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08.07.2014 08:55

Foreign exchange market. Asian session: the Japanese yen climbed against the U.S. dollar due to strong economic data from Japan

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

01:30 Australia National Australia Bank's Business Confidence June 7 8

05:00 Japan Eco Watchers Survey: Current June 45.1 49.2 47.7

05:00 Japan Eco Watchers Survey: Outlook June 53.8 53.3

06:00 Germany Trade Balance May 17.7 15.7 18.8

06:45 France Trade Balance, bln June -4.1 Revised From -3.9 -4.1 -4.9

07:15 Switzerland Retail Sales Y/Y May +0.4% +1.5% -0.6%

07:15 Switzerland Consumer Price Index (MoM) June +0.3% +0.1% -0.1%

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

08:30 United Kingdom Industrial Production (MoM) May +0.4% +0.3% -0.7%

08:30 United Kingdom Industrial Production (YoY) May +3.0% +3.1% +2.3%

08:30 United Kingdom Manufacturing Production (MoM) May +0.4% +0.5% -1.3%

08:30 United Kingdom Manufacturing Production (YoY) May +4.4% +5.6% +3.7%

The U.S. dollar traded lower against the most major currencies. The U.S. currency remained supported by Thursday's better-than-expected U.S. labour market data. U.S. companies added 288,000 jobs in June. The unemployment rate in the U.S. dropped to 6.1% in June from 6.3% in May.

Market participants speculate the Fed may hike its interest rate sooner than expected. They expect the release of the last Fed's monetary policy meeting on Wednesday.

The New Zealand dollar increased against the U.S dollar despite the weak business confidence data from New Zealand. The NZIER business confidence index declined to 32 in the second quarter from 52 the previous quarter.

The Australian dollar traded higher against the U.S. dollar after the better-than-expected economic data from Australia. The National Australia Bank's Business Confidence index was up to 8 in June from 7 in May.

The Japanese yen climbed against the U.S. dollar due to strong economic data from Japan. Bank lending in Japan increased 2.5% in June from a rise of 2.4% in May, exceeding expectations for a 2.3% gain.

Japan's current account surplus rose to 522.8 billion yen in May from a surplus of 187.4 billion yen in April. Analysts had expected an increase to 417.5 billion yen.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair declined to Y101.70

The most important news that are expected (GMT0):

09:00 Eurozone ECOFIN Meetings

09:00 Eurozone ECB's Vitor Constancio Speaks

14:00 United Kingdom NIESR GDP Estimate June +0.9%

14:00 U.S. JOLTs Job Openings May 4455 4530

17:45 U.S. FOMC Member Narayana Kocherlakota

19:00 U.S. Consumer Credit May 26.8 21.3

20:30 U.S. API Crude Oil Inventories July -0.9

Market Focus

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  • Eurozone: Consumer Confidence, January -4.9
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