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05.06.2014 12:13

Foreign exchange market. European session: the euro dropped against the U.S. dollar after the European Central Bank cut its interest rate to 0.15% from 0.25%

Economic calendar (GMT0):

01:30    Australia                   Trade Balance                                 April      0.90       0.53       -0.12

01:45    China                       HSBC Services PMI                          May       51.4                      50.7

06:00    Germany                  Factory Orders s.a. (MoM)              April        -2.8%   +1.3%   +3.1%

06:00    Germany                  Factory Orders n.s.a. (YoY)            April      +1.5%                 +6.3%

07:00    United Kingdom        Halifax house price index                May         -0.2%   +0.4% +3.9%

07:00    United Kingdom        Halifax house price index 3m Y/Y    May       +8.5%                +8.7%

09:00    G7                            G7 Meetings                                                 

09:00    Eurozone                 Retail Sales (MoM)                           April      +0.3%  +0.1%   +0.4%

09:00    Eurozone                 Retail Sales (YoY)                            April      +0.9%  +1.3%   +2.4%

11:00    United Kingdom       BoE Interest Rate Decision                           0.50%   0.50%   0.50%

11:00    United Kingdom       Asset Purchase Facility                                  375        375        375

11:00    United Kingdom       MPC Rate Statement                                                

11:45    Eurozone                 ECB Interest Rate Decision                          0.25%   0.10%    0.15%

The U.S. dollar traded mixed against the most major currencies ahead of the release of initial jobless claims in the U.S. and the European Central Bank’s press conference. The number of initial jobless claims in the U.S should climb by 14,000 to 314,000.

The euro dropped against the U.S. dollar after the European Central Bank cut its interest rate to 0.15% from 0.25%. Investors had expected that the ECB will cut its interest rate.

Retail sales in the Eurozone climbed 0.4% in April, exceeding expectations for a 0.1% gain, after a 0.3% increase in March. On a yearly basis, retail sales in the Eurozone rose 2.4% in April, exceeding expectations for a 1.3% increase, after a 0.9% gain in March.

German factory orders surged 3.1% in April, beating expectations for a 1.3% rise, after a 2.8% decrease in March.

The British pound increased against the U.S. dollar after the Bank of England’s interest rate decision, but later lost its gains. The BoE kept its interest rate unchanged at record low 0.50%. The stimulus program of the Bank of England remained unchanged at 375 billion pounds. Investors had expected this decision. Investors expect the BoE will raise interest rate in the first half of next year.

Earlier in the trading session, the U.K. house prices were released. The U.K. Halifax house price index increased 3.9% in May, exceeding expectations for a 0.4% rise, after a 0.3% decline in April. April’s figure was revised down from a 0.2% fall.

The Canadian dollar traded higher against the U.S. dollar ahead of the Canadian building permits and the Ivey purchasing managers’ index. The building permits in Canada should climb 1.4% in April, after a 3.0% decline in March.

The Ivey purchasing managers’ index for Canada should increase to 58.6 in May from 54.1 in April.

EUR/USD: the currency pair declined to $1.3556

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

12:30    Eurozone            ECB Press Conference                                              

12:30    Canada               Building Permits (MoM)                        April      -3.0%   +1.4% 

12:30    U.S.                    Initial Jobless Claims                             May       300        314       

14:00    Canada               Ivey Purchasing Managers Index         May       54.1      58.6     

17:30    U.S.                    FOMC Member Narayana Kocherlakota       

05.06.2014 12:00

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