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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
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