United Kingdom Producer Price Index - Input (MoM) May 1.4% Revised From 0.4% 0.4% -0.9%

08:30 United Kingdom Producer Price Index - Input (YoY) May -11.0% Revised From -11.7% -11.4% -12.0%

08:30 United Kingdom Producer Price Index - Output (MoM) May 0.1% 0.1% 0.1%

08:30 United Kingdom Producer Price Index - Output (YoY) May -1.7% -1.6% -1.6%

08:30 United Kingdom HICP, m/m May 0.2% 0.2% 0.2%

08:30 United Kingdom HICP, Y/Y May -0.1% 0.1% 0.1%

08:30 United Kingdom HICP ex EFAT, Y/Y May 0.8% 0.9%

09:00 Eurozone Employment Change Quarter I 0.1% 0.1%

09:00 Eurozone ZEW Economic Sentiment June 61.2 53.7

09:00 Germany ZEW Survey - Economic Sentiment June 41.9 37.1 31.5

The U.S. dollar traded mixed against the most major currencies ahead of the U.S. housing market data. Housing starts in the U.S. are expected to decline to 1.100 million units in May from 1.135 million units in April.

The number of building permits is expected to fall to 1.100 million units in May from 1.140 million units in April.

The euro traded lower against the U.S. dollar on concerns over the Greek debt problem. The weekend's debt talks between Greece and its creditors were unsuccessful.

The next round of talks is scheduled to at the finance ministers' meeting this Thursday in Luxembourg.

Greek Finance Minister Yanis Varoufakis said that Athens will not provide a new reform proposal.

German newspaper Süddeutsche Zeitung reported that capital controls could be imposed this week. Athens denied this report.

Meanwhile, the economic data from the Eurozone was mixed. Germany's ZEW economic sentiment index slid to 31.5 in June from 41.9 in May, missing expectations for a decline to 37.1.

The ZEW President Clemens Fuest said that "the ongoing uncertainty over Greece's future and the restrained dynamic of the global economy" weighed on the German economy.

Eurozone's ZEW economic sentiment index dropped to 53.7 in June from 61.2 in May.

Employment in the Eurozone climbed 0.1% in the first quarter, after a 0.1% rise in the fourth quarter.

German final consumer price index rose 0.1% in May, in line with the preliminary estimate, after a flat reading in April.

The increase was driven by higher food and non-alcoholic beverages costs.

On a yearly basis, German final consumer price index increased to 0.7% in May from 0.5% in April, in line with the preliminary estimate. It was the highest level since October 2014.

The British pound traded mixed against the U.S. dollar in the release of the consumer inflation data from the U.K. The U.K. consumer price index rose to 0.1% in May from -0.1% in April, in line with expectations.

The increase was driven by higher prices for airfares and smaller declines in food and fuel prices than a year earlier.

The Bank of England Governor (BoE) Mark Carney expects the consumer price inflation to rise towards the end of the year.

Consumer price inflation excluding food, energy, alcohol and tobacco prices climbed to 0.9% in May from 0.8% the month before.

The consumer price inflation is below the Bank of England's 2% target.

The Canadian dollar traded lower against the U.S. dollar ahead of the Canadian foreign securities purchases data.

The Swiss franc traded lower against the U.S. dollar. The State Secretariat for Economic Affairs (SECO) released its economic growth forecasts for Switzerland on Tuesday. SECO lowered its economic growth forecast for 2015 to 0.8% from its March estimate of 0.9% due to a weak economic activity in the first quarter of 2015 and due to the downward revision of the U.S. economic growth in 2015.

SECO forecasted the growth of 1.6% in 2016, down from its March estimate of 1.8%.

Inflation forecasts were left unchanged. Inflation is expected to be -1% this year and +0.3% in 2016.

Unemployment rate is expected to be at 3.3% this year, at 3.5% in 2016, up from its March estimate of 3.4%.

EUR/USD: the currency pair decreased to $1.1208

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair fell to Y123.39

The most important news that are expected (GMT0):

12:30 Canada Foreign Securities Purchases April 22.47

12:30 U.S. Housing Starts May 1135 1100

12:30 U.S. Building Permits May 1140 1100

22:45 New Zealand Current Account Quarter I -3190 235

23:50 Japan Trade Balance Total, bln May -53.4 -226

16.06.2015 12:00

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