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06.06.2014 08:53

Foreign exchange market. Asian session: the U.S. dollar traded lower against the most major currencies after the European Central Bank’ interest rate cut

Economic calendar (GMT0):

05:00    Japan                  Leading Economic Index               April              107.1    106.2     106.6

05:00    Japan                  Coincident Index                           April              114.5                  111.1

06:00    Germany             Trade Balance                                April              14.8      14.3       17.7

06:00    Germany             Industrial Production s.a. (MoM)     April              -0.5%   +0.4%   +0.2%

06:00    Germany             Industrial Production (YoY)            April             +3.0%                 +1.8%

06:00    Germany             Current Account                            April              19.5                     18.4

06:45    France                Trade Balance, bln                           April               -4.9       -5.0        -3.9

07:00    Switzerland          Foreign Currency Reserves             April               438.9                444.4

07:15    Switzerland          Consumer Price Index (MoM)          May              +0.1%  +0.2%   +0.3%

07:15    Switzerland          Consumer Price Index (YoY)           May              0.0%    +0.1%   +0.2%

08:30    United Kingdom   Consumer Inflation Expectations     Quarter II     +2.8%                +2.6%

The U.S. dollar traded lower against the most major currencies after the European Central Bank’ interest rate cut. The European Central Bank cut its interest rate to 0.15% from 0.25%. Analysts had expected a cut to 0.1%.

The ECB also cut its marginal lending to 0.40% from 0.75% and reduced its deposit rate to -0.10% from 0.0%. The European Central Bank is the world’s first major central bank to use a negative rate. The deposit rate of -0.10% means that commercial bank will be charged for holding their reserves. This measure should spur commercial banks to ramp up lending.

Investors are awaiting the U.S. jobs market data later in the day.

The New Zealand dollar increased against the U.S dollar. The kiwi was supported by after the European Central Bank’ interest rate cut. No economic data was published in New Zealand.

The Australian dollar traded lower against the U.S. dollar after the release of the AI Group/HIA construction index in Australia, but later recovered its losses. The AI Group/HIA construction index for Australia increased to 46.7 in May from 45.9 in April. The index still remained in contractionary territory due to the weakness in engineering and commercial construction. Figures above 50 indicate expansion while figures below signal contraction.

The Japanese yen traded higher against the U.S. dollar after the European Central Bank’ interest rate cut. Japan’s leading economic index declined to 106.6 in April from 107.1 in March, but exceeding expectations for a decline to 106.2.

Japan’s coincident index slid to 111.1 in April from 114.5 in March.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair declined to Y102.25

The most important news that are expected (GMT0):

12:30    Canada    Labor Productivity          Quarter I    +1.0%  +0.7%  

12:30    Canada    Employment                   May          -28.9     +12.3    

12:30    Canada    Unemployment rate        May           6.9%     6.9%     

12:30    U.S.         Average hourly earnings  May          0.0%     +0.2%  

12:30    U.S.         Nonfarm Payrolls             May           288        219        

12:30    U.S.         Unemployment Rate        May          6.3%     6.4%

Market Focus

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  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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