Foreign exchange market. European session: the U.S. dollar traded lower against the most major currencies due to concerns over the economic growth in China

Economic calendar (GMT0):

07:00    Eurozone      ECB's Jens Weidmann Speaks                                                

09:00    Eurozone      Construction Output, m/m        March   +0.1%                  -0.6%

09:00    Eurozone      Construction Output, y/y          March   +6.7%                  +5.2%

10:00    Germany      Bundesbank Monthly Report      May      

The U.S. dollar traded lower against the most major currencies due to concerns over the economic growth in China. China’s financial regulators tightened rules on bank lending on Friday. Limited credit could inhibit economic growth.

The euro traded higher against the U.S. dollar. Market participants are awaiting new stimulus measures by ECB next month. Eurozone’s construction output declined 0.6% in March from a 0.1% increase in February. On a yearly basis, Eurozone’s construction output climbed 5.2% in March from a 6.7% gain in February.

The British pound traded mixed against the U.S. dollar. After AstraZeneca rejected Pfizer’s offer, the British currency came under pressure.

EUR/USD: the currency pair increased to $1.3724

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair declined to Y101.09