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09.05.2014 12:18

Foreign exchange market. European session: the euro plunged to 1-week lows against the U.S. dollar, concerns over tensions in Ukraine

Economic calendar (GMT0):

01:30    Australia              RBA Monetary Policy Statement                                                         

01:30    China                  PPI y/y                                         April     -2.3%    -1.8%     -2.0%

01:30    China                  CPI y/y                                         April     +2.4%   +2.1%   +1.8%

05:00    Japan                  Leading Economic Index              March   108.7                   106.5

05:00    Japan                  Coincident Index                          March   112.9                   114.0

06:00    Germany              Current Account                         March   13.9                      19.5

06:00    Germany              Trade Balance                              March   15.8        16.9      14.8

08:30    United Kingdom    Industrial Production (MoM)         March   +0.9%    -0.1%    -0.1%

08:30    United Kingdom    Industrial Production (YoY)          March   +2.7%                 +2.3%

08:30    United Kingdom    Manufacturing Production (MoM) March   +1.0%   +0.3%   +0.5%

08:30    United Kingdom    Manufacturing Production (YoY)  March   +3.8%                +3.3%

08:30    United Kingdom    Trade in goods                            March    -9.7        -9.0        -8.5

The U.S. dollar traded higher against the most major currencies. The U.S. currency was supported by the better-than-expected number of initial jobless claims, published on Thursday, and concerns over tensions in Ukraine. Pro-Russia separatists in eastern Ukraine ignored a public call by Russian President Vladimir Putin to postpone a referendum. Investors favour the safe-haven currency.

The euro plunged to 1-week lows against the U.S. dollar. The euro weakened due to the yesterday’s ECB President Mario Draghi comments that the ECB could ease monetary policy in June to tackle low inflation.

German trade surplus trade decreased to €14.8 billion in March, from €15.8 billion in February. February’s figure was revised up from a surplus of €15.7 billion. Analysts had expected a rise to €16.6 billion.

The British pound dropped against the U.S. dollar after the release of the good economic data and as investors locked in profits after a strong rally. The U.K. manufacturing production climbed 0.5% in March (February: +1.0%). Analysts had expected a 0.3% rise. The U.K trade deficit declined to £8.48 billion in March, from £8.75 billion in February. February’s figure was revised down from £9.09 billion. Analysts had forecasted an increase of the deficit to £9.00 billion. The strong economic data strengthens the speculation that the Bank of England will hike interest rates in the first half of the next year.

EUR/USD: the currency pair declined to $1.3773

GBP/USD: the currency pair fell to $1.6846

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

12:30    Canada                Employment                   April      42.9      14.9     

12:30    Canada                Unemployment rate        April      6.9%     6.9%    

14:00    United Kingdom    NIESR GDP Estimate      April      +0.9%                

14:00    U.S.                      JOLTs Job Openings      April      4173     4210    

22:00    U.S.                      FOMC Member Narayana Kocherlakota

09.05.2014 12:00

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