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25.08.2015 12:15

Foreign exchange market. European session: the euro traded lower against the U.S. dollar despite the positive economic data from Germany

Economic calendar (GMT0):

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

00:00 Australia Conference Board Australia Leading Index June 0.2% -0.2%

03:00 New Zealand Expected Annual Inflation 2y from now Quarter III 1.9% 1.9%

06:00 Germany GDP (YoY) (Finally) Quarter II 1.2% Revised From 1.1% 1.6% 1.6%

06:00 Germany GDP (QoQ) (Finally) Quarter II 0.3% 0.4% 0.4%

07:15 Switzerland Employment Level Quarter II 4.23 4.24 4.24

08:00 Germany IFO - Business Climate August 108 107.7 108.3

08:00 Germany IFO - Current Assessment August 113.9 113.9 114.8

08:00 Germany IFO - Expectations August 102.3 Revised From 102.4 102 102.2

The U.S. dollar traded mixed against the most major currencies ahead the release of the U.S. economic data. The S&P/Case-Shiller home price index is expected to rise by 5.1% in June, after a 4.9% gain in May.

The U.S. consumer confidence is expected to climb to 93.4 in August from 90.9 from July.

New home sales in the U.S. are expected to rise to 510,000 units in July from 482,000 units in June.

Concerns over a slowdown in the Chinese economy still weighed on the greenback.

The euro traded lower against the U.S. dollar despite the positive economic data from Germany. German business confidence index rose to 108.3 in August from 108.0 in July, beating expectations for a decline to 107.7.

"Satisfaction with the current situation has again increased significantly. However, the companies were somewhat less optimistic regarding future business. The German economy continues to be a rock in turbulent waters," Ifo President Hans-Werner Sinn said.

The Ifo current conditions index climbed to 114.8 from 113.9. Analysts had expected the index to remain unchanged at 113.9.

The Ifo expectations index declined to 102.2 from 102.3. Analysts had expected the index to decrease to 102.0.

Germany's final GDP gained by 0.4% in the second quarter, in line with the preliminary reading, after a 0.3% increase in the first quarter.

The increase was driven by higher exports as the euro remained weak. Exports increased much more than imports.

Household and government consumption expenditure continued to develop positively.

On a yearly basis, Germany's final GDP rose to 1.6% in the second quarter from 1.2% in the first quarter, in line with the preliminary reading.

The British pound traded mixed against the U.S. dollar in the absence of any major economic report from the Eurozone.

The Swiss franc traded lower against the U.S. dollar. The employment in Switzerland increased by 1.2% year-on-year in the second quarter, after a 0.4% gain in the first quarter.

The tertiary sector expanded at an annual rate of 1.6% in annual comparison), while the secondary sector declined -0.1%.

The number of job vacancies dropped by 8.3% year-on-year, while the employment outlook indicator fell 1.4%.

EUR/USD: the currency pair declined to $1.1455

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair rose to Y120.39

The most important news that are expected (GMT0):

13:00 Belgium Business Climate August -4.1 -3.5

13:00 U.S. Housing Price Index, m/m June 0.4% 0.4%

13:00 U.S. S&P/Case-Shiller Home Price Indices, y/y June 4.9% 5.1%

13:45 U.S. Services PMI (Preliminary) August 55.7 56

14:00 U.S. Richmond Fed Manufacturing Index August 13

14:00 U.S. New Home Sales July 482 510

14:00 U.S. Consumer confidence August 90.9 93.4

16:25 Canada BOC Deputy Governor Lawrence Schembri Speaks

22:45 New Zealand Trade Balance, mln July -60

Market Focus

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