Foreign exchange market. European session: the euro traded lower against the U.S. dollar, but recovered a part of its losses

Economic calendar (GMT0):

05:00    Japan                  Leading Economic Index               April              107.1    106.2     106.6

05:00    Japan                  Coincident Index                           April              114.5                  111.1

06:00    Germany             Trade Balance                                April              14.8      14.3       17.7

06:00    Germany             Industrial Production s.a. (MoM)     April              -0.5%   +0.4%   +0.2%

06:00    Germany             Industrial Production (YoY)            April             +3.0%                 +1.8%

06:00    Germany             Current Account                            April              19.5                     18.4

06:45    France                Trade Balance, bln                           April               -4.9       -5.0        -3.9

07:00    Switzerland          Foreign Currency Reserves             April               438.9                444.4

07:15    Switzerland          Consumer Price Index (MoM)          May              +0.1%  +0.2%   +0.3%

07:15    Switzerland          Consumer Price Index (YoY)           May              0.0%    +0.1%   +0.2%

08:30    United Kingdom   Consumer Inflation Expectations     Quarter II     +2.8%                +2.6%

The U.S. dollar traded mixed against the most major currencies ahead of the U.S. jobs market data. The unemployment rate in the U.S. should increase to 6.4% in May, after 6.3% in April.

The number of additional jobs in the private sector should climb by 218,000 jobs in May, after 288,000 jobs in April.

The euro traded lower against the U.S. dollar, but recovered a part of its losses. Market participants seemed to be unimpressed by the stimulus measures by the European Central Bank.

German economic data was released. Germany's trade surplus climbed to €17.7 billion in April from €15.0 billion in March. March’s figure was revised up from a surplus of €14.8 billion. Analysts had expected Germany’s trade surplus to increase to €15.2 billion.

German industrial production rose 0.2% in April, missing expectations for a 0.4% gain, after a 0.5% decline in March. On a yearly basis, the industrial production in Germany increased 1.8% in April, after a 3.0% rise in March.

Germany’s current account surplus declined to €18.4 billion in April from €19.5 billion in March.

The British pound traded mixed against the U.S. dollar. The U.K. trade deficit rose to £8.92 billion in April, from £8.29 billion in March. March’s figure was revised up from a deficit of £8.48 billion. Analysts had expected the U.K. trade deficit to increase to £8.65 billion.

The U.K. consumer inflation expectations declined to 2.6% from 2.8%.

The Swiss franc traded mixed against the U.S. dollar. Switzerland’s consumer price index climbed 0.3% in May, exceeding expectations for a 0.2% gain, after a 0.1% rise in April.

The Canadian dollar traded mixed against the U.S. dollar ahead of the Canadian labour market data. The unemployment rate in the Canada should remain unchanged at 6.9% in May.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

12:30    Canada    Labor Productivity          Quarter I    +1.0%  +0.7% 

12:30    Canada    Employment                   May          -28.9     +12.3   

12:30    Canada    Unemployment rate        May           6.9%     6.9%    

12:30    U.S.         Average hourly earnings  May          0.0%     +0.2% 

12:30    U.S.         Nonfarm Payrolls             May           288        219       

12:30    U.S.         Unemployment Rate        May          6.3%     6.4%