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17.06.2014 12:00

Foreign exchange market. European session: the U.S. dollar traded slightly lower against the most major currencies ahead of the release of consumer price index in the U.S.

Economic calendar (GMT0):

01:30    Australia               RBA Meeting's Minutes                                                           

01:30    Australia               New Motor Vehicle Sales (MoM)            May       0.0%                     0.3%

01:30    Australia               New Motor Vehicle Sales (YoY)             May       -1.9%                   -2.0%

05:45    Switzerland           SECO Economic Forecasts                  Quarter III                                        

07:15    Switzerland           Producer & Import Prices, m/m             May       -0.3%   0.0%      +0.1%

07:15    Switzerland           Producer & Import Prices, y/y               May       -1.2%   -0.8%    -0.8%

08:30    United Kingdom    Retail Price Index, m/m                         May       +0.4%  +0.2%   +0.1%

08:30    United Kingdom    Retail prices, Y/Y                                  May       +2.5%  +2.5%   +2.4%

08:30    United Kingdom    RPI-X, Y/Y                                            May       +2.6%               +2.5% 

08:30    United Kingdom    Producer Price Index - Input (MoM)      May       -1.1%   +0.1%   -0.9%

08:30    United Kingdom    Producer Price Index - Input (YoY)       May       -5.5%   -4.1%    -5.0%

08:30    United Kingdom    Producer Price Index - Output (MoM)    May       0.0%     +0.1%   0.0%

08:30    United Kingdom    Producer Price Index - Output (YoY)     May       +0.6%  +0.8%   +1.0%

08:30    United Kingdom    HICP, m/m                                             May       +0.4%  +0.2%   -0.1%

08:30    United Kingdom    HICP, Y/Y                                              May       +1.8%  +1.7%   +1.5%

08:30    United Kingdom    HICP ex EFAT, Y/Y                                May       +2.0%               +1.6%

09:00    Eurozone              ZEW Economic Sentiment                     June        55.2      59.6       58.4

09:00    Germany               ZEW Survey - Economic Sentiment       June        33.1      35.2       29.8

The U.S. dollar traded slightly lower against the most major currencies ahead of the release of consumer price index in the U.S. The lowering forecast of the U.S. economic growth by the International Monetary Fund (IMF) still weighed on the U.S. The IMF expects the U.S. economy to grow 2% in 2014, down from its forecast of 2.8% in April.

The consumer price index in the U.S. should climb 0.2% in May, after a 0.3% increase. The core consumer price index in the U.S. should remain unchanged at 2.0% in May.

The euro traded mixed against the U.S. dollar after the weaker-than-expected ZEW economic sentiment. The German economic sentiment dropped by 3.3 points to 29.8 in June from 33.1 in May. Analysts had expected an increase by 1.9 points to 35.0.

Eurozone’s ZEW economic sentiment climbed to 58.4 in June from 55.2 in May, missing expectations for a gain to 59.6.

The British pound traded slightly higher against the U.S. dollar. The annual rate of inflation declined 1.5% in May, after 1.8% in April. That was the lowest level since October 2009. Analysts had expected the annual inflation rate to decrease to 1.7%.

On a monthly basis, inflation in the U.K. fell 0.1%, missing expectations for a 0.2% gain, after a 0.4% increase.

The decline was driven by falls in the price of bread, cereals and vegetables. Food prices declined 0.6%.

Core consumer price index excluding food costs in the U.K. climbed at annual rate by 1.6%, missing expectations for a 1.7% rise.

The Retail Prices Index (RPI) decreased to 2.4% in May from 2.5% in April.

U.K. house prices surged by 9.9% in the 12 months to April and reached a new high of £260,000.

The Swiss franc traded mixed against the U.S. dollar. The producer & import prices in Switzerland rose 0.1% in May, after a 0.3% decline in April. Analysts had expected the producer & import prices to be flat.

On a yearly, producer & import prices in Switzerland declined 0.8% in May, meeting expectations, after a 1.2% fall.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair increased to $1.6989

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

12:30    U.S.                  Building Permits, mln                                      May            1.08      1.07     

12:30    U.S.                  Housing Starts, mln                                        May            1.07      1.04     

12:30    U.S.                  CPI, m/m                                                        May           +0.3%  +0.2% 

12:30    U.S.                  CPI, Y/Y                                                         May           +2.0%  +2.0% 

12:30    U.S.                  CPI excluding food and energy, m/m             May           +0.2%  +0.2% 

12:30    U.S.                  CPI excluding food and energy, Y/Y               May           +1.8%  +1.8% 

22:45    New Zealand     Current Account                                            Quarter I     -1.43     1.42     

23:50    Japan                Monetary Policy Meeting Minutes                                                     

23:50    Japan                Adjusted Merchandise Trade Balance, bln      May            -808.9  -1100

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