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16.07.2015 06:58

Foreign exchange market. Asian session: the euro remains under pressure

Economic calendar (GMT0):

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

01:00 Australia Consumer Inflation Expectation July 3% 3.4%

04:00 Japan BoJ monthly economic report

The euro declined despite good news from Athens. Sources reported that Greece's parliament approved financial aid program from the euro zone. At the same time uncertainty persists and it weighs on the single currency. Today's ECB meeting and Mario Draghi's press-conference may put extra pressure on the euro. The central bank is expected to keep its monetary policy unchanged. There have not been any significant changes in macroeconomic statistics since the last ECB meeting. Data from France, Spain in Italy improved, while German economy got slightly weaker. Thus Draghi is likely to be very careful.

The Australian dollar rose against the New Zealand dollar amid positive data from Australia and disappointing reports from New Zealand. This month Australian consumer price expectations rose to 3.4% from 3.0% reported previously. The higher the expectations the greater their influence on probability of a rate hike by the Reserve Bank of Australia. Meanwhile dairy product prices declined in New Zealand and the consumer price index missed expectations.

EUR/USD: the pair declined to $1.0910 in Asian trade

USD/JPY: the pair traded around Y123.70-00

GBP/USD: the pair fell to $1.5610

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

07:15 Switzerland Retail Sales Y/Y May 1.6%

07:16 Switzerland Retail Sales (MoM) May 2.1%

09:00 Eurozone Trade balance unadjusted May 24.9

09:00 Eurozone Harmonized CPI June 0.2% 0%

09:00 Eurozone Harmonized CPI, Y/Y (Finally) June 0.3% 0.2%

09:00 Eurozone Harmonized CPI ex EFAT, Y/Y (Finally) June 0.9% 0.8%

11:45 Eurozone ECB Interest Rate Decision 0.05% 0.05%

12:30 Eurozone ECB Press Conference

12:30 Canada Foreign Securities Purchases May 12.94

12:30 U.S. Continuing Jobless Claims 2334 2295

12:30 U.S. Initial Jobless Claims July 297 285

14:00 U.S. NAHB Housing Market Index July 59 60

14:00 U.S. Philadelphia Fed Manufacturing Survey July 15.2 12.0

14:00 U.S. Fed Chairman Janet Yellen Speaks

18:00 United Kingdom BOE Gov Mark Carney Speaks

20:00 U.S. Total Net TIC Flows May 106.6

20:00 U.S. Net Long-term TIC Flows May 53.9

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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