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27.04.2016 12:28

Foreign exchange market. European session: the euro traded lower against the U.S. dollar after the release of the mixed economic data from the Eurozone

Economic calendar (GMT0):

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

01:30 Australia Trimmed Mean CPI q/q March 0.6% 0.5% 0.2%

01:30 Australia Trimmed Mean CPI y/y March 2.1% 2% 1.7%

01:30 Australia CPI, q/q Quarter I 0.4% 0.3% -0.2%

01:30 Australia CPI, y/y Quarter I 1.7% 1.8% 1.3%

04:30 Japan All Industry Activity Index, m/m February 1.2% Revised From 2.0% -1.3% -1.2%

06:00 Germany Gfk Consumer Confidence Survey May 9.4 9.4 9.7

06:00 Switzerland UBS Consumption Indicator March 1.45 Revised From 1.53 1.51

06:45 France Consumer confidence April 94 95 94

08:00 Eurozone Private Loans, Y/Y March 1.6% 1.7% 1.6%

08:00 Eurozone M3 money supply, adjusted y/y March 4.9% Revised From 5.0% 5% 5%

08:30 United Kingdom GDP, q/q (Preliminary) Quarter I 0.6% 0.4% 0.4%

08:30 United Kingdom GDP, y/y (Preliminary) Quarter I 2.1% 2% 2.1%

10:00 United Kingdom CBI retail sales volume balance April 7 12 -13

11:00 U.S. MBA Mortgage Applications April 1.3% -4.1%

The U.S. dollar traded mixed against the most major currencies ahead of the release of the Fed's interest rate decision later in the day. Analysts expect the Fed to keep it monetary policy unchanged.

Pending home sales in the U.S. expected to rise 0.5% in March, after a 3.5% gain in February.

The euro traded lower against the U.S. dollar after the release of the mixed economic data from the Eurozone. The European Central Bank (ECB) released its M3 money supply figures on Wednesday. M3 money supply rose 5.0% in March from last year, in line with expectations, after a 4.9 % increase in February. February's figure was revised down from a 5.0% rise.

Loans to the private sector in the Eurozone climbed 1.6% in March from the last year, missing expectations for a 1.7% rise, after a 1.6% gain in February.

Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index climbed to 9.7 in May from 9.4 in April. Analysts had expected the index to remain unchanged at 9.4.

"Consumers are clearly assuming that the German economy will regain some momentum in the coming months," Gfk noted.

ECB Executive Board member Benoit Coeure said in an interview with the Italian newspaper Il Sole 24 Ore Wednesday that the central bank's stimulus measures were working. Coeure pointed out that the ECB did not discuss helicopter money and further stimulus measures. He also said that a sharp appreciation in the euro would be a problem for the central bank.

The British pound traded mixed against the U.S. dollar on the U.K. GDP data. The Office for National Statistics released its U.K. GDP data on Wednesday. The preliminary U.K. gross domestic product (GDP) climbed 0.4% in the first quarter, in line with expectations, after a 0.6% rise in the third quarter.

The growth was mainly driven by a strong output in the services sector, which climbed 0.6% in the first quarter.

Construction fell 0.9% in the first quarter, production declined 0.4%, while agriculture decreased 0.1%.

On a yearly basis, the preliminary U.K. GDP increased 2.1% in the first quarter, beating forecasts of a 2.0% rise, after a 2.1% gain in the fourth quarter.

The Confederation of British Industry (CBI) released its retail sales balance data on Wednesday. The CBI retail sales balance plunged to -13% in April from +7% in March, missing expectations for a rise to +12%. It was the fastest pace since January 2012.

The decline was driven by drops in department stores and the clothing sales.

Sales are expected to rebound next month, while orders are expected to fall.

The Swiss franc traded lower against the U.S. dollar. UBS released its consumption index for Switzerland on Wednesday. The UBS consumption index increased to 1.51 in March from 1.45 in February. February's figure was revised down from 1.53.

The increase was driven by improved retailer sentiment and the tourism sector. Demand for automobiles fell slightly in March.

EUR/USD: the currency pair fell to $1.1292

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair climbed to Y111.39

The most important news that are expected (GMT0):

14:00 U.S. Pending Home Sales (MoM) March 3.5% 0.5%

18:00 U.S. Fed Interest Rate Decision 0.5% 0.5%

18:00 U.S. FOMC Statement

21:00 New Zealand RBNZ Interest Rate Decision 2.25% 2.25%

21:00 New Zealand RBNZ Rate Statement

23:30 Japan Household spending Y/Y March 1.2% -4.2%

23:30 Japan Tokyo Consumer Price Index, y/y April -0.1%

23:30 Japan Tokyo CPI ex Fresh Food, y/y April -0.3% -0.3%

23:30 Japan National Consumer Price Index, y/y March 0.3%

23:30 Japan National CPI Ex-Fresh Food, y/y March 0% -0.2%

23:50 Japan Retail sales, y/y March 0.5% -1.5%

23:50 Japan Industrial Production (MoM) (Preliminary) March -5.2% 2.9%

23:50 Japan Industrial Production (YoY) (Preliminary) March -1.2%

Market Focus

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  • Eurozone: Consumer Confidence, January -4.9
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