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21.05.2014 12:10

Foreign exchange market. European session: the euro slid against the U.S. dollar

Economic calendar (GMT0):

00:30    Australia                Westpac Consumer Confidence         May              +0.3%                -6.8%

01:30    Australia                Wage Price Index, q/q                       Quarter I       +0.7%  +0.8%   +0.7%

01:30    Australia                Wage Price Index, y/y                       Quarter I       +2.6%  +2.6%   +2.6%

03:00    Japan                    BoJ Interest Rate Decision                                      0.10%   0.10%   0.10%

03:00    Japan                    Bank of Japan Monetary Base Target                       270        270      270

03:00    Japan                    BoJ Monetary Policy Statement                                                            

05:00    Japan                    BoJ monthly economic report  May                                    

07:30    Japan                    BOJ Press Conference                                              

08:00    Eurozone               Current account, adjusted, bln          March            21.9      24.2       18.8

08:30    United Kingdom     Retail Sales (YoY)                               April               +4.2%   +5.3% +6.9%

08:30    United Kingdom     Bank of England Minutes                                                         

08:30    United Kingdom     Retail Sales (MoM)                              April              +0.1%  +0.4%   +1.3%

The U.S. dollar traded higher against the most major currencies amid the release of Federal Reserve's meeting minutes and the speech of Fed Chair Janet Yellen. Market participants are awaiting the Fed's view of the economy. Recently published U.S. economic data was mixed and showed uneven recovery of the U.S. economy.

The euro slid against the U.S. dollar. Further stimulus measures by European Central Bank and the weak growth figures in the Eurozone weighed on the euro.

The current account surplus in the Eurozone was 18.8 billion euro in March, after a surplus of 21.9 billion euro in February. Analysts had expected an increase to 24.2 billion euro.

The British pound rose against the U.S. dollar after the release of the better-than-expected U.K. retail sales. U.K. retail sales increased 1.3% in April, from a 0.1% gain in March. Analysts had expected a 0.4% increase.

On a yearly basis, U.K. retail sales rose 6.9% in April, exceeding expectations for a 5.2% increase. That was the fastest pace since May 2004. U.K. retail sales climbed 4.8% in March.

The retail sales increase was driven by a supermarket price war between Morrisons, Tesco, Asda and Sainsbury's. Food sales rose 3.6% in April from March and at annual rate of 6.3%. That was highest annual growth since January 2002.

Bank of England's minutes of its May meeting showed that the Bank of England policymakers voted unanimously to maintain interest rates unchanged at record lows this month. But some policymakers thought the arguments in favour of an interest-rate hike were growing stronger.

EUR/USD: the currency pair declined to $1.3670

GBP/USD: the currency pair increased to $1.6921

USD/JPY: the currency pair declined to Y100.81

The most important news that are expected (GMT0):

14:00    Eurozone    Consumer Confidence May       -8.6       -8.0      

14:00    U.S.            FOMC Member Dudley Speak                                              

15:30    U.S.            Fed Chairman Janet Yellen Speaks                                                       

17:30    U.S.            FOMC Member Narayana Kocherlakota                                                          

18:00    U.S.            FOMC meeting minutes

21.05.2014 11:54

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