Foreign exchange market. European session: the Swiss Franc hits 2.5-month lows against the U.S. dollar due to the weak economic data in Switzerland and the strength of the U.S. dollar

Economic calendar (GMT0):

01:30    Australia       New Motor Vehicle Sales (MoM)                April      -0.3%                   0%

01:30    Australia       New Motor Vehicle Sales (YoY)                 April      -2.8%                   -1.9%

04:25    Japan           BOJ Governor Haruhiko Kuroda Speaks                                                           

05:00    Japan           Consumer Confidence                             April       37.5      38.3         37.0

05:30    France          GDP, q/q (Preliminary)                          Quarter I +0.2%   +0.4%     +0.0%

05:30    France          GDP, Y/Y (Preliminary)                          Quarter I +0.8%                  +0.8%

06:00    Germany      GDP (QoQ) (Preliminary)                       Quarter I  +0.4%   +0.7%     +0.8%

06:00    Germany      GDP (YoY) (Preliminary)                        Quarter I  +1.3%                  +2.3%

07:15    Switzerland   Producer & Import Prices, m/m               April        0.0%    +0.3%      -0.3%

07:15    Switzerland   Producer & Import Prices, y/y                 April       -0.7%                   -1.2%

08:00    Eurozone      ECB Monthly Report                               May

09:00    Eurozone      Harmonized CPI                                      April       +0.9%                  +0.2%

09:00    Eurozone      Harmonized CPI, Y/Y (Finally)                  April        +0.7%   +0.7%     +0.7%

09:00    Eurozone      Harmonized CPI ex EFAT, Y/Y                 April        +0.7%   +0.7%     +1.0%

09:00    Eurozone      GDP (QoQ) (Preliminary)                       Quarter I    -0.2%   +0.4%     +0.2%

09:00    Eurozone      GDP (YoY) (Finally)                                Quarter I  +0.4%                  +0.9%

The U.S. dollar traded higher against the most major currencies amid the release of the U.S. consumer price index and the speech of the Fed Chair Janet Yellen. The U.S. consumer price index should increase 0.3% in April, from a 0.2% rise in March. The U.S. producer price index excluding food and energy should climb 0.2% in April.

The euro hits 2.5-month lows against the U.S. dollar due to the weaker-than-expected GDP in the Eurozone. Eurozone’s gross domestic product increased 0.2% in the first quarter, from a 0.2% decrease in the previous quarter. Analysts had expected a 0.4% rise. On a yearly basis, the GDP in the Eurozone rose 0.9%, missing expectations for an increase of 1.1%.

On a yearly basis, Eurozone’s harmonized consumer price index was unchanged at 0.7% in April. Analysts had forecasted this figure. On a monthly basis, the consumer price index in the Eurozone rose 0.2% April, from a 0.9% gain in March. The inflation rate is still well below the ECB's 2% inflation target.

The French GDP (preliminary) was flat in the first quarter, from a 0.2% increase in the previous quarter. The figure of Q4 2013 was revised down from 0.3%. Analysts had expected a 0.4% rise. On yearly basis, the French GDP (preliminary) remained unchanged at 0.8% in the first quarter.

The German GDP (preliminary) increased 0.8% in the first quarter, from a 0.4% increase in the previous quarter. Analysts had expected a 0.7% rise. On yearly basis, the German GDP (preliminary) rose 2.3% in the first quarter, from a 1.3% gain in the previous quarter.

The British pound traded lower against the U.S. dollar. No economic data was published in the U.K.

The Swiss Franc hits 2.5-month lows against the U.S. dollar due to the weak economic data in Switzerland and the strength of the U.S. dollar. Producer & import prices declined 0.3% in April, from 0.0% in March. Analysts had forecasted a 0.3% increase. On yearly basis, producer & import prices fell 1.2% in April, from a 0.7% decline in March.

EUR/USD: the currency pair dropped to $1.3649

GBP/USD: the currency pair declined to $1.6730

USD/JPY: the currency pair traded mixed

USD/CHF: the currency pair increased to CHF0.8958

The most important news that are expected (GMT0):

12:30    Canada    Manufacturing Shipments (MoM)                   March   +1.4%  +0.2% 

12:30    U.S.         Initial Jobless Claims                                       May       319        321       

12:30    U.S.         NY Fed Empire State manufacturing index     May       1.3         7.2        

12:30    U.S.         CPI, m/m                                                       April      +0.2%  +0.3% 

12:30    U.S.         CPI, Y/Y                                                         April      +1.5%                

12:30    U.S.         CPI excluding food and energy, m/m             April      +0.2%  +0.2% 

12:30    U.S.         CPI excluding food and energy, Y/Y               April      +1.7%                

13:00    U.S.         Total Net TIC Flows                                        March     167.7                   

13:00    U.S.          Net Long-term TIC Flows                              March     85.7     47.3     

13:15    U.S.          Industrial Production (MoM)                          April      +0.7%  +0.4% 

13:15    U.S.          Capacity Utilization                                        April      79.2%   79.2%  

14:00    U.S.          Mortgage Delinquencies                               Quarter I 6.41%                

14:00    U.S.          Philadelphia Fed Manufacturing Survey           May       16.6      13.9     

14:00    U.S.          NAHB Housing Market Index                           May       47          49         

16:30    Canada     BOC Deputy Governor Lawrence Schembri Speaks                                                    

23:00    U.S.          Fed Chairman Janet Yellen Speaks