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08.05.2014 12:04

Foreign exchange market. European session: the euro climbed to 8-week highs against the U.S. dollar

Economic calendar (GMT0):

01:30    Australia                Changing the number of employed  April      21.9     7.5          14.2

01:30    Australia                Unemployment rate                         April      5.8%    5.9%       5.8%

02:20    China                    Trade Balance, bln                            April      7.7       13.1         18.5

05:45    Switzerland            SECO Consumer Climate                 Quarter I    2          3             1

06:00    Germany               Industrial Production s.a. (MoM)       March   +0.6%  +0.2%     -0.5%

06:00    Germany               Industrial Production (YoY)               March   +4.0%                 +3.0%

07:00    United Kingdom     Halifax house price index                  April     -1.1%   +0.8%     -0.2%

07:00    United Kingdom     Halifax house price index 3m Y/Y      April    +8.7%   +9.1%    +8.5%

07:15    Switzerland            Consumer Price Index (MoM)            April     +0.4%   +0.1%    +0.1%

07:15    Switzerland            Consumer Price Index (YoY)             April      0.0%     +0.1%     0.0%

11:00    United Kingdom     BoE Interest Rate Decision                            0.50%     0.50%    0.50%

11:00    United Kingdom     Asset Purchase Facility                                    375         375         375

11:00    United Kingdom     MPC Rate Statement                                                 

11:45    Eurozone               ECB Interest Rate Decision                            0.25%     0.25%     0.25%

The U.S. dollar declined against the most major currencies ahead of the publication of initial jobless claims in the U.S. and the ECB press conference later in the day. Analysts expect 328,000 jobless claims.

The euro climbed to 8-week highs against the U.S. dollar. The European Central Bank kept unchanged interest rate at a record low at 0.25%. Market participants were unimpressed by the weaker-than-expected German industrial production. German industrial production declined 0.5% in March, from a 0.6% increase in February. February’s figure was revised up from 0.4%. Analysts had forecasted a 0.2% rise.

The British pound traded mixed against the U.S. dollar after the release of the BoE interest rate decision. The BoE kept unchanged interest rate at 0.50% and the asset purchase plan remained at 375 billion pounds. This decision was expected by market participants.

British house prices published by Halifax declined 0.2% in April. Analysts had forecasted a 0.8% increase.

EUR/USD: the currency pair climbed to $1.3959

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

12:15    Canada                Housing Starts                      April      157        177       

12:30    Eurozone             ECB Press Conference                                              

12:30    Canada                New Housing Price Index       March   +0.2%   +0.2% 

12:30    U.S.                     Initial Jobless Claims                May       344        328

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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