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14.07.2015 12:17

Foreign exchange market. European session: the British pound traded higher against the U.S. dollar on comments by the Bank of England (BoE) Governor Mark Carney

Economic calendar (GMT0):

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

01:30 Australia National Australia Bank's Business Confidence June 8 Revised From 7 10

06:00 Germany CPI, m/m (Finally) June 0.1% -0.1% -0.1%

06:00 Germany CPI, y/y (Finally) June 0.7% 0.3% 0.3%

07:15 Switzerland Producer & Import Prices, y/y June -6% -6.1%

07:15 Switzerland Producer & Import Prices, m/m June -0.8% -0.1%

08:30 United Kingdom Producer Price Index - Input (MoM) June -1.1% Revised From -0.9% -0.7% -1.3%

08:30 United Kingdom Producer Price Index - Output (MoM) June 0.1% 0.1% 0%

08:30 United Kingdom Producer Price Index - Output (YoY) June -1.6% -1.5% -1.5%

08:30 United Kingdom Producer Price Index - Input (YoY) June -12.3% Revised From -12.0% -11.8% -12.6%

08:30 United Kingdom Retail prices, Y/Y June 1% 1% 1%

08:30 United Kingdom Retail Price Index, m/m June 0.2% 0.1% 0.2%

08:30 United Kingdom HICP, m/m June 0.2% 0.1% 0.0%

08:30 United Kingdom HICP, Y/Y June 0.1% 0.0% 0.0%

08:30 United Kingdom HICP ex EFAT, Y/Y June 0.9% 0.8%

09:00 Eurozone Industrial production, (MoM) May 0.1% 0.2% -0.4%

09:00 Eurozone Industrial Production (YoY) May 0.9% Revised From 0.8% 1.9% 1.6%

09:00 Eurozone ZEW Economic Sentiment July 53.7 42.7

09:00 Eurozone ECOFIN Meetings

09:00 Germany ZEW Survey - Economic Sentiment July 31.5 30 29.7

09:15 United Kingdom Inflation Report Hearings

11:45 United Kingdom BOE Gov Mark Carney Speaks

The U.S. dollar traded mixed against the most major currencies ahead the release of the U.S. economic data. The U.S. retail sales are expected to rise 0.3% in June, after a 1.2% gain in May.

Retail sales excluding automobiles are expected to climb 0.5% in June, after a 1.0% increase in May.

The U.S. business inventories are expected to rise 0.3% in May, after a 0.4% gain in April.

The euro traded higher against the U.S. dollar on a deal between Greece and its lenders. The Greek government have to pass a series of reforms in the Greek parliament, while Greek banks remain closed until July 15.

The deal also needs to be approved by national parliaments before talks about a bailout programme can start.

The head of the Eurogroup Jeroen Dijsselbloem said that detailed development of the new bailout programme could take about four weeks. Greece will need short-term funding. Dijsselbloem said that Eurozone finance ministers had not been able to find a solution yet.

Greece has not repaid €456 million IMF loan on Monday. On June 30, Greece failed to make €1.5 billion repayment of IMF loans.

Meanwhile, the economic data from the Eurozone was mostly weaker-than-expected. Industrial production in the Eurozone dropped 0.4% in May, missing expectations for a 0.2% gain, after a 0.1% rise in April.

The decrease was driven by a drop in energy output and non-durable consumer goods output.

On a yearly basis, Eurozone's industrial production gained 1.6% in May, missing expectations for a 1.9% rise, after a 0.9% increase in April. April's figure was revised up from a 0.8 gain.

The increase was driven by a rise in durable consumer goods, capital goods and intermediate goods.

Germany's ZEW economic sentiment index declined to 29.7 in July from 31.5 in June, missing expectations for a decline to 30.0.

"Neither the difficulties in dealing with the Greek sovereign debt crisis nor the turmoil on Chinese financial markets seem to impress the financial market experts strongly. Despite the slight decline of the indicator, the overall economic outlook for Germany remains positive," the ZEW President Clemens Fuest.

Eurozone's ZEW economic sentiment index dropped to 42.7 in July from 53.7 in June.

German final consumer price index declined 0.1% in June, in line with the preliminary estimate, after a 0.1% rise in May.

On a yearly basis, German final consumer price index decreased to 0.3% in June from 0.3% in May, in line with the preliminary estimate. It was the highest level since October 2014.

The decline was driven by falling energy prices which dropped 5.9% year-on-year in June.

The British pound traded higher against the U.S. dollar on comments by the Bank of England (BoE) Governor Mark Carney. He said on Tuesday that the time for interest rate hike is nearing.

The Office for National Statistics (ONS) released the consumer price inflation data for the U.K. on Tuesday. The U.K. consumer price index fell to 0.0% in June from 0.1% in May, in line with expectations.

The decrease was driven by lower food and summer clothing prices.

The Bank of England Governor (BoE) Mark Carney expects the consumer price inflation to rise towards the end of the year.

On a monthly basis, U.K. consumer prices was flat in June, missing expectations for a 0.1% gain, after a 0.2% rise in May.

Consumer price inflation excluding food, energy, alcohol and tobacco prices declined to 0.8% in June from 0.9% the month before.

The consumer price inflation is below the Bank of England's 2% target.

The Swiss franc traded higher against the U.S. dollar after the economic data from Switzerland. Switzerland's producer and import prices fell 0.1% in June, after a 0.8% drop in May.

The Import Price Index decreased by 0.2% in June due to lower prices of products made from aluminium and copper.

On a yearly basis, producer and import prices plunged 6.1% in June, after a 6.0% drop in May.

The decline was driven by lower prices for chemical and pharmaceutical products. Prices for petroleum and petroleum products increased in May.

The Import Price Index fell by 10% year-on year in June.

EUR/USD: the currency pair rose to $1.1044

GBP/USD: the currency pair climbed to $1.5601

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

12:30 U.S. Retail sales June 1.2% 0.3%

12:30 U.S. Retail sales excluding auto July 1.0% 0.5%

14:00 U.S. Business inventories May 0.4% 0.3%

17:00 United Kingdom MPC Member Miles Speaks

14.07.2015 12:00

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