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09.06.2015 12:27

Foreign exchange market. European session: the British pound traded lower against the U.S. dollar after the trade data from the U.K.

Economic calendar (GMT0):

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

01:30 Australia ANZ Job Advertisements (MoM) May 2.3% 0.0%

01:30 Australia National Australia Bank's Business Confidence May 3 7

01:30 Australia Home Loans April 1.5% Revised From 1.6% -2% 1.0%

01:30 China PPI y/y May -4.6% -4.5% -4.6%

01:30 China CPI y/y May 1.5% 1.3% 1.2%

05:00 Japan Consumer Confidence May 41.5 41.9 41.4

05:45 Switzerland Unemployment Rate (non s.a.) May 3.3% 3.3% 3.2%

06:00 Japan Prelim Machine Tool Orders, y/y May 10.5% Revised From 10.4% 15.0%

07:15 Switzerland Consumer Price Index (YoY) May -1.1% -1.2% -1.2%

07:15 Switzerland Consumer Price Index (MoM) May -0.2% 0.1% 0.2%

08:30 United Kingdom Total Trade Balance April -3.093 Revised From -2.817 -1.202

09:00 Eurozone GDP (YoY) (Finally) Quarter I 0.9% 1.0%

09:00 Eurozone GDP (QoQ) (Finally) Quarter I 0.3% 0.4%

The U.S. dollar traded mixed against the most major currencies ahead of the U.S. economic data. Wholesale inventories in the U.S. are expected to rise 0.2% in April, after a 0.1% gain in March.

U.S. President Barack Obama denied a report that he was saying the strong U.S. dollar was "a problem'' at the Group of Seven (G7) summit in Germany.

The greenback remained supported by Friday's U.S. labour market data. The U.S. economy added 280,000 jobs in May, exceeding expectations for a rise of 2225,000 jobs, after a gain of 221,000 jobs in April. It was the largest increase since December.

The U.S. unemployment rate rose to 5.5% in May from 5.4% in April. Analysts had expected the unemployment rate to remain unchanged at 5.4%.

The euro traded lower against the U.S. dollar on the uncertainty over the Greek debt talks. German Chancellor Angela Merkel said on Monday that time was running out for an agreement to be reached.

The European Central Bank (ECB) Governing Council Member Christian Noyer said on Monday that if Greece had to leave the Eurozone, it would not cause a problem for the Eurozone.

Reuters reported on Monday that Greece's creditors have suggested extending the Greek bailout programme until the end of March 2016, but disagreements over the conditions are risks to this plan.

Eurozone's final gross domestic product (GDP) rose 0.4% in first quarter, after a 0.3% gain in the fourth quarter.

On a yearly basis, Eurozone's final gross domestic product (GDP) increased 1.0% in first quarter, after a 0.9% rise in the fourth quarter.

Household spending gained 0.5% in the first quarter, while government expenditure was up 0.6%.

Exports declined to 0.6% in the first quarter, while imports rose to 1.2%.

The British pound traded lower against the U.S. dollar after the trade data from the U.K. The U.K. trade deficit in goods narrowed to £8.56 billion in April from £10.7 billion in March. March's figure was revised down from a deficit of £10.12 billion.

The decline in the trade deficit was driven by a drop in imports. Imports dropped by 4.8% in April, while exports of goods rose 2.8%.

Sales to non-European Union countries jumped 4.7% in April.

Exports to the European Union countries increased 0.5% in April, while imports plunged 4.1%.

The total trade deficit, including services, narrowed to £1.202 billion in April from £3.093 billion in March. It was the lowest total trade deficit since March 2014.

March's figure was revised down from a deficit of £2.817 billion.

The Swiss franc traded lower against the U.S. dollar despite the better-than-expected Swiss economic data. The Swiss unemployment rate remained unchanged at a seasonally adjusted 3.3% in May. On a seasonally unadjusted basis, the unemployment rate in Switzerland declined to 3.2 percent in May from 3.3% in April. Analysts had expected the unemployment rate to remain unchanged at 3.3%.

Switzerland's consumer price index rose 0.2% in May, exceeding expectations for a 0.1% increase, after a 0.2% drop in April.

On a yearly basis, Switzerland's consumer price index declined to -1.2% in May from -1.1% in April, in line with expectations. It was the seventh consecutive decline.

Food and beverages prices dropped at an annual rate of 1.2% in May, alcoholic beverages prices were up 0.1%, and clothing and footwear prices fell 0.6%, while housing and energy prices declined 0.3%.

EUR/USD: the currency pair decreased to $1.1234

GBP/USD: the currency pair declined to $1.5271

USD/JPY: the currency pair fell to Y123.85

The most important news that are expected (GMT0):

14:00 U.S. Wholesale Inventories April 0.1% 0.2%

14:00 U.S. JOLTs Job Openings April 4.994

23:50 Japan Core Machinery Orders April 2.9% -2.0%

23:50 Japan Core Machinery Orders, y/y April 2.6% -1.3%

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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