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02.07.2015 06:59

Foreign exchange market. Asian session: the euro remained under pressure

Economic calendar (GMT0):
Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual
01:30 Australia Trade Balance May -4.13 -2.2 -2.75
06:00 United Kingdom Nationwide house price index, y/y June 4.6% 4.3% 3.3%
06:00 United Kingdom Nationwide house price index June 0.3% 0.5% -0.2%

The euro remains under pressure as investors await Greece's referendum, which will be held this Sunday. A survey conducted June 28-30 and published in Efimerida ton Syntakton showed that 54% of Greeks intend to say 'no' to lenders' conditions and 33% plan to vote 'yes'. However it's worth taking a look at polls conducted before and after the implementation of capital controls. Before this decision 57% of respondents said they would oppose lenders' conditions and 30% would agree. After the implementation of capital controls the numbers changed to 46% and 37% respectively.

Strong U.S. employment data would put additional pressure on the single currency. Yesterday ADP reported that employers added 7,000 jobs to 237,000 vs expectations of an increase to 220,000.

The Australian dollar declined after weak trade balance data. The Australian Bureau of Statistics reported that the country's trade balance expanded to -2.75 billion AUD in May vs -2.2 billion AUD expected. Exports rose by 1%, while imports declined by 4%.

EUR/USD: the pair traded around $1.1050 this morning


USD/JPY: the pair advanced to Y123.45


GBP/USD: the pair traded around $1.5600-15


The most important news that are expected (GMT0):
(time / country / index / period / previous value / forecast)
08:30 United Kingdom PMI Construction June 55.9 56.5
09:00 Eurozone Producer Price Index, MoM May -0.1% 0.1%
09:00 Eurozone Producer Price Index (YoY) May -2.2% -2.0%
11:30 Eurozone ECB Monetary Policy Meeting Accounts
12:30 U.S. Average workweek June 34.5 34.5
12:30 U.S. Continuing Jobless Claims June 2247 2236
12:30 U.S. Average hourly earnings June 0.3% 0.2%
12:30 U.S. Initial Jobless Claims June 271 270
12:30 U.S. Nonfarm Payrolls 280 230
12:30 U.S. Unemployment Rate June 5.5% 5.4%
14:00 U.S. Factory Orders May -0.4% -0.5%
15:10 Eurozone ECB President Mario Draghi Speaks
23:30 Australia AIG Services Index June 49.6

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