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08.05.2014 15:57

Foreign exchange market. American session: Draghi comments to add new stimulus measures in June put under pressure the euro

The U.S. dollar traded higher against the most major currencies after the U.S. the Department of Labor released the number of initial jobless claims. The number of initial jobless claims declined by 26,000 to 319,000 from the previous week. Analysts had forecasted the decline by 20,000 to 325,000.

The euro declines and hits the low of Mai 5, 2014 against the U.S. dollar after the ECB President Mario Draghi said that the ECB could ease monetary policy in June to tackle low inflation. He added the low inflation rate in the context of strong euro is a cause for concern. The ECB President has not specified what kind of stimulus measures could be added by the ECB. Different stimulus measures are possible like further cut in interest rates, new liquidity support for banks or quantitative easing.

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.

The Canadian dollar hits 4-week highs against the U.S. dollar. The loonie was supported by the better-than-expected housing market figures. Canadian housing starts increased to 194,800 units in April, from 156,600 units in March. Analysts had forecasted an increase to 175,000 units.

The New Zealand dollar traded mixed against the U.S. dollar. In overnight trading, the kiwi was supported by the good Chinese trade data. China is New Zealand's second biggest export partner.

Chinese trade surplus rose to $18.46 billion in April, from $7.71 billion in March, beating expectations of an increase to $13.1 billion.

The Australian dollar climbed to 3-week highs against the U.S. dollar. The Australian currency was supported by the stronger-than-expected labour market figures and the good Chinese trade data. China is Australia's biggest export partner.

The number of employed people in Australia increased by 14,200 in April. Analysts had forecasted a 7,500 rise. March's figure was revised up to a 21,900 rise from 18,100.

Australia's unemployment rate remained unchanged at 5.8% in April. Analysts had expected an increase to 5.9%.

The Japanese yen traded mixed against the U.S. dollar. No economic data was published in Japan.

Market Focus

  • US nonfarm payrolls rise more than expected in July
  • Canada’s merchandise trade deficit widens in June
  • Canada unemployment rate falls to lowest level since October 2008
  • Canada Ivey PMI falls less than expected in July
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