Foreign exchange market. European session: the Swiss franc traded lower against the U.S. dollar after the Swiss National Bank’s (SNB) interest rate decision

Economic calendar (GMT0):

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

00:30 Australia RBA Bulletin

04:30 Japan All Industry Activity Index, m/m January -0.3% +1.7% +1.9%

06:45 Switzerland SECO Economic Forecasts

07:00 Switzerland Trade Balance February 3.43 2.87 2.47

08:30 Switzerland SNB Interest Rate Decision -0.75% -0.75% -0.75%

08:30 Switzerland SNB Press Conference

08:30 Switzerland SNB Monetary Policy Assessment

09:00 Eurozone ECB Economic Bulletin

10:00 Eurozone EU Economic Summit

10:15 Eurozone Targeted LTRO 129.8 97.8

12:30 U.S. Initial Jobless Claims March 290 Revised From 289 297 291

12:30 U.S. Current account, bln Quarter IV -98.92 Revised From -100 -103 -113.45

The U.S. dollar rose against the most major currencies, recovering its losses after the Fed's monetary policy decision on Wednesday. The Fed kept its monetary policy unchanged but dropped the word "patient" from its outlook for monetary policy. The central bank lowered its forecasts for growth and inflation.

The number of initial jobless claims in the week ending March 14 in the U.S. rose by 1,000 to 291,000 from 290,000 in the previous week. The previous week's figure was revised down from 289,000. Analysts had expected the number of initial jobless claims to decrease to 297,000.

The U.S. current account deficit widened to $113.5 billion in the fourth quarter from $98.9 billion in the third quarter, missing expectations for a deficit of $103.0 billion. The third's quarter figure was revised up from a deficit of $100.3 billion.

The euro traded lower against the U.S. dollar. The European Central Bank (ECB) said on Thursday that banks borrowed €97.8 billion in loans, the so-called TLTROs. This figure indicates that the recovery in the Eurozone is spurring lending.

The ECB said in its economic bulletin that the economic activity is expected to rise due to the recent improvements in business and consumer confidence, falling oil prices and a weaker euro.

The British pound traded lower against the U.S. dollar as the U.S. dollar continued to recover from yesterday's decline. There were released no major economic reports in the U.K.

The Swiss franc traded lower against the U.S. dollar after the Swiss National Bank's (SNB) interest rate decision. The Swiss National Bank's (SNB) kept its interest rate unchanged at -0.75%. Analysts had expected this decision.

The SNB President Thomas Jordan said that the Swiss franc is overvalued and the central bank will intervene in the foreign exchange market if needed.

Switzerland's central bank lowered its growth and inflation forecasts. The SNB expects GDP to grow 0.9% in 2015, down from a December estimate of +2.1%. GDP for 2016 was cut to 1.8% from 2.4%.

The inflation forecast for 2015 was lowered to -1.1% from -0.1%. The SNB expect that inflation will be at -0.5%. Inflation is expected to be 0.4% in 2017.

EUR/USD: the currency pair declined to $1.0640

GBP/USD: the currency pair decreased to $1.4794

USD/JPY: the currency pair rose to Y120.93

The most important news that are expected (GMT0):

14:00 U.S. Philadelphia Fed Manufacturing Survey March 5.2 7.3

23:50 Japan Monetary Policy Meeting Minutes