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09.07.2015 12:13

Foreign exchange market. European session: the British pound traded mixed against the U.S. dollar after the release of the Bank of England’s interest rate decision

Economic calendar (GMT0):

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

01:30 Australia Changing the number of employed June 39.9 Revised From 42 -5 7.3

01:30 Australia Unemployment rate June 5.9% Revised From 6.0% 6.1% 6.0%

01:30 China PPI y/y June -4.6% -4.5% -4.8%

01:30 China CPI y/y June 1.2% 1.3% 1.4%

06:00 Germany Current Account May 19.6 11.1

06:00 Germany Trade Balance May 22.1 21 22.8

06:00 Japan Prelim Machine Tool Orders, y/y June 15% 6.6%

11:00 United Kingdom BoE Interest Rate Decision 0.5% 0.5% 0.5%

11:00 United Kingdom Asset Purchase Facility 375 375 375

11:00 United Kingdom MPC Rate Statement

The U.S. dollar traded mixed against the most major currencies ahead of the release of the number of U.S. initial jobless claims. The number of initial jobless claims in the U.S. is expected to decrease by 6,000 to 275,000 last week.

Yesterday's release of the Fed's minutes weighed on the greenback. Most members noted that the conditions for tightening monetary policy had not yet been achieved. They noted that they need more information indicating that economic growth was strengthening, that labour market conditions were continuing to improve, and that inflation was moving back toward the Committee's objective".

Members expressed worries that a failure to reach a deal between Greece and its creditors "could result in disruptions in financial markets in the euro area, with possible spillover effects on the United States," the minutes said.

The euro traded lower against the U.S. dollar on the uncertainty over the Greek debt talks. Speaking in in the European Parliament, Greek Prime Minister Alexis Tsipras promised on Wednesday that Athens will provide credible reform proposals on Thursday.

An emergency summit of all 28 European Union members is scheduled to take place on Sunday.

Greece has submit a formal application for a three-year loan facility from the European Stability Mechanism (ESM) on Wednesday.

"The Loan will be used to meet Greece's debt obligations and to ensure stability of the financial system," Greek Finance Minister Euclid Tsakalotos said in the letter.

He did not mention the exact amount of the financial aid.

Meanwhile, the economic data from the Eurozone was better than expected. Germany's seasonally adjusted trade surplus increased to €22.8 billion in May from €21.5 billion in April, beating expectations for a decline to €21 billion. April's figure was revised down from a surplus of €22.3 billion.

Exports climbed at a seasonally and calendar-adjusted 1.7% in May, while imports rose 0.4%.

On an annual basis, exports were up 4.6% in May, while imports increased 3.0%.

Germany's current account surplus was at €11.6 billion in May.

The British pound traded mixed against the U.S. dollar after the release of the Bank of England's (BoE) interest rate decision. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected.

The Canadian dollar traded higher against the U.S. dollar ahead of Canadian housing market data. Canada's new housing price index is expected to rise 0.1% in May, after a 0.1% gain in April.

EUR/USD: the currency pair fell to $1.1023

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair increased to Y121.57

The most important news that are expected (GMT0):

12:15 Canada Housing Starts June 201.7 190

12:30 Canada New Housing Price Index, MoM May 0.1% 0.1%

12:30 U.S. Initial Jobless Claims July 281 275

12:30 U.S. Continuing Jobless Claims June 2264 2248

09.07.2015 11:45

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