The dollar fell moderately against the euro after the publication of weak US data, but soon resumed growth against the backdrop of changing risk appetite and the statements of representatives of the Federal Reserve. The Labor Department reported that the number of Americans who first applied for unemployment benefits unexpectedly rose last week, reaching its highest level in over a year, which may cause concern about the health of the labor market as a result of a slowdown in growth in the number of jobs in April. Primary applications for state unemployment benefits increased by 20,000 and reached a seasonally adjusted 294,000 for the week ended May 7, the highest level since the end of February 2015. Data over the past week have not been revised. Economists had forecast that the primary treatment will be reduced to 270 000 last week. Despite the leap last week, circulation remained below 300,000, a threshold associated with the health conditions of the labor market, for 62 consecutive weeks, the longest period since 1973. Labor Department analyst said there were no special factors influencing the data last week.

Another report presented by the Department of Labor showed that import prices rose 0.3% in April, following a revised increase with growth in March of 0.3%. Economists had expected an increase of 0.5%. Overall, import prices were still 5.7% lower than a year earlier. The annual rate was down every month for 21 consecutive months.

With regard to the statements made by the Fed, Mester said that market inflation expectations are volatile and may not be the best indicator. She also noted that does not believe that the inflation trend has changed completely, according to Mester, weakness, inflation is caused by a temporary weakening of oil prices, a stronger dollar. Meanwhile, Boston Fed President Rosengren said that the Fed is likely to raise rates more than markets currently anticipate. "If the predictions come true, step by step ahead of us raising rates", - said the politician. He also paid attention to the situation in the labor market. "The labor market data say about the" relatively confident "the growth of employment I am not concerned about a slowdown in hiring in April, but the Fed should be." Explore "how low can drop the unemployment rate," - said Rosengren.

The British pound appreciated significantly against the US dollar on the background of the results of the meeting of the Central Bank of England, but then lost almost all positions in view of the widespread growth of the US currency. Recall, the Bank of England decided unanimously to leave interest rates unchanged. Some observers believed that during the May meeting of the individual members of the central bank can vote for the lower rates. The Bank of England lowered its forecasts for economic growth and warned of the negative consequences of possible withdrawal of Britain from the EU, leaving no reason market participants to be optimistic about a pound. The Bank of England said that the way out of the EU can limit the growth of the economy, provoking an increase in unemployment and spur inflation. The members of the Committee on Monetary Policy Bank of England believe that if the country through a referendum citizens decide to withdraw from the EU, "it can dramatically change the prospects for economic growth and inflation" in the UK. If the Union will not be destroyed, the economic recovery will continue.

The yen rose sharply against the dollar after the release of weak data on the U.S. labor market partly recovered after falling in the first half of the session, which was caused by the statements of the head of the Bank of Japan and speculation that the Bank of Japan may decide to increase the monetary stimulus as early as next month. Today Governor of the Bank of Japan Haruhiko Kuroda reiterated once again that the Bank of Japan in case of necessity is an additional policy easing. Kuroda added that he sees significant downside risks to the Japanese economy and inflation, and the Bank of Japan "without delay" to take additional measures if necessary. Also reports the April meeting of the Bank of Japan were published today, which states that Japan's economic conditions are relatively stable, and the risk for inflation has increased since the beginning of the year.

Stock closed lower on a drop in oil prices. Oil prices fell on concerns over the global oil oversupply.

Market participants also eyed the economic data from the Eurozone. Eurostat released its industrial production data for the Eurozone on Thursday. Industrial production in the Eurozone fell 0.8% in March, missing expectations for a flat reading, after a 1.2% drop in February. February's figure was revised down from a 0.8% decrease.

Non-durable consumer goods output dropped 1.9% in March, capital goods output decreased 1.1%, while energy output increased 2.0%.

Intermediate goods output fell 0.8% in March, while durable consumer goods declined 0.4%.

On a yearly basis, Eurozone's industrial production rise 0.2% in March, missing expectations for a 1.1% rise, after a 0.8% increase in February.

Durable consumer goods climbed by 1.1% in March from a year ago, capital goods rose by 1.6%, non-durable consumer goods slid by 3.0%, while intermediate goods output increased by 1.1%.

Energy output declined by 0.7% in March from a year ago.

The Bank of England (BoE) released its interest rate decision on Thursday. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected. All members voted to keep the central bank's monetary policy unchanged.

The central bank downgraded its growth forecasts. The economy is expected to expand 2.0% in 2016, down from its previous forecast of a 2.2% rise, and 2.3% in 2017, down from its previous forecast of a 2.4% gain. The BoE said that uncertainty around Britain's membership in the European Union weighed on the economic growth.

The BoE Governor Mark Carney said at a press conference on Thursday that Britain's exit from the European Union could lead to a "technical recession," adding that the central bank would do everything to cushion a shock. He pointed out that it would need time to offset the effect of shock.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,104.19 -58.30 -0.95 %

DAX 9,862.12 -113.20 -1.13 %

CAC 40 4,293.27 -23.40 -0.54 %

Cleveland Fed President Loretta Mester said in a speech on Thursday that price stability was the Holy Grail for central banks, adding that price stability and monetary policy were intimately linked.

She also said that inflation in the U.S. rose this year.

"The headline and underlying measures of inflation have moved higher," Cleveland Fed president noted.

"As of the first quarter of this year, the year-over-year change in the headline PCE price index has risen to 1 percent from 0.2 percent in the first quarter of last year. Core PCE inflation was 1.7 percent in the first quarter, compared to 1.3 percent a year ago, and core CPI inflation was 2.3 percent compared with 1.7 percent a year ago," Mester added.

Quotes of oil rose to a six-month high, supported by forecasts of the International Energy Agency (IEA), but later the price went back into negative territory against the strengthening of the American currency.

"The catalyst for the recent rally seems to have been the IEA report, which stated that production will fall rapidly and the demand will continue to grow more strongly than previously expected", - said Tom Pug, an economist at Capital Economics.

The IEA report says that the long-awaited balance is restored in the global oil market. "In April, the world's oil reserves increased by 250 thousand barrels to 96.2 million barrels a day, as higher OPEC supply levels more than offset the decline in the countries of supply, non-OPEC, -. The report says -. However, , at an annual rate of world output in April grew by only 50 th. barrels per day, compared with a gain of more than 3.5 million barrels a day a year ago. " Also in the IEA report it notes that in 2016 supply from countries outside OPEC, reduced by 800 thousand. Barrels to 56.8 million barrels per day.

Analysts said that while the IEA data help support prices, the gradual return of the Canadian oil and expectations that prices are approaching levels that could cause the return of some US-made, can put pressure on oil.

In the course of trading also continues to impact on the US Department of Energy report, presented on Wednesday. Recall, the data pointed to a drop of commercial oil reserves by 3.4 million barrels in the week from 30 April to 6. Analysts had expected an increase of 0.5 mln. Barrels.

WTI for delivery in June fell to $45.88 a barrel. Brent for June fell to $46.94 a barrel.

Polish equity market closed slightly lower on Thursday. The broad market measure, the WIG index, inched down 0.07%. Sector performance within the WIG Index was mixed. Materials stocks (-2.33%) tumbled the most, while utilities names (+1.13%) fared the best.

The large-cap stocks' benchmark, the WIG30 Index, plunged by 0.16%. In the index basket, coking coal miner JSW (WSE: JSW) topped the list of decliners with a 6.89% drop. It was followed by clothing retailer LPP (WSE: LPP), which fell by 6.65% after the company reported Q1 net loss of PLN 65.6 mln, nearly twice deeper than the expected loss of PLN 35.9 mln. Other major laggards were copper producer KGHM (WSE: KGH), genco ENERGA (WSE: ENG) and oil and gas producer PGNIG (WSE: PGN), losing 2.04%, 1.54% and 1.35% respectively. On the other side of the ledger, MBANK (WSE: MBK) led the gainers with a 2.68% advance, followed by genco PGE (WSE: PGE), bank MILLENNIUM (WSE: MIL) and oil refiner PKN ORLEN (WSE: PKN), growing by 2.41%, 2.37% and 2.21% respectively.

Gold prices declined moderately, returning to the minimum of yesterday's session, as the strengthening of the US dollar prompted some buyers to lock in profits.

Earlier significant support for the precious metal had weak data on the US labor market, but their effect was short-lived, and the price returned to the reduction. Recall, the Labor Department reported that the number of Americans who first applied for unemployment benefits unexpectedly rose last week, reaching its highest level in over a year, which may cause concern about the health of the labor market as a result of a slowdown in the number of job growth seats in April. Primary applications for state unemployment benefits increased by 20,000 and reached a seasonally adjusted 294,000 for the week ended May 7, the highest level since the end of February 2015. Data over the past week have not been revised. Economists had forecast that the primary treatment will be reduced to 270 000 last week. Despite the leap last week, circulation remained below 300,000, a threshold associated with the health conditions of the labor market, for 62 consecutive weeks, the longest period since 1973. Labor Department analyst said there were no special factors influencing the data last week.

"The weakness of the gold that we see today is mainly associated with the strengthening of the dollar, and the approach of quotes to a very important level of $ 1,300," - said Naeem Aslam, Think Forex analyst. The dollar index was up 0.15 percent, supported by the depreciation of the yen, as investors sold the currency amid speculation that the Bank of Japan may decide to increase the monetary stimulus as early as next month.

Gold rose in price by almost 20 percent this year, as weak data on the US and global economic slowdown have dispelled expectations that the Fed will continue to raise interest rates in the near future. Recall, higher interest rates have a downward pressure on the price of gold, which brings its holders to interest income and that is difficult to compete with the assets, bringing that income against the background of increasing interest rates.

Underlining the optimism with respect to the metal, the gold reserves in the largest gold ETF-fund SPDR Gold Trust rose on Wednesday by 2.7 tonnes to 841.9 tonnes (the highest value since December 2013).

The focus has also been a report of the World Gold Council (WGC), which showed that in January-March, demand for gold in the world increased by 21% and reached a record level for the first quarter on record - 1289.8 tonnes. "A significant proportion of demand provide investors who have decided to recover their investments in gold after the mass liquidation of positions at the beginning of 2013", - said the WGC. World central banks in January-March reduced the purchase of gold reserves by 3%, jewelery demand fell by 19%. Despite this, for the quarter on the market of physical gold for the first time in several years, a deficit: the offer was lower demand by nearly 155 tons.

The cost of the June gold futures on the COMEX fell to $ 1269.2 per ounce.

The Melbourne Institute (MI) released its inflation expectations for Australia on Thursday. The MI consumer inflation expectations in Australia declined to 3.2% in May from 3.4% in April.

68.3% respondents expected inflation to decline within the 0‐5% range in May, down from 69.3% in April.

The International Energy Agency (IEA) released its monthly Oil Market Report on Thursday. The agency said that the global oil oversupply would narrow in the second half of the year.

The IEA noted that global oil supply increased by 250,000 barrels a day to averaged 96.2 million barrels a day in April compared with March as a rise in OPEC output more than offset a decline in non-OPEC production.

According to the IEA, OPEC production increased by 330,000 barrels a day to 32.76 million barrels a day in April, compared with the previous month. The increase was driven by higher output from Iran, Iraq and the United Arab Emirates.

The IEA expects non-OPEC output to drop by 800,000 barrels a day to 56.8 million barrels in 2016.

The agency upgraded its global demand growth for the first half quarter due to a rise in demand in India, China and Russia.

The Bank of Japan released its bank lending data on late Wednesday evening. Bank lending in Japan increased 2.2% year-on-year in April, after a 2.0% rise in March.

Lending excluding trusts climbed 2.2% year-on-year in April, lending from trusts rose 2.2%, while lending from foreign banks was up 1.4%.

Japan's Cabinet Office released Eco Watchers' Index figures on Thursday. Japan's economy watchers' current conditions index fell to 43.5 in April from 45.4 in March, missing expectations for a decline to 44.9.

Japan's economy watchers' future conditions index decreased to 45.5 in April from 46.7 in March.

A reading above 50 indicates optimism, while a reading below 50 indicates pessimism.

The Bank of England (BoE) Governor Mark Carney said at a press conference on Thursday that Britain's exit from the European Union could lead to a "technical recession," adding that the central bank would do everything to cushion a shock. He pointed out that it would need time to offset the effect of shock.

"Monetary policy cannot immediately offset all the effects of a shock," he said.

The Bank of England's Monetary Policy Committee (MPC) released its February meeting minutes on Thursday. All members voted to keep the central bank's monetary policy unchanged.

The consumer price inflation in the U.K. was 0.5% in March, below the central bank's 2% target. The BoE noted that inflation was driven by a drop in energy and food prices, adding that this effect would dissipate over the next year and inflation would reach the 2 % target by mid-2018.

The central bank said that Britain's economy slowed in the first quarter and was expected to decelerate in the second quarter as uncertainty around Britain's membership in the European Union (EU) weighed on the economy.

The BoE noted that the domestic private sector remained resilient, while consumer confidence was robust.

All MPC members agreed to hike interest rate gradually once the BoE starts raising its interest rate and "to a lower level than in recent cycles".

The BoE also said that the referendum was the main risk to the outlook.

"A vote to leave the EU could materially alter the outlook for output and inflation, and therefore the appropriate setting of monetary policy. Households could defer consumption and firms delay investment, lowering labour demand and causing unemployment to rise. At the same time, supply growth is likely to be lower over the forecast period, reflecting slower capital accumulation and the need to reallocate resources. Sterling is also likely to depreciate further, perhaps sharply," the central bank noted.

USD/JPY 106.00 (USD 1.17bln) 107.00 (367m) 108.00 (945m) 108.25 (428m) 108.40-50 (955m) 109.00 (359m) 110.00 (1.33bln) 110.36 (1.1bln)

EUR/USD: 1.1300 (EUR 295m) 1.1360 (368m) 1.1375-85 (690m) 1.1395 (1.03bln) 1.1400-10 (355m) 1.1450 (1.14bln) 1.1470 (478m) 1.1480-85 (386m) 1.1500 (651m)

GBP/USD 1.4350 (GBP 205m) 1.4500 (449m) 1.4590 (271m)

AUD/USD 0.7300 (AUD 397m) 0.7517 (399m)

USD/CAD 1.2620 (USD 200m) 1.2845 (360m) 1.3050 (330m)

NZD/USD 0.6693 (NZD 777m) 0.6730 (297m) 0.6830 (322m)

The Bank of England (BoE) released its quarterly inflation report on Thursday. The central bank downgraded its growth forecasts. The economy is expected to expand 2.0% in 2016, down from its previous forecast of a 2.2% rise, and 2.3% in 2017, down from its previous forecast of a 2.4% gain.

The central bank said that uncertainty around Britain's membership in the European Union weighed on the economic growth.

The BoE expects inflation in the U.K. to be 0.4% this year, 1.5% next year and 2.1% in 2018.

This afternoon, we learned the weekly number of applications for unemployment benefits in the US. The third week in a row this number is growing, and today significantly. The main value approached the psychological level of 300 thousand and is the highest since February last year. This is not a positive signal, because in conjunction with the worst monthly report may signal weaker performance of the labor market. Investors reacted immediately. The dollar is weaker (less chance of a rate hike), and stock indices went down.

U.S. Stocks open: Dow +0.30%, Nasdaq +0.38%, S&P +0.34%

The Bank of England (BoE) released its interest rate decision on Thursday. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected.

U.S. stock-index futures rose.

Global Stocks:

Nikkei 16,646.34 +67.33 +0.41%

Hang Seng 19,915.46 -139.83 -0.70%

Shanghai Composite 2,836.74 -0.30 -0.01%

FTSE 6,180.48 +17.99 +0.29%

CAC 4,354.92 +38.25 +0.89%

DAX 10,014.96 +39.64 +0.40%

Crude $46.66 (+0.93%)

Statistics Canada released its new housing price index on Thursday. New housing price index in Canada rose 0.2% in March, exceeding expectations of a 0.1% gain, after a 0.2% rise in February.

The increase was mainly driven by higher prices in Toronto and Vancouver. New home prices in Toronto and Oshawa region rose 0.4% in March, while prices in Vancouver climbed 0.4%.

(company / ticker / price / change ($/%) / volume)

The U.S. Labor Department released its import and export prices data on Thursday. The U.S. import price index increased by 0.3% in April, missing expectations for a 0.5% rise, after a 0.3% gain in March. March's figure was revised up from a 0.2% increase.

The rise was mainly driven by higher prices for fuel imports, which climbed 3.3% in April.

U.S. export prices climbed by 0.5% in April, after a flat reading in March.

Upgrades:

Downgrades:

Other:

Pfizer (PFE) initiated with a Hold at Berenberg; target $38

General Electric (GE) resumed with a Underweight at JP Morgan

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending May 07 in the U.S. increased by 20,000 to 294,000 from 274,000 in the previous week. Analysts had expected jobless claims to rise to 270,000.

Jobless claims remained below 300,000 the 62nd straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims climbed by 37,000 to 2,161,000 in the week ended April 30.

Economic calendar (GMT0):

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

01:00 Australia Consumer Inflation Expectation May 3.4% 3.2%

05:00 Japan Eco Watchers Survey: Outlook March 46.7 45.5

05:00 Japan Eco Watchers Survey: Current April 45.4 44.9 43.5

09:00 Eurozone Industrial production, (MoM) March -1.2% Revised From -0.8% 0% -0.8%

09:00 Eurozone Industrial Production (YoY) March 1.0% Revised From 0.8% 1.1% 0.2%

11:00 United Kingdom BoE Interest Rate Decision 0.5% 0.5% 0.5%

11:00 United Kingdom Bank of England Minutes

11:00 United Kingdom Asset Purchase Facility 375 375 375

11:00 United Kingdom BOE Inflation Letter

11:45 United Kingdom BOE Gov Mark Carney Speaks

The U.S. dollar traded mixed against the most major currencies ahead initial jobless claims data from the U.S. The number of initial jobless claims in the U.S. is expected to decrease by 4,000 to 270,000 last week.

The euro traded lower against the U.S. dollar on the negative economic data from the Eurozone. Eurostat released its industrial production data for the Eurozone on Thursday. Industrial production in the Eurozone fell 0.8% in March, missing expectations for a flat reading, after a 1.2% drop in February. February's figure was revised down from a 0.8% decrease.

Non-durable consumer goods output dropped 1.9% in March, capital goods output decreased 1.1%, while energy output increased 2.0%.

Intermediate goods output fell 0.8% in March, while durable consumer goods declined 0.4%.

On a yearly basis, Eurozone's industrial production rise 0.2% in March, missing expectations for a 1.1% rise, after a 0.8% increase in February.

Durable consumer goods climbed by 1.1% in March from a year ago, capital goods rose by 1.6%, non-durable consumer goods slid by 3.0%, while intermediate goods output increased by 1.1%.

Energy output declined by 0.7% in March from a year ago.

The British pound traded mixed against the U.S. dollar after the Bank of England's (BoE) interest rate decision. The BoE kept its interest rates unchanged at 0.5% and its asset purchase program unchanged at £375 billion. This decision was widely expected. All members voted to keep the central bank's monetary policy unchanged.

The central bank downgraded its growth forecasts. The economy is expected to expand 2.0% in 2016, down from its previous forecast of a 2.2% rise, and 2.3% in 2017, down from its previous forecast of a 2.4% gain.

The Canadian dollar traded higher against the U.S. dollar ahead of the release of the Canadian economic data. Canada's new housing price index is expected to rise 0.1% in March, after a 0.2% gain in February.

EUR/USD: the currency pair declined to $1.1377

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair climbed to Y109.39

The most important news that are expected (GMT0):

12:30 Canada New Housing Price Index, MoM March 0.2% 0.1%

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

12:30 U.S. Import Price Index April 0.2% 0.5%

15:45 U.S. FOMC Member Rosengren Speaks

22:45 New Zealand Retail Sales YoY Quarter I 5.3%

22:45 New Zealand Retail Sales, q/q Quarter I 1.2% 1.0%

EUR/GBP

Offers : 0.7920 0.7930 0.7950 0.7980 0.8000 0.8020 0.8050 0.8075-80 0.8100

Bids: 0.7900 0.7880 0.7865 0.7850 0.7835 0.7820 0.7800 0.7780 0.7760 0.7735 0.7700

EUR/USD

Offers : 1.1430 1.1450-60 1.1475-80 1.1500 1.1520 1.1550 1.1580 1.1600

Bids: 1.1400 1.1390-95 1.1375-80 1.1350 1.1330 1.1315 1.1300 1.1285 1.1270 1.1250

GBP/USD

Offers : 1.4430-35 1.4450 1.4460 1.4480 1.4500 1.4530 1.4550 1.4580 1.4600 1.4620 1.4650

Bids: 1.4400 1.4385 1.4365 1.4350 1.4330 1.4300-10 1.4275-80 1.4250 1.4230 1.4200

EUR/JPY

Offers : 124.50 124.70-75 125.00 125.30 125.50 126.00

Bids: 124.00 123.80 123.60 123.30 123.00 122.80 122.50 122.00 121.70 121.50

USD/JPY

Offers : 109.00 109.25 109.50 109.80 110.00 110.30 110.50

Bids: 108.70 108.50 108.30 108.00 107.85 107.60 107.20-25 107.00

AUD/USD

Offers : 0.7350 0.7380 0.7400 0.7420-25 0.7450 0.7475 0.7500

Bids: 0.7325-30 0.7300 0.7280-85 0.7265 0.7250 0.7200

Behind us the first half of the session with a turnover of PLN 168 mln in the first line of companies (the WIG20). As per session with a reflection of the recent decline it looks rather to withdraw from the game a fair representation of the supply side, which is not particularly good news for the bulls.

It is important that we establish the nature of the trade to keep up with the European parquets.

Stock indices traded mixed on the negative economic data from the Eurozone. Eurostat released its industrial production data for the Eurozone on Thursday. Industrial production in the Eurozone fell 0.8% in March, missing expectations for a flat reading, after a 1.2% drop in February. February's figure was revised down from a 0.8% decrease.

Non-durable consumer goods output dropped 1.9% in March, capital goods output decreased 1.1%, while energy output increased 2.0%.

Intermediate goods output fell 0.8% in March, while durable consumer goods declined 0.4%.

On a yearly basis, Eurozone's industrial production rise 0.2% in March, missing expectations for a 1.1% rise, after a 0.8% increase in February.

Durable consumer goods climbed by 1.1% in March from a year ago, capital goods rose by 1.6%, non-durable consumer goods slid by 3.0%, while intermediate goods output increased by 1.1%.

Energy output declined by 0.7% in March from a year ago.

The Bank of England is scheduled to release its interest rate decision at 11:00 GMT. The central bank is expected to keep its monetary policy unchanged.

Current figures:

Name Price Change Change %

FTSE 100 6,157.28 -5.21 -0.08 %

DAX 10,015.05 +39.73 +0.40 %

CAC 40 4,334.63 +17.96 +0.42 %

According to the Business NZ Survey published on late Wednesday evening, the Business NZ performance of manufacturing index (PMI) for New Zealand climbed to 56.5 in April from 54.7 in March.

A reading above 50 indicates expansion in the manufacturing sector.

The increase was driven by rises in in production and new orders.

"The proportion of positive comments also remained above 60%, while comments centered on general market growth and increased orders, particularly from offshore. Overall, the April result represents another solid month for the sector," Business NZ's executive director for manufacturing, Catherine Beard, said.

The Hellenic Statistical Authority released its unemployment data on Thursday. The seasonally adjusted unemployment rate in Greece declined to 24.2% in February from 24.4% in January.

The number of unemployed decreased by 7,524 persons compared with January.

The youth unemployment rate was down to 51.4% in February from 51.8% compared with February 2015.

The Royal Institution of Chartered Surveyors' (RICS) released its house price data for the U.K. on Thursday. The monthly house price balance fell to +41% in April from +42% in March. It was the lowest level since June 2015.

The RICS noted that the decline was driven by the impact of Stamp Duty changes and uncertainty around the EU referendum.

The French statistical office Insee released its final consumer price inflation for France on Thursday. The French consumer price inflation rose 0.1% in April, in line with the preliminary reading, after a 0.7% increase in March.

On a yearly basis, the consumer price index decreased 0.2% in April, in line with the preliminary reading, after a 0.1% decline in March.

Fresh food prices rose 0.4% year-on-year in April, services prices climbed by 1.0%, while petroleum products prices dropped by 12.1%.

The German statistical office Destatis released its wholesale prices for Germany on Thursday. German wholesale prices rose 0.3% in April, after a 0.3% increase in March.

On a yearly basis, wholesale prices in Germany dropped 2.7% in April, after a 2.6% decline in March. It was the biggest drop since November 2009. Wholesale prices have been declining since July 2013.

The annual fall was mainly driven by a 16.7% drop in solid fuels and related products.

Eurostat released its industrial production data for the Eurozone on Thursday. Industrial production in the Eurozone fell 0.8% in March, missing expectations for a flat reading, after a 1.2% drop in February. February's figure was revised down from a 0.8% decrease.

Non-durable consumer goods output dropped 1.9% in March, capital goods output decreased 1.1%, while energy output increased 2.0%.

Intermediate goods output fell 0.8% in March, while durable consumer goods declined 0.4%.

On a yearly basis, Eurozone's industrial production rise 0.2% in March, missing expectations for a 1.1% rise, after a 0.8% increase in February.

Durable consumer goods climbed by 1.1% in March from a year ago, capital goods rose by 1.6%, non-durable consumer goods slid by 3.0%, while intermediate goods output increased by 1.1%.

Energy output declined by 0.7% in March from a year ago.

The Bank of Japan (BoJ) Governor Haruhiko Kuroda said in an interview with German Boersen Zeitung on Wednesday that the central bank's stimulus measures needed more time to take effect.

"We have to wait a few months to see the effects in the real economy," he said.

Kuroda noted that inflation was picking up.

The BoJ governor pointed out the BoJ could ease its monetary policy further if needed.

The European Central Bank (ECB) Governing Council member Jens Weidmann said on Wednesday that the central bank should not keep its low interest rates for a longer period.

"We must not over-extend the period of ultra-loose monetary policy because various risks and side-effects are part and parcel of the current policy stance," he said.

Weidmann noted that stimulus measures were right at the moment.

"An expansionary monetary policy stance is justified for now," he said.

Japan's Ministry of Finance released its current account data for Japan late Wednesday evening. Japan's current account surplus climbed to ¥2,930.0 billion in March from ¥2.435.0 billion in February, missing expectations for a surplus of ¥3,005.0 billion.

The trade surplus rose to ¥927.2 billion in March, up from a surplus of ¥425.2 billion in February.

Exports dropped at an annual rate of 11.4% in March, while imports plunged 16.6%.

The U.S. Treasury Department released its federal budget data on Wednesday. The budget surplus was $106.0 billion in April, missing expectations for a surplus of $112.0 billion, after a deficit of $108.0 billion in March.

The budget surplus was driven by annual tax payments.

In the seven months of the fiscal year 2016, which ends at September this year, the budget deficit totalled $355.0 billion, up 25.0% from a year ago.

USD/JPY 106.00 (USD 1.17bln) 107.00 (367m) 108.00 (945m) 108.25 (428m) 108.40-50 (955m) 109.00 (359m) 110.00 (1.33bln) 110.36 (1.1bln)

EUR/USD: 1.1300 (EUR 295m) 1.1360 (368m) 1.1375-85 (690m) 1.1395 (1.03bln) 1.1400-10 (355m) 1.1450 (1.14bln) 1.1470 (478m) 1.1480-85 (386m) 1.1500 (651m)

GBP/USD 1.4350 (GBP 205m) 1.4500 (449m) 1.4590 (271m)

AUD/USD 0.7300 (AUD 397m) 0.7517 (399m)

USD/CAD 1.2620 (USD 200m) 1.2845 (360m) 1.3050 (330m)

NZD/USD 0.6693 (NZD 777m) 0.6730 (297m) 0.6830 (322m)

WIG20 index opened at 1817.25 points (-0.04%)*

WIG 46090.27 0.08%

WIG30 2027.29 0.02%

mWIG40 3522.37 0.23%

*/ - change to previous close

The cash market opened at neutral level of 1,817 points with the turnover focused mostly on presented results companies, apart from the traditional KGHM. In the case of the German DAX losses reach 0.7%. The Warsaw market does not really want to drop and defends yesterday's lows, what in case of the weaker environment is encouraging.

EUR / USD

Resistance levels (open interest**, contracts)

$1.1565 (4250)

$1.1512 (4504)

$1.1477 (2096)

Price at time of writing this review: $1.1421

Support levels (open interest**, contracts):

$1.1372 (1684)

$1.1325 (3728)

$1.1259 (5619)

Comments:

- Overall open interest on the CALL options with the expiration date June, 3 is 63971 contracts, with the maximum number of contracts with strike price $1,1600 (5212);

- Overall open interest on the PUT options with the expiration date June, 3 is 87598 contracts, with the maximum number of contracts with strike price $1,1200 (8631);

- The ratio of PUT/CALL was 1.37 versus 1.35 from the previous trading day according to data from May, 11

GBP/USD

Resistance levels (open interest**, contracts)

$1.4705 (1860)

$1.4608 (2223)

$1.4512 (2160)

Price at time of writing this review: $1.4436

Support levels (open interest**, contracts):

$1.4388 (1346)

$1.4291 (2369)

$1.4194 (2828)

Comments:

- Overall open interest on the CALL options with the expiration date June, 3 is 29580 contracts, with the maximum number of contracts with strike price $1,4600 (2223);

- Overall open interest on the PUT options with the expiration date June, 3 is 33061 contracts, with the maximum number of contracts with strike price $1,4200 (2828);

- The ratio of PUT/CALL was 1.12 versus 1.10 from the previous trading day according to data from May, 11

* - The Chicago Mercantile Exchange bulletin (CME) is used for the calculation.

** - Open interest takes into account the total number of option contracts that are open at the moment.

The dollar edged higher against the yen on Thursday with traders citing position-squaring by short-term players, although doubts over global growth prospects continued to cloud the greenback's outlook.

Some traders who sold the dollar in its recent bounce seem to be buying back dollars now, said a trader for a Japanese bank in Singapore.

The dollar had set an 18-month low of 105.55 yen on May 3, having slid after the Bank of Japan held off from expanding its monetary stimulus at its policy meeting in late April.

The greenback has since regained some footing as traders cut their bullish bets on the yen following a series of warnings from Japanese Finance Minister Taro Aso that the government would intervene to curb any one-sided gains. But analysts believe Japan will be wary of intervening before it hosts a Group of 7 meeting this month, even though Tokyo is clearly unhappy with a nearly 11 percent rise in the yen since December.

Sterling remains on the defensive as the latest surveys show the "Brexit" referendum on Britain's continued membership in the European Union on June 23 is still too close to call. The Bank of England's monetary policy committee releases updated growth and inflation forecasts in a quarterly report on Thursday but uncertainty over Brexit is likely to keep the central bank extra cautious.

EUR/USD: during the Asian session the pair traded in the range of $1.1370-90

GBP/USD: during the Asian session the pair traded in the range of $1.4440-60

USD/JPY: during the Asian session the pair fell to Y108.60

Based on Reuters materials

Yesterday's session on the WSE led to the stabilization of the clearly weaker beginning of this week. In the environment, however, the situation was quite different. The first days of the week were marked by increases, and yesterday could be the first signs of tiredness, which resulted in poor behavior of Wall Street. In practice, the US had a very weak session with clear declines in the majority of the shares. The S&P 500 finally dropped almost 1%. Thus, the previous successful session was leveled and confirmed the opinion that increases in an environment without the express basis of information were exaggerated. In Asia, the mood is not explicitly negative, but Europe will now have to adapt to yesterday's charge of bears on Wall Street, much of which took place after the close of the cash markets on the Old Continent. This will disturb the Warsaw Stock Exchange, which is struggling to maintain the level of 1800 points in the case of the WIG20 index.

(raw materials / closing price /% change)

Oil 45.99 -0.52%

Gold 1,278.70 +0.25%

(index / closing price / change items /% change)

Nikkei 225 16,579.01 +13.82 +0.08 %

Hang Seng 20,055.29 -187.39 -0.93 %

S&P/ASX 200 5,372.29 +29.51 +0.55 %

Shanghai Composite 2,837.63 +5.04 +0.18 %

FTSE 100 6,162.49 +5.84 +0.09 %

CAC 40 4,316.67 -21.54 -0.50 %

Xetra DAX 9,975.32 -70.12 -0.70 %

S&P 500 2,064.46 -19.93 -0.96 %

NASDAQ Composite 4,760.69 -49.19 -1.02 %

Dow Jones 17,711.12 -217.23 -1.21 %

(pare/closed(GMT +3)/change, %)

EUR/USD $1,1424 +0,47%

GBP/USD $1,4444 +0,01%

USD/CHF Chf0,9707 -0,54%

USD/JPY Y108,45 -0,82%

EUR/JPY Y123,90 -0,33%

GBP/JPY Y156,64 -0,82%

AUD/USD $0,7374 +0,04%

NZD/USD $0,6816 +0,32%

USD/CAD C$1,2851 -0,46%

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

01:00 Australia Consumer Inflation Expectation May 3.4%

06:00 Japan Eco Watchers Survey: Outlook March 46.7

06:00 Japan Eco Watchers Survey: Current April 45.4 44.9

09:00 Eurozone Industrial production, (MoM) March -0.8% 0%

09:00 Eurozone Industrial Production (YoY) March 0.8% 1.1%

11:00 United Kingdom BoE Interest Rate Decision 0.5% 0.5%

11:00 United Kingdom Bank of England Minutes

11:00 United Kingdom Asset Purchase Facility 375 375

11:00 United Kingdom BOE Inflation Letter

11:45 United Kingdom BOE Gov Mark Carney Speaks

12:30 Canada New Housing Price Index, MoM March 0.2% 0.1%

12:30 U.S. Continuing Jobless Claims April 2121 2120

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

12:30 U.S. Import Price Index April 0.2% 0.5%

15:45 U.S. FOMC Member Rosengren Speaks

22:45 New Zealand Retail Sales YoY Quarter I 5.3%

22:45 New Zealand Retail Sales, q/q Quarter I 1.2% 1.0%