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21.05.2015 12:24

Foreign exchange market. European session: the euro traded higher against the U.S. dollar after mixed manufacturing PMIs from the Eurozone and after the release of the European Central Bank’s monetary policy minutes

Economic calendar (GMT0):

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

01:00 Australia Consumer Inflation Expectation May 3.4% 3.6%

01:35 Japan Manufacturing PMI (Preliminary) May 49.9 50.9

01:45 China HSBC Manufacturing PMI (Preliminary) May 48.9 49.3 49.1

02:00 New Zealand Annual Budget Release

04:30 Japan All Industry Activity Index, m/m March 0.2% Revised From 0.1% -1.3%

07:00 France Services PMI (Preliminary) May 51.4 51.9 51.6

07:00 France Manufacturing PMI (Preliminary) May 48.0 48.5 49.3

07:30 Germany Services PMI (Preliminary) May 54.0 53.9 52.9

07:30 Germany Manufacturing PMI (Preliminary) May 52.1 52.3 51.4

08:00 Eurozone Current account, unadjusted, bln March 14.7 Revised From 13.8 24.9

08:00 Eurozone Manufacturing PMI (Preliminary) May 52.0 52.0 52.3

08:00 Eurozone Services PMI (Preliminary) May 54.1 53.9 53.3

08:30 United Kingdom Retail Sales (MoM) April -0.7% Revised From -0.5% 0.4% 1.2%

08:30 United Kingdom Retail Sales (YoY) April 4.0% Revised From 4.2% 3.8% 4.7%

10:00 United Kingdom CBI industrial order books balance May 1 3 -5

11:30 Eurozone ECB Monetary Policy Meeting Accounts

The U.S. dollar mixed against the most major currencies ahead of the U.S. economic data. The number of initial jobless claims in the U.S. is expected to rise by 7,000 to 271,000.

The U.S. preliminary manufacturing PMI is expected to rise to 54.5 in May from 54.1 in April.

The existing home sales in the U.S. are expected to increase to 5.24 million units in April from 5.19 million units in March.

The Fed's monetary policy meeting minutes weighed on the greenback. It is unlikely that the Fed starts to raise its interest rate in June.

The euro traded higher against the U.S. dollar after mixed manufacturing PMIs from the Eurozone and after the release of the European Central Bank's (ECB) monetary policy minutes. Eurozone's preliminary manufacturing PMI increased to 52.3 in May from 52.0 in April. Analysts had expected index to remain unchanged at 52.0.

Eurozone's preliminary services PMI declined to 53.3 in May from 54.1 in April. Analysts had expected the index to fall to 53.9.

Markit's Chief Economist Chris Williamson said that Eurozone's economy is expected to grow around 2.0% this year. He added that it would be the best performance since 2010.

Germany's preliminary manufacturing PMI fell to 51.4 in May from 52.1 in April, missing forecasts of an increase to 52.3.

Germany's preliminary services PMI decreased to 52.9 in May from 54.0 in April, missing expectations for a fall to 53.9.

Markit's economist Oliver Kolodseike noted that it seems that the growth of German economy will remain sluggish in the coming months.

France's preliminary manufacturing PMI rose to 49.3 in May from 48.0 in April, beating forecasts of a rise to 48.5.

France's preliminary services PMI increased to 51.6 in May from 51.4 in April, missing expectations for a gain to 51.9.

The Senior Economist at Markit Jack Kennedy said that the French economy is expected to expand in the second quarter.

The ECB said in its minutes that quantitative easing was working but the implementation of key reforms is needed for full benefits.

The British pound traded higher against the U.S. dollar after the better-than-expected retail sales data from the U.K. Retail sales in the U.K. increased 1.2% in April, exceeding expectations for a 0.4% rise, after a 0.7% decline in March. March's figure was revised down from a 0.5% fall.

It was the highest increase since November 2014.

The rise was driven by higher sales of clothing, textiles and footwear, which climbed by 5.2% in April.

The ONS noted that sales were supported by warmer than average weather.

On a yearly basis, retail sales in the U.K. climbed 4.7% in April, beating forecasts of 3.8% increase, after a 4.0% rise in March. March's figure was revised down from a 4.2% gain.

The CBI industrial order books balance dropped to -5% in May from +1% in April, missing expectations for a rise to +3%.

The decline was driven by lower exports.

EUR/USD: the currency pair increased to $1.1180

GBP/USD: the currency pair climbed to $1.5698

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

12:30 U.S. Initial Jobless Claims May 264 271

13:45 U.S. Manufacturing PMI (Preliminary) May 54.1 54.5

14:00 Eurozone Consumer Confidence (Preliminary) May -4.6

14:00 U.S. Existing Home Sales April 5.19 5.24

14:00 U.S. Philadelphia Fed Manufacturing Survey May 7.5 8.0

17:30 Eurozone ECB President Mario Draghi Speaks

17:30 U.S. FED Vice Chairman Stanley Fischer Speaks

23:00 U.S. FOMC Member Williams Speaks

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