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24.04.2015 12:18

Foreign exchange market. European session: the euro traded lower against the U.S. dollar despite the better-than-expected German German Ifo business climate index

Economic calendar (GMT0):

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

04:30 Japan All Industry Activity Index, m/m February 1.9% -0.9% 0.1%

08:00 Germany IFO - Business Climate April 107.9 108.5 108.6

08:00 Germany IFO - Current Assessment April 112.0 112.4 113.9

08:00 Germany IFO - Expectations April 103.9 104.5 103.5

09:00 Eurozone Eurogroup Meetings

The U.S. dollar traded mixed against the most major currencies ahead of the U.S. durable goods orders. The U.S. durable goods orders are expected to increase 0.7% in March, after a 1.1% drop in February.

The U.S. durable goods orders excluding transportation are expected to rise 0.2% in March, after a 0.6% fall in February.

Yesterday's weaker-than-expected U.S. economic data weighed on the greenback. New home sales dropped 11.4% to a seasonally adjusted annual rate of 481,000 units in March from 543,000 units in February.

The U.S. preliminary manufacturing purchasing managers' index (PMI) fell to 54.2 in April from 55.7 in March, missing expectations for a decline to 55.6.

The euro traded lower against the U.S. dollar despite the better-than-expected German German Ifo business climate index. German business confidence index climbed to 108.6 in April from 107.9 in March, exceeding expectations for a rise to 108.5. It was the sixth consecutive increase.

"The upswing in the German economy continues," Ifo President Hans-Werner Sinn said.

He added that manufacturers "expressed slightly less optimism about future business developments".

The Greek debt crisis weighs on the euro. Investors are awaiting results of today's Eurogroup meeting. Greece is running out of cash, and it needs a new tranche of loans. Athens and its creditors cannot reach a deal on the economic reforms needed to unlock a new tranche of loans (€7.2 billion).

German Finance Minister Wolfgang Schaeuble expressed concerns on Friday morning that an agreement between Greece and its creditors will be signed today.

The British pound traded mixed against the U.S. dollar in the absence of any major economic reports from the U.K.

The Swiss franc traded lower against the U.S. dollar after comments by the Swiss National Bank (SNB) President Thomas Jordan. He said at the central bank's annual general meeting in Bern on Friday that the central bank is ready to intervene in the foreign exchange market. Jordan noted that the Swiss franc is overvalued.

The Canadian dollar traded higher against the U.S. dollar ahead of a speech by the Bank of Canada Governor Stephen Poloz.

EUR/USD: the currency pair decreased to $1.0809

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair rose to Y119.46

The most important news that are expected (GMT0):

12:30 U.S. Durable Goods Orders March -1.1% Revised From -1.4% 0.7%

12:30 U.S. Durable Goods Orders ex Transportation March -0.6% Revised From -0.4% 0.2%

12:30 U.S. Durable goods orders ex defense March -1.0%

13:00 Belgium Business Climate April -6.3 -5.8

14:30 Canada BOC Gov Stephen Poloz Speaks

24.04.2015 12:00

Orders

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