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Economic calendar (GMT0):
01:00 Australia Consumer Inflation Expectation May +4.2% +4.4%
01:45 China HSBC Manufacturing PMI (Preliminary) May 48.1 48.4 49.7
03:00 New Zealand Expected Annual Inflation 2y from now Quarter I +2.3% +2.4%
06:58 France Manufacturing PMI (Preliminary) May 51.2 51.1 49.3
06:58 France Services PMI (Preliminary) May 50.4 50.3 49.2
07:28 Germany Manufacturing PMI (Preliminary) May 54.1 54.0 52.9
07:28 Germany Services PMI (Preliminary) May 54.7 54.8 56.4
07:58 Eurozone Manufacturing PMI (Preliminary) May 53.4 53.2 52.5
07:58 Eurozone Services PMI (Preliminary) May 53.1 53.0 53.5
08:30 United Kingdom Business Investment, q/q Quarter I +2.4% +2.3% +2.7%
08:30 United Kingdom Business Investment, y/y Quarter I +8.7% +8.7%
08:30 United Kingdom PSNB, bln April 4.9 3.6 9.63
08:30 United Kingdom GDP, q/q Quarter I +0.8% +0.8% +0.8%
08:30 United Kingdom GDP, y/y Quarter I +3.1% +3.1% +3.1%
The U.S. dollar declined against the most major currencies after the release of Federal Reserve's meeting minutes on Wednesday. The Fed see the slow improvement in the economy and doesn’t see inflation pressure. It means that the U.S. central bank could left interest rates unchanged at record lows for some time after its asset purchase program ends.
The New Zealand dollar traded higher against the U.S. dollar. The Reserve Bank of New Zealand reported its annual inflation expectations increased to 2.4% in the first quarter, from 2.3% in the previous quarter.
The kiwi was also supported by the better-than-expected Chinese economic data. China’s HSBC manufacturing index (preliminary) climbed to 49.7 in May, up from 48.1 in April. Analysts had expected an increase to 48.4.
The Australian dollar increased against the U.S. dollar after the release of inflation expectations in Australia and Chinese manufacturing data. The inflation expectation for the next 12 months rose to 4.4% in April, from 4.2% in March. March’s figure was revised up from +2.4%.
The Japanese yen declined against the U.S. dollar after the after the release of the better-than-expected Chinese manufacturing data. The decreasing demand for safe-haven currency had a negative impact on the yen. No economic data was published in Japan.
EUR/USD: the currency pair declined to $1.3670
GBP/USD: the currency pair decreased to $1.6885
USD/JPY: the currency pair climbed to Y101.70
The most important news that are expected (GMT0):
09:00 Eurozone European Parliamentary Elections
10:00 United Kingdom CBI industrial order books balance May -1 4
12:30 Canada Retail Sales, m/m March +0.5% +0.2%
12:30 Canada Retail Sales ex Autos, m/m March +0.6% +0.5%
12:30 U.S. Initial Jobless Claims May 297 312
13:43 U.S. Manufacturing PMI (Preliminary) May 55.4 55.6
14:00 U.S. Existing Home Sales April 4.59 4.71
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