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03.06.2014 15:45

Foreign exchange market. American session: the U.S. dollar remained under pressure after the better-than-expected factory orders in the U.S.

The U.S. dollar traded mixed against the most major currencies after the release of factory orders in the U.S. The U.S. factory orders climbed 0.7% in April, beating expectations for 0.6% increase, after a 1.1% gain in March.

The euro rose against the U.S. dollar despite the weaker-than-expected inflation data in the Eurozone. Eurozone’s inflation increased 0.5% in May, after a 0.7% gain in March. Analysts had expected a 0.7% rise. Inflation target by the European Central Bank (ECB) is 2%.

The unemployment rate in the Eurozone fell to 11.7% in April from 11.8% in March. Analysts had expected the unemployment rate remains unchanged.

The number of unemployed people in Spain decreased by 111,900 in May, after a 111,600 decline in April. Analysts had forecasted a 112,300 drop.

Market participants expect the European Central Bank will add further stimulus measures on Thursday. Investors are awaiting the ECB will cut interest rates and announce measures to boost lending to smaller businesses.

The British pound traded mixed against the U.S. dollar. The U.K. construction purchasing managers' index declined to 60.0 in May, from 60.8 in April. Analysts had expected the index to increase to 61.2.

Nationwide house price index for the U.K. climbed 0.7% in May, meeting analysts’ expectations, after a 1.2% rise in April. On a yearly basis, Nationwide house price index for the U.K. rose 11.1% in May, after a 10.9% increase in April. Analysts had expected the index remains unchanged.

In the overnight trading session, the New Zealand dollar traded higher against the U.S dollar due to speculation New Zealand’s currency will benefit along with the Australian dollar. Market participants are awaiting the release of the Australian economic growth tomorrow. Australia’s economy should expand 1.1% in the first quarter.

In the absence of any major economic reports, investors also remain concerned about the impact of lower dairy prices on the economy and the interest rate.

In the day trading session, the kiwi dropped against the U.S. dollar.

The Australian dollar climbed against the U.S. dollar after the Reserve Bank of Australia’s interest rate decision, but lost a part of its gains in the day trading session. The Reserve Bank of Australia (RBA) kept interest rate unchanged at a record low 2.5% as expected. The RBA decided to continue accommodative monetary policy. Accommodative monetary policy should provide support to demand and to economic growth.

Retail sales in Australia increased 0.2% in April, missing expectations of a 0.3% gain in March, after a 0.1% rise in March.

Australia’s current account deficit declined to AUD5.67 billion in the first quarter from AUD11.7 billion the previous quarter. The deficit of the previous quarter was revised down to AUD11.7 billion from a deficit of AUD10.1 billion. Analysts had expected a reduction of the deficit to AUD7.0 billion.

The Japanese yen traded mixed against the U.S. dollar. Labour cash earning in Japan rose 0.9% in April, exceeding expectations for a 0.6% gain, after a 0.7% increase in March.

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