Foreign exchange market. Asian session: the Japanese yen was up against the U.S. dollar supported by the decision of the Bank of Japan to refrain from implementing additional quantitative stimulus measures

Economic calendar (GMT0):

01:00    New Zealand    ANZ Business Confidence                     April      67.3                                                         64.8

01:30    Australia           Private Sector Credit, m/m                  March   +0.4%                                   +0.4%     +0.4%

01:30    Australia           Private Sector Credit, y/y                    March   +4.3%                                                    +4.4%

01:30    Japan              Labor Cash Earnings, YoY                    March   -0.1%   Revised From 0.0%   +0.2%      +0.7%

03:00    Japan              BoJ Interest Rate Decision                               0.10%                                       0.10%     0.10%

03:00    Japan              Bank of Japan Monetary Base Target                 270                                          270         270

03:00    Japan              BoJ Monetary Policy Statement                                                            

05:00    Japan              Housing Starts, y/y                              March   +1.0%                                    -2.8%       -2.9%

06:00    Germany         Retail sales, real adjusted                      March   +0.4%  Revised From +1.3%  -0.5%      -0.7%

06:00    Germany         Retail sales, real unadjusted, y/y           March   +1.9%  Revised From +2.0%                  -1.9%

06:00    Japan              BoJ monthly economic report               April                                     

06:00    Switzerland      UBS Consumption Indicator                  March   1.52      Revised From 1.57                       1.84

06:45    France            Consumer spending                              March   +0.1%                                     +0.3%      +0.4%

06:45    France            Consumer spending, y/y                       March   -0.3%                                                       -1.2%

07:00    Switzerland     KOF Leading Indicator                           April      1.99                                          2.03         1.84

07:30    Japan             BOJ Press Conference                                               

07:55    Germany        Unemployment Change                         April      -12                                           -10           -25

07:55    Germany        Unemployment Rate s.a.                       April      6.7%                                        6.7%        6.7%

The U.S. dollar traded mixed against the most major currencies ahead the Fed's policy statement. Market participants are expecting the Fed will continue to taper its asset purchase program at the usual rate of US$10 billion per month. 

The New Zealand dollar increased against the U.S. dollar after the publication of mixed economic data and ahead the Fed's policy statement. Building permits in New Zealand climbed 8.3% in March (February: -1.6%). The projected figure was a 2% rise. ANZ Business Confidence was down to 64.8 in April from 67.3 in March.

The Australian dollar rose against the U.S. dollar ahead the Fed's policy statement. The price development of iron ore is important for the Australian currency. Iron ore is Australia’s biggest export.

Australia’s private sector credit increased 0.4% in March (February: 0.4%). Analysts expected the rise of 0.4%.

The Japanese yen was up against the U.S. dollar. The yen was supported by the decision of the Bank of Japan to refrain from implementing additional quantitative stimulus measures. The Bank of Japan decided to keep monetary policy steady as expected. The target of an annual increase in the monetary base is between 60 trillion yen and 70 trillion yen.

EUR/USD: the currency pair declined to $1.3805

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair traded was down to Y102.30

The most important news that are expected (GMT0):

09:00    Eurozone                Harmonized CPI, Y/Y (Preliminary)     April                    +0.5%  +0.8%  

12:15    U.S.                        ADP Employment Report                 April                     191        212        

12:30    Canada                   Raw Material Price Index                  March                 +5.7%  +1.2%  

12:30    Canada                   GDP (m/m)                                     February             +0.5%  +0.2%  

12:30    U.S.                       PCE price index, q/q                         Quarter I             +3.3%                 

12:30    U.S.                       PCE price index ex food, energy, q/q Quarter I             +1.3%                 

12:30    U.S.                       Employment Cost Index                   Quarter I             +0.5%  +0.5%  

12:30    U.S.                       GDP, q/q (Preliminary)                      Quarter I             +2.6%  +1.1%  

13:45    U.S.                       Chicago Purchasing Managers' Index                              55.9      56.6      

15:30    United Kingdom     BOE Chief Economist Spencer Dale Speaks                                                      

18:00    U.S.                       Fed Interest Rate Decision                                          0.25%   0.25%   

18:00    U.S.                       FOMC QE Decision                                                        55          45          

18:00    U.S.                       FOMC Statement                                                         

20:15    Canada                  BOC Gov Stephen Poloz Speaks