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16.07.2015 12:19

Foreign exchange market. European session: the euro traded lower against the U.S. dollar after the European Central Bank’s decision

Economic calendar (GMT0):

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

01:00 Australia Consumer Inflation Expectation July 3% 3.4%

04:00 Japan BoJ monthly economic report

07:15 Switzerland Retail Sales Y/Y May 1.6% -1.8%

07:16 Switzerland Retail Sales (MoM) May 2.1% -1.4%

09:00 Eurozone Trade balance unadjusted May 24.9 18.8

09:00 Eurozone Harmonized CPI June 0.2% 0% 0.0%

09:00 Eurozone Harmonized CPI, Y/Y (Finally) June 0.3% 0.2% 0.2%

09:00 Eurozone Harmonized CPI ex EFAT, Y/Y (Finally) June 0.9% 0.8% 0.8%

11:45 Eurozone ECB Interest Rate Decision 0.05% 0.05% 0.05%

The U.S. dollar traded higher against the most major currencies ahead the release of the U.S. economic data. The NAHB housing market index is expected to climb to 60 in July from 59 in June.

The number of initial jobless claims in the U.S. is expected to decline by 12,000 to 285,000.

The Philadelphia Federal Reserve Bank' manufacturing index is expected to fall to 12.0 in July from 15.2 in June.

The Fed Chair Janet Yellen will testify at 14:00 GMT.

The greenback remained supported by yesterday's comments by Fed Chair Janet Yellen. She said that she expects the U.S. economy to strengthen in the rest of the year. Yellen pointed out that the Fed could raise its interest rate "at some point this year".

The euro traded lower against the U.S. dollar after the European Central Bank's (ECB) decision. The central bank kept its interest rate unchanged at 0.05%.

The Greek parliament has approved reforms demanded by Greece's creditors in return for the third bailout programme on Wednesday. 32 Syriza members, including former finance minister Yanis Varoufakis, voted against new reforms.

Greek Prime Minster Alexis Tsipras said before the parliament that there is no alternative.

The ECB Governing Council will meet in Frankfurt on Thursday, and the German parliament on Friday votes on the resumption of talks on financial aid to Greece.

The European Central Bank will release its interest rate decision today. It is unlikely that there will be changes in the monetary policy. Market participants will closely monitor the press conference, looking for new details regarding Greece.

Meanwhile, the economic data from the Eurozone showed some weakness. Eurozone's final consumer price index was flat in June, in line with the previous estimate, after a 0.2% increase in May.

On a yearly basis, Eurozone's final consumer price inflation fell to 0.2% in June from 0.3% in May, in line with the previous estimate.

Eurozone's consumer price inflation excluding food, energy, alcohol and tobacco declined to an annual rate of 0.8% in June from 0.9% in May, in line with the previous estimate.

Eurozone's unadjusted trade surplus slid to €18.8 billion in May from €24.9 billion in April.

Exports rose at an annual rate of 3.0% in May, while imports were flat.

The British pound traded lower against the U.S. dollar in the absence of any major economic report from the U.K.

The Bank of England Governor Mark Carney will speak at 18:00 GMT.

The Canadian dollar traded lower against the U.S. dollar ahead of the Canadian economic data.

The Swiss franc traded lower against the U.S. dollar. Retail sales in Switzerland dropped at an annual rate of 1.8% in May, after a 1.6% increase in April.

Sales of food, beverages and tobacco fell at an annual rate of 0.5% in May, while non-food sales plunged 2.2%.

On a monthly basis, retail sales fell by 1.4% in May, after a 2.1% increase in April.

Sales of food, beverages and tobacco were down 1.2% in May, while non-food sales dropped 2.1%.

EUR/USD: the currency pair fell to $1.0864

GBP/USD: the currency pair declined to $1.5560

USD/JPY: the currency pair rose to Y124.15

The most important news that are expected (GMT0):

12:30 Eurozone ECB Press Conference

12:30 Canada Foreign Securities Purchases May 12.94

12:30 U.S. Initial Jobless Claims July 297 285

14:00 U.S. NAHB Housing Market Index July 59 60

14:00 U.S. Philadelphia Fed Manufacturing Survey July 15.2 12.0

14:00 U.S. Fed Chairman Janet Yellen Speaks

18:00 United Kingdom BOE Gov Mark Carney Speaks

20:00 U.S. Net Long-term TIC Flows May 53.9

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