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05.11.2015 13:15

Foreign exchange market. European session: the British pound traded lower 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)

00:30 U.S. FED Vice Chairman Stanley Fischer Speaks

01:00 Australia RBA Assist Gov Lowe Speaks

07:00 Germany Factory Orders s.a. (MoM) September -1.8% 1% -1.7%

08:00 United Kingdom Halifax house price index October -0.9% 0.6% 1.1%

08:00 United Kingdom Halifax house price index 3m Y/Y October 8.6% 9.5% 9.7%

08:15 Switzerland Consumer Price Index (MoM) October 0.1% 0% 0.1%

08:15 Switzerland Consumer Price Index (YoY) October -1.4% -1.4% -1.4%

09:00 Eurozone ECB Economic Bulletin

10:00 Eurozone Retail Sales (MoM) September 0.0% 0.2% -0.1%

10:00 Eurozone Retail Sales (YoY) September 2.2% Revised From 2.3% 3% 2.9%

10:00 Eurozone European Commission Economic Growth Forecasts

10:45 Eurozone ECB President Mario Draghi Speaks

12:00 United Kingdom BoE Interest Rate Decision 0.5% 0.5% 0.5%

12:00 United Kingdom Bank of England Minutes

12:00 United Kingdom MPC Rate Statement

12:00 United Kingdom Asset Purchase Facility 375 375 375

12:45 United Kingdom BOE Gov Mark Carney Speaks

The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. economic data. The number of initial jobless claims in the U.S. is expected to increase by 2,000 to 262,000 last week.

Preliminary productivity in the U.S. non-farm businesses is expected to decline at a 0.2% annual rate in the third quarter, after a 3.3% rise in the second quarter.

Preliminary unit labour costs are expected to increase 2.3% in the third quarter, after a 1.4 fall in the second quarter.

The euro traded higher against the U.S. dollar on the mixed economic data from the Eurozone. Eurostat released its retail sales data for the Eurozone on Thursday. Retail sales in the Eurozone fell 0.1% in September, missing expectations for a 0.2% rise, after a flat reading in July.

The decline was driven by lower food, drinks and tobacco sales, which slid 0.6% in September.

On a yearly basis, retail sales in the Eurozone climbed 2.9% in September, missing forecasts of a 3.0% gain, after a 2.2% increase in August. August's figure was revised down from a 2.3% rise.

Destatis released its factory orders data for Germany on Thursday. German seasonal adjusted factory orders dropped 1.7% in September, missing expectations for a 1.0% decrease, after a 1.8% fall in August.

The decline was driven by a drop in foreign and domestic orders. Foreign orders decreased by 2.4% in September, while domestic orders fell by 0.6%.

The European Commission released it economic growth forecast for the Eurozone on Thursday. Eurozone's economic growth for 2015 was upgraded to 1.6%, up from a previous estimate of 1.5%. Eurozone's economic growth for 2016 was cut to 1.8% from a previous estimate of 1.9%.

The European Central Bank's quantitative easing supports the economic growth in the Eurozone, the European Commission noted.

"The impact of the positive factors is fading, while new challenges are appearing, such as the slowdown in emerging market economies and global trade," it added.

The British pound traded lower 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 Bank of England's Monetary Policy Committee (MPC) released its November meeting minutes today. 8 members voted to keep the central bank's monetary policy unchanged. Ian McCafferty voted to hike interest rate.

The central bank lowered its growth forecasts to 2.7% this year, down from the previous forecast of 2.8%, and 2.5% next year, down from the previous forecast of 2.6%.

The Canadian dollar traded mixed against the U.S. dollar ahead the Canadian economic data. Canada's seasonally adjusted Ivey purchasing managers' index is expected to rise to 54.0 in October from 53.7 in September.

The Swiss franc traded lower against the U.S. dollar. The Swiss Federal Statistics Office released its consumer inflation data on Thursday. Switzerland's consumer price index rose 0.1% in October, beating expectations for a flat reading, after a 0.1% increase in September.

The increase was driven by higher prices for clothing and new cars. Prices for clothing and shoes rose 5.5% in October.

On a yearly basis, Switzerland's consumer price index remained unchanged at -1.4% in October, in line with forecasts. It was the biggest fall since July 1959.

EUR/USD: the currency pair rose to $1.0892

GBP/USD: the currency pair was down to $1.5258

USD/JPY: the currency pair increased to Y121.99

The most important news that are expected (GMT0):

13:30 U.S. Initial Jobless Claims October 260 262

13:30 U.S. Unit Labor Costs, q/q (Preliminary) Quarter III -1.4% 2.3%

13:30 U.S. Nonfarm Productivity, q/q (Preliminary) Quarter III 3.3% -0.2%

13:30 U.S. FOMC Member Dudley Speak

14:10 U.S. FED Vice Chairman Stanley Fischer Speaks

15:00 Canada Ivey Purchasing Managers Index October 53.7 54

18:30 U.S. FOMC Member Dennis Lockhart Speaks

05.11.2015 13:01

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