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03.07.2014 15:47

Foreign exchange market. American session: the U.S. dollar rose against the most major currencies after the strong U.S. labour market data

The U.S. dollar rose against the most major currencies after the strong U.S. labour market data. U.S. companies added 288,000 jobs in June, exceeding expectations for an increase by 211,000 positions, after a gain of 224,000 jobs in May. May's figure was revised up from a rise of 217,000 positions.

The unemployment rate in the U.S. dropped to 6.1% in June from 6.3% in May. That was the lowest level since September 2008. Analysts had expected the unemployment rate to remain unchanged at 6.3%.

These figures are signs of the strength of the U.S. labour market. Despite of the U.S. economy's contraction in first quarter, the Federal Reserve may hike its interest rate sooner as expected.

The ISM non-manufacturing purchasing managers' index for the U.S. declined to 56.0 in June from 56.3 in May, missing expectations for a decrease to 56.2.

The U.S. trade deficit shrank to $44.4 billion in May from a $47.0 billion in April, beating forecasts of a decline to $45.1 billion. April's figure was revised down from $47.2 billion.

The number of initial jobless claims in the U.S. rose by 2,000 to a seasonally adjusted 315,000 in the week ended June 28.

The euro dropped against the U.S. dollar after the European Central Bank's interest rate decision and U.S. labour market data. The ECB kept its interest rate unchanged at 0.15%. The European Central Bank President Mario Draghi said the ECB will keep interest rate at the present levels for an extended period of time. He added "the Governing Council is unanimous in its commitment to also using unconventional instruments" if required, to address risks of a longer period of low inflation.

Mr. Draghi also said the ECB will change the frequency of its monetary policy meetings to a six-week cycle from January 2015 and the ECB will start publishing meeting minutes from January 2015.

Retail sales in the Eurozone were flat in May, missing expectations for a 0.2% gain, after a 0.2% decline in April. April's figure was revised down from a 0.4% rise.

On a yearly basis, retail sales in the Eurozone increased 0.7% in May, missing expectations for a 1.2% rise, after a 1.8% gain in April. April's figure was revised down from a 2.4% increase.

Eurozone's services purchasing managers' index decreased to 52.8 in June from 53.2 in May, in line with expectations.

German final services purchasing managers' index declined to 54.6 in June from 56.0 in May, missing expectations for a drop to 54.8.

French final services purchasing managers' index fell to 48.2 in June from 49.1 in May, in line with expectations.

Spanish services purchasing managers' index decreased to 54.8 in June from 55.7 in May, missing expectations for a rise to 55.8.

The British pound traded slightly lower against the U.S. dollar after the weaker-than-expected U.K. services purchase managers' index. The U.K. services purchasing managers' index dropped to 57.7 in June from 58.6 in May. Analysts had expected the index to decline to 58.1.

The British currency remained supported by speculations that the Bank of England will hike its interest rate sooner that expected.

The Canadian dollar traded against the U.S. dollar after the Canadian trade balance and U.S. labour market data. The Canadian trade balance deficit narrowed to C$0.152 billion in May from a deficit of C$0.961 billion in April, beating expectations for a C$0.30 billion deficit. April's figure was revised down from a deficit of C$0.64 billion.

The New Zealand dollar traded lower against the U.S dollar due to the strong U.S. labour market data. No economic reports were released in New Zealand.

The Australian dollar declined against the U.S. dollar after mixed Australian economic data, and comments by the Reserve Bank of Australia (RBA) Governor Glenn Stevens and due to the strong U.S. labour market data. The RBA Governor said that the Australian dollar remains high by historical standards and investors are underestimating the probability of a significant fall in the Australian dollar at some point.

Retail sales in Australia decreased 0.5% in May, missing expectations for a 0.3% gain, after a 0.1% decline in April. April's figure was revised down from a 0.2% rise.

Building permits in Australia increased 9.9% in May, exceeding expectations for a 3.5% gain, after a 5.8% slip in April. April's figure was revised down from a 5.6% decrease.

AIG services index for Australia declined to 47.6 in June from 49.9 in May.

The Japanese yen traded lower against the U.S. dollar due to the strong U.S. labour market data. No economic reports were released in Japan.

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