Foreign exchange market. European session: the British pound traded lower against the U.S. dollar after the weaker-than-expected GDP data from the U.K.

Economic calendar (GMT0):

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

01:30 Australia Private Capital Expenditure Quarter I -1.7% Revised From -2.2% -2.4% -4.4%

06:00 United Kingdom Nationwide house price index, y/y May 5.2% 4.7%

06:00 United Kingdom Nationwide house price index May 1.0% 0.3%

06:00 Switzerland Trade Balance April 2.49 Revised From 2.52 2.77 2.85

06:20 U.S. FOMC Member Williams Speaks

08:30 United Kingdom BBA Mortgage Approvals April 39.2 Revised From 38.8 39.2 42.11

08:30 United Kingdom GDP, q/q (Revised) Quarter I 0.6% 0.4% 0.3%

08:30 United Kingdom GDP, y/y (Revised) Quarter I 3.0% 2.5% 2.4%

09:00 G7 G7 Meetings

09:00 Eurozone Consumer Confidence (Finally) May -4.6 -5.5 -5.5

09:00 Eurozone Economic sentiment index May 103.8 Revised From 103.7 103.5 103.8

09:00 Eurozone Business climate indicator May 0.32 0.35 0.28

09:00 Eurozone Industrial confidence May -3.2 -3.0 -3.0

The U.S. dollar higher against the most major currencies ahead of U.S. economic data. The number of initial jobless claims in the U.S. is expected to decline by 4,000 to 270,000.

Pending home sales in the U.S. are expected to climb 0.9% in April, after a 1.1% increase in March.

The euro declined against the U.S. dollar as concerns over the Greek debt continued to weigh on the euro. Prime Minister Alexis Tsipras said on Wednesday that Athens was "close" to a deal with its creditors. But some top European officials and International Monetary Fund Managing Director Christine Lagarde denied that there is a progress in debt talks between Greece and its creditors.

"I would not say that we already have reached substantial results," Lagarde said in an interview.

The European Commission released its economic sentiment index for the Eurozone on Thursday. The index remained unchanged at 103.8 in May, beating expectations for a decline to 103.5.

April's figure was revised up from 103.7.

The consumer confidence index dropped to -5.5 in May from -4.6 in April due to faltering optimism about the level of future unemployment, the future general economic situation and the future savings.

The industrial confidence index increased to -3.0 in May from -3.2 the previous month, in line with expectations, due to optimistic production expectations.

The services sentiment index climbed to 7.8 in May from 7.0 in April due to optimistic demand expectations and the better assessment of the past business situation.

The construction confidence index rose to -25.0 in May from -25.5 in April due to the better assessment of the level of order books.

The business climate index was down to 0.28 in May, missing forecasts of a rise to 0.35.

The British pound traded lower against the U.S. dollar after the weaker-than-expected GDP data from the U.K. The revised U.K. GDP expanded at 0.3% in the first quarter, missing expectations for a 0.4 gain, after a 0.5% rise in the fourth quarter. It was the slowest pace since the fourth quarter of 2012.

On a yearly basis, the revised U.K. GDP rose 2.4% in the first quarter, missing forecasts of a 2.5% increase, after a 3.0% gain in the fourth quarter.

The service sector climbed 0.5% in the first quarter, the construction sector dropped 1.6%, and the production sector was down 0.1%, while agriculture sector decreased 0.2%.

The Canadian dollar traded lower against the U.S. dollar ahead of Canadian economic data. Canadian current account deficit is expected to widen to C$18.5 billion in the first quarter from a deficit of C$13.92 billion in the fourth quarter.

The Swiss franc traded lower against the U.S. dollar despite the better-than-expected Swiss trade data. The Swiss trade surplus climbed to CHF2.85 billion in April from CHF2.49 billion in the previous month. March's figure was revised down from a surplus of CHF2.52 billion. Analysts had expected the surplus to increase to CHF2.77 billion.

Exports decreased 1.1% in April, while imports were down 3.5%.

EUR/USD: the currency pair declined to $1.0880

GBP/USD: the currency pair fell to $1.5264

USD/JPY: the currency pair rose to Y124.39

The most important news that are expected (GMT0):

12:30 Canada Raw Material Price Index April -0.9%

12:30 U.S. Initial Jobless Claims May 274 270

14:00 U.S. Pending Home Sales (MoM) April 1.1% 0.9%

23:30 Japan Household spending Y/Y April -10.6% 3.1%

23:30 Japan Tokyo Consumer Price Index, y/y May 0.7%

23:30 Japan Tokyo CPI ex Fresh Food, y/y May 0.4% 0.1%

23:30 Japan Unemployment Rate April 3.4% 3.4%

23:30 Japan National Consumer Price Index, y/y April 2.3%

23:30 Japan National CPI Ex-Fresh Food, y/y April 2.2% 0.2%

23:50 Japan Industrial Production (MoM) (Preliminary) April -0.8% 0.8%

23:50 Japan Industrial Production (YoY) (Preliminary) April -1.7%