Foreign exchange market. Asian session: the Australian dollar little changed

Economic calendar (GMT0):

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

04:30 Australia Announcement of the RBA decision on the discount rate 2.0% 2% 2.0%

04:30 Australia RBA Rate Statement

05:45 Switzerland Unemployment Rate (non s.a.) June 3.2% 3.3% 3.1%

06:00 Germany Industrial Production s.a. (MoM) May 0.6% 0.1% 0.0%

06:00 Germany Industrial Production (YoY) May 1.4% 2.1%

The Australian dollar showed little reaction after the Reserve Bank of Australia left its key interest rate unchanged at 2% in line with expectations. The central bank decided not to take any actions despite current risks to the economy arising from uncertainty over Greece and sharp declines in Chinese stocks. RBA Governor Glenn Stevens reiterated that further declines in the Australian dollar are required.

The euro traded lower ahead of today's euro zone summit. It is expected that Greece and its lenders will be unable to come to an understanding today. However markets partly consider a possibility of a deal and they will be disappointed if there is no progress.

Germany and France have called on Athens to make new proposals after Greeks voted against austerity terms. Greece's banks have been closed for more than a week and only urgent lending may prevent their insolvency. At the same time investors started to treat the euro better after Greece's finance minister Yanis Varoufakis resigned on Monday.

EUR/USD: the pair declined to $1.1025 in Asian trade

USD/JPY: the pair rose to Y122.80

GBP/USD: the pair fell to $1.5580

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

06:45 France Trade Balance, bln May -3.0 -3.3

07:00 United Kingdom Halifax house price index June -0.1%

07:00 United Kingdom Halifax house price index 3m Y/Y June 8.6%

07:00 Switzerland Foreign Currency Reserves June 517.5

08:30 United Kingdom Industrial Production (YoY) May 1.2% 1.6%

08:30 United Kingdom Industrial Production (MoM) May 0.4% -0.2%

08:30 United Kingdom Manufacturing Production (MoM) May -0.4% 0.1%

08:30 United Kingdom Manufacturing Production (YoY) May 0.2% 1.8%

09:00 Eurozone Euro Summit

09:00 Eurozone Eurogroup Meetings

12:30 Canada Trade balance, billions May -2.97 -2.5

12:30 U.S. International Trade, bln May -40.88 -42.6

14:00 United Kingdom NIESR GDP Estimate June 0.6%

14:00 U.S. JOLTs Job Openings May 5.376 5.35

20:30 U.S. API Crude Oil Inventories June 1.9

23:50 Japan Current Account, bln May 1326.4 1542