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06.05.2015 12:24

Foreign exchange market. European session: the U.S. dollar traded lower against the most major currencies after the weaker-than-expected ADP report

Economic calendar (GMT0):

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

00:00 Japan Bank holiday

01:00 Australia HIA New Home Sales, m/m March 1.1% 4.4%

01:30 Australia Retail Sales, M/M March 0.7% 0.4% 0.3%

01:30 Australia Retail Sales Y/Y March 4.3% 4.5%

01:45 China HSBC Services PMI April 52.3 52.9

07:50 France Services PMI (Finally) April 52.4 50.8 51.4

07:55 Germany Services PMI (Finally) April 55.4 54.4 54.0

08:00 Eurozone Services PMI (Finally) April 54.2 53.7 54.1

08:30 United Kingdom Purchasing Manager Index Services April 58.9 58.5 59.5

09:00 Eurozone Retail Sales (MoM) March 0.1% Revised From -0.2% -0.7% -0.8%

09:00 Eurozone Retail Sales (YoY) March 2.8% Revised From 3.0% 2.4% 1.6%

11:00 U.S. MBA Mortgage Applications May -2.3% -4.6%

12:15 U.S. ADP Employment Report April 175 200 169

The U.S. dollar traded lower against the most major currencies after the weaker-than-expected ADP report. According the ADP report on Wednesday, private sector in the U.S. added 169,000 jobs in April, missing expectations for a rise of 200,000 jobs, after a gain of 175,000 jobs in March. March's figure was revised down from 189,000 jobs.

A speech by the Fed Chair Janet Yellen is scheduled to be at 13:15 GMT.

The euro traded lower against the U.S. dollar after the mixed economic data from the Eurozone. Retail sales in the Eurozone fell 0.8% in March, missing expectations for a 0.7% decrease, after a 0.1% gain in February. February's figure was revised up from a 0.2% drop.

It was the first negative monthly reading since September 2014.

The decline was driven by lower gasoline sales, which dropped 2.8% in March.

Greece repaid a 200-million-euro loan from the International Monetary Fund on Wednesday.

Eurozone's final services purchasing managers' index (PMI) fell to 54.1 in April from 54.2 in March, up from a preliminary reading of 53.7.

Spain was the top performers in April.

Germany's final services PMI decreased to 54.0 in April from 55.4 in March, down from a preliminary reading of 54.4.

France's final manufacturing PMI dropped to 51.4 in April from 52.4 in March, up a preliminary reading of 50.8.

The British pound traded mixed against the U.S. dollar after the better-than-expected services PMI from the U.K. Markit's and the Chartered Institute of Purchasing & Supply's services purchasing managers' index (PMI) for the U.K. increased to 59.5 in April from 58.9 in March, beating expectations for a fall to 58.5. It was the highest level since August 2014.

The rise was driven by an increase in new business, stronger economic confidence and warm weather.

The uncertainty ahead UK's parliamentary elections tomorrow weighed on the pound. The win of the Conservatives is expected to have a negative impact on the pound as the Conservatives want to carry out a referendum on Britain's membership in the European Union (EU). The Labour Party said that the Britain's exit from the EU will be a catastrophe for the U.K. The Labour Party has promised to reduce the budget deficit.

The United Kingdom Independence Party (UKIP), a Eurosceptic and right-wing populist political party in the U.K., may win seats in the parliament. It will not will contribute to political stability in the U.K.

The Canadian dollar traded higher against the U.S. dollar ahead of Canadian Ivey purchasing managers' index. The Ivey purchasing managers' index is expected to increase to 49.2 in April from 47.9 in March.

EUR/USD: the currency pair rose to $1.1278

GBP/USD: the currency pair increased to $1.5262

USD/JPY: the currency pair fell to Y119.48

The most important news that are expected (GMT0):

13:15 U.S. Fed Chairman Janet Yellen Speaks

14:00 Canada Ivey Purchasing Managers Index April 47.9 49.2

17:30 U.S. FOMC Member Dennis Lockhart Speaks

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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