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05.05.2014 12:10

Foreign exchange market. European session: markets little changed due to thin liquidity

Economic calendar (GMT0):

00:30    Australia                MI Inflation Gauge, m/m                          April      +0.2%                                               +0.4%

00:30    Australia                MI Inflation Gauge, y/y                            April      +2.7%                                               +2.8%

01:30    Australia                Building Permits, m/m                              March   -5.4%   Revised From -5.0%  +1.7%   -3.5%

01:30    Australia                Building Permits, y/y                                March   +23.2%                                              +20.0%

01:30    Australia                ANZ Job Advertisements (MoM)                April     +1.4%                                                +2.2%

01:45    China                    HSBC Manufacturing PMI (Finally)             April      48.3                                       48.4       48.1

08:30    Eurozone              Sentix Investor Confidence                      March   14.1                                       14.2       12.8

09:00    Eurozone                Producer Price Index, MoM                    March    -0.2%                                   -0.2%     -0.2%

09:00    Eurozone                Producer Price Index (YoY)                    March    -1.7%                                   -1.8%     -1.6%

09:00    Eurozone                European Commission Economic Growth Forecasts                                                    

09:00    Eurozone                Eurogroup Meetings

The euro traded little changed against the U.S. dollar. Eurozone’s investor confidence released by Sentix declined to 12.8 in March from 14.1 in February. Analysts forecasted an increase to 14.2.

The European Commission released economic forecasts today. The gross domestic product (GDP) will increase 1.6% in the EU and 1.2% in the Eurozone in 2014, climbing to 2.0% and 1.7% respectively in 2015. The inflation in the Eurozone will remain low: 0.8% in 2014 and 1.2% in 2015.

The European Commission predicted the decline of unemployment rate. The unemployment rate will be 11.8% in 2014 and 11.4% in 2015.

The Commission’s forecasts show government debt in the Eurozone will climb to 96% of GDP in 2014, declining to 95.4% of GDP in 2015 (2008: 70.2% of GDP).

The European Commission warned that the low level of inflation and geopolitical tensions with Russia could have a negative impact on economic recovery.

The U.S. dollar traded mixed against the most major currencies ahead of the publication of ISM non-manufacturing PMI in the USA. Analysts expect that ISM non-manufacturing PMI should climb to 54.3 in April from 53.1 in March.

The British pound declined against the U.S. dollar. Markets in London are closed for a public holiday.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair decreased to 1.6852

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

13:45    U.S.                   Services PMI (Finally)                 April      54.2      54.2     

14:00    U.S.                   ISM Non-Manufacturing             April      53.1      54.3

05.05.2014 12:00

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