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

03:00 Japan BoJ Interest Rate Decision 0%

03:00 Japan Bank of Japan Monetary Base Target 275

03:00 Japan BoJ Monetary Policy Statement

04:30 Japan All Industry Activity Index, m/m April -1.3%

05:00 Japan Coincident Index (Finally) April 109.2 111.1

05:00 Japan Leading Economic Index (Finally) April 106.0 107.2

06:00 Germany Producer Price Index (MoM) May 0.1% 0.2%

06:00 Germany Producer Price Index (YoY) May -1.5% -1.1%

06:30 Japan BOJ Press Conference

08:00 Eurozone Current account, unadjusted, bln April 24.9

08:30 United Kingdom PSNB, bln May -6.04 -10.5

09:00 Eurozone ECOFIN Meetings

12:30 Canada Retail Sales, m/m April 0.7% 0.7%

12:30 Canada Retail Sales YoY April 3.1%

12:30 Canada Consumer Price Index m / m May -0.1% 0.5%

12:30 Canada Consumer price index, y/y May 0.8% 0.8%

12:30 Canada Bank of Canada Consumer Price Index Core, y/y May 2.3% 2.1%

12:30 Canada Bank of Canada Consumer Price Index Core, m/m May 0.0%

16:00 U.S. FOMC Member Mester Speaks

Major US stock indexes rose on Thursday, will continue to receive support from yesterday's decision of the Federal Reserve System. On Wednesday, the Fed said the economy is likely to be strong enough to support a rate hike this year. However, the regulator has lowered its growth forecasts for 2015 and reduced the forecast for the federal funds rate.

As it became known today, the number of Americans who first applied for unemployment benefits fell last week - is the latest sign of sustained job creation. The Labor Department said that initial applications for unemployment benefits, a measure of layoffs throughout the US, fell by 12 thousand. And seasonally adjusted reached 267 thousand. For the week ended June 13. Economists had expected 275 thousand. Primary applications.

In addition, the consumer price index, which reflects the fact that Americans pay for everything from cars to food, rose by a seasonally adjusted 0.4% in May compared with the previous month, said the Ministry of Labour. It was the biggest gain since February 2013, when high gasoline prices pushed up the overall index. Except for the volatile categories of food and energy, so-called core prices increased 0.1%.

At the same time, a report Philadelphia Fed in June index of business activity has improved markedly, reaching thus the level of 15.2 points compared with 6.7 points in May. It is worth noting that many economists had expected growth of this indicator to the level of 8.0 points. A data provided Conference Board, showed that the index of leading indicators (LEI) US increased by 0.7% in May, reaching 123.1 points (2004 = 100) after the increase by 0.7% in April and increasing to 0 4% in March expected that this figure will add 0.4%.

All components of the index DOW closed in positive territory. The maximum growth recorded shares of 3M Company (MMM, + 1.81%).

All sectors of the index S & P also showed an increase. Most of the health sector increased (+ 1.5%).

At the close:

Dow + 1.00% 18,115.71 +179.97

Nasdaq + 1.34% 5,132.95 +68.07

S & P + 0.99% 2,121.16 +20.72

The dollar appreciated strongly against the euro, before recovering most of the lost ground before it was due to the correction position and the publication of the US data. As shown by Philadelphia Fed report, in June index of business activity has improved markedly, reaching thus the level of 15.2 points compared with 6.7 points in May. It is worth noting that many economists had expected growth of this indicator to the level of 8.0 points. In general, the sub-indices showed themselves as follows: the index of sale prices in June rose to 4.8 against -5.4 in May, the employment index fell to 3.8 from 6.7, the supply index rose to 14.3 from 1 0, the index of purchase prices improved to -14.2 against 17.2 in May, the new orders index rose to 15.2 from 4.0, the index of inventories rose to 3.1 from -1.8 in May, and delivery time index fell to -4.6 from -3.6.

Meanwhile, the data provided by Conference Board, showed: the index of leading indicators (LEI) United States rose 0.7 percent in May, reaching 123.1 points (2004 = 100), after increasing by 0.7 percent in April and increase in the 0.4 per cent in March. It was expected that this index added 0.4 percent. It also became known that the index of coincident indicators of the Conference Board (CEI) in the US rose last month by 0.1 percent - up to 112.1 (2004 = 100) after rising 0.2 percent in April. Meanwhile, the index of lagging indicators from the Conference Board (LAG) for the US increased by 0.2 percent - up to 117.0 (2004 = 100). Recall, according to the results of April the figure rose to 0.2 percent.

The pound fell against the dollar, retreating from the highest level since November 2014. Traders note that investors are starting to take profits after the appreciation of the pound by more than 2 per cent since the beginning of the week. Previously, the pressure on the US currency has statistics on inflation. The US Labor Department said the consumer price index rose a seasonally adjusted 0.4% in May compared with the previous month. It was the biggest gain since February 2013, when high gasoline prices pushed up the overall index. Except for the volatile categories of food and energy, so-called core prices increased 0.1%. Economists had expected overall prices to rise 0.5%, while core prices will rise by 0.2%.

Meanwhile, another report showed that initial applications for unemployment benefits, a measure of layoffs throughout the US, fell by 12 thousand. And seasonally adjusted reached 267 thousand. For the week ended June 13. Economists had expected 275 thousand. Primary applications. The number of applications for the previous week have not been reviewed and remain at the level of 279 thousand.

Polish equity market ended Thursday on an optimistic note. The broad measure, the WIG index, recorded a 0.38% uptick. Sector-wise, oil & gas sector became the best performer, gaining 3.18%. On the contrary, utilities sector was the biggest laggard, losing 1.49%.

The large-cap stocks advanced 0.46%, as measured by the WIG30 Index. Banking name BZ WBK (WSE: BZW) led the way up, rising 4.33%. It was followed by oil & gas stocks PKN ORLEN (WSE: PKN) and PGNIG (WSE: PGN), adding 3.70% and 3.16% respectively. On the other side of the ledger, JSW (WSE: JSW) posted the sharpest decline, down 5.24 %. The fact the company's management stated it is not currently planning a share issue didn't save its stock from collapse. The other notable losers were PGE (WSE: PGE) and MBANK (WSE: MBK), slumping 2.78% and 2.70% respectively.

Stock indices closed higher on hopes for a deal between Athens and its creditors. The next round of the debt talks has started today in Luxembourg. Greek Finance Minister Yanis Varoufakis said that Athens will not provide a new reform proposal. It is unlikely that a deal will be reached today.

The Bank of Greece said in its annual report on Wednesday that failure to reach a deal with creditors could lead to the exit from the Eurozone and to crisis in Greece.

International Monetary Fund (IMF) Managing Director Christine Lagarde said that Greece will not get extra time to repay its IMF loans.

The Office for National Statistics released its retail sales data for the U.K. on Thursday. Retail sales in the U.K. increased 0.2% in May, exceeding expectations for a flat reading, after a 0.9% gain in April. April's figure was revised down from a 1.2% rise.

The slower growth was driven by lower sales of clothing, which dropped by 1.6% in May. It was the biggest decline since September 2014

Food sales rose 0.6% in May, the biggest rise since December 2014.

On a yearly basis, retail sales in the U.K. climbed 4.6% in May, missing forecasts of 4.8% increase, after a 4.6% rise in April. April's figure was revised down from a 4.2% gain.

Indexes on the close:

Name Price Change Change %

FTSE 100 6,707.88 +27.33 +0.41 %

DAX 11,100.3 +122.29 +1.11 %

CAC 40 4,803.48 +12.86 +0.27 %

Major U.S. stock-indexes rose on Thursday while the U.S. dollar fell a day after the Federal Reserve signalled that interest rates would rise more slowly than many had expected. On Wednesday, the Fed said that the economy was probably strong enough to support a rate increase this year. But it lowered its forecasts for 2015 growth and reduced its federal funds rate forecast.

Almost of Dow stocks in positive area (29 of 30). Top looser - General Electric Company (GE, -0.07%). Top gainer - The Boeing Company (BA, +2.13%).

All S&P index sectors in positive area. Top gainer - Healthcare (+1,5%).

At the moment:

Dow 18058.00 +232.00 +1.30%

S&P 500 2114.00 +24.75 +1.18%

Nasdaq 100 4527.00 +72.75 +1.63%

10-year yield 2.35% +0.05

Oil 60.59 +0.26 +0.43%

Gold 1200.60 +23.80 +2.02%

Oil prices traded higher on a weaker U.S. dollar. The U.S. dollar declined against the other currencies on the results of the Fed's monetary policy meeting. The Fed kept its monetary policy unchanged. Investors were disappointed that there were no signals on the timing when the central bank starts raising its interest rate.

The Greek debt problem remained in focus. International Monetary Fund (IMF) Managing Director Christine Lagarde said that Greece will not get extra time to repay its IMF loans.

Investors still weigh yesterday's U.S. crude oil inventories data. According to the U.S. Energy Information Administration (EIA), U.S. crude inventories declined by 2.68 million barrels to 467.9 million in the week to June 12. It was the seventh consecutive weekly decline.

Analysts had expected a decline of 1.8 million barrels.

U.S. oil production fell 21,000 barrels a day to 9.59 million barrels a day.

Crude stocks at the Cushing, Oklahoma, increased by 112,000 barrels. It was the first rise since mid-April.

U.S. crude oil imports rose by 114,000 barrels per day to 7.1 million barrels per day.

Refineries in the U.S. were running at 93.1% of capacity, down from 94.6% the previous week.

WTI crude oil for July delivery increased to $60.33 a barrel on the New York Mercantile Exchange.

Brent crude oil for July rose to $64.25 a barrel on ICE Futures Europe.

Gold price traded higher due to a weaker U.S. dollar. The U.S. dollar declined against the other currencies on the results of the Fed's monetary policy meeting. The Fed kept its monetary policy unchanged. 2 of 17 Fed officials want to wait until 2016 before to start raising interest rates.

Economic growth forecast for 2015 was downgraded, while forecasts for 2016 and 2017 were upgraded. The economy is expected to grow 1.8% - 2.00% in 2015, down from 2.3% - 2.7%.

There were no signals on the timing when the central bank starts raising its interest rate.

The Fed noted that it will start hiking its interest rate "when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term".

U.S. consumer price inflation data also supported gold price. The U.S. consumer price inflation rose 0.4% in May, missing expectations for a 0.5% increase, after a 0.1% gain in April. It was the largest rise since February 2013.

The increase was driven by higher gasoline prices, which jumped 10.4% in May, the biggest gain since June 2009.

On a yearly basis, the U.S. consumer price index increased to 0.0% in May from -0.2% in April, in line with expectations.

The U.S. consumer price inflation excluding food and energy gained 0.1% in May, missing expectations for a 0.2% increase, after a 0.3% rise in April.

On a yearly basis, the U.S. consumer price index excluding food and energy remained fell to 1.7% in May from 1.8% in April. Analysts had expected the index to remain unchanged at 1.8%.

Gains were limited by the number of initial jobless claims. The number of initial jobless claims in the week ending June 13 in the U.S. declined by 12,000 to 267,000 from 279,000 in the previous week. Analysts had expected the number of initial jobless claims to be 275,000.

June futures for gold on the COMEX today rose to 1201.10 dollars per ounce.

International Monetary Fund (IMF) Managing Director Christine Lagarde said that Greece will not get extra time to repay its IMF loans.

"I have a term of June 30. If it's not paid by July 1, it's not paid. No delay of one month or two as I heard; it's due June 30," she noted.

Athens already bundled its four payments into one to be paid on June 30.

Lagarde said that the IMF is ready to discuss the Greek pension system.

The Federal Reserve released its interest rate decision on Wednesday. The Fed kept its monetary policy unchanged. 2 of 17 Fed officials want to wait until 2016 before to start raising interest rates.

The Fed said that the U.S. economy "expanded moderately". Economic growth forecast for 2015 was downgraded, while forecasts for 2016 and 2017 were upgraded. The economy is expected to grow 1.8% - 2.00% in 2015, down from 2.3% - 2.7%.

There were no signals on the timing when the central bank starts raising its interest rate.

The Fed noted that it will start hiking its interest rate "when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term".

The Fed Chai Janet Yellen said that too much is being paid to the timing of the interest rate hike. She added that the interest rate hike will be gradual.

The Fed expects the median interest rate to be 1.625% by the end of 2016, 2,875% by the end of 2017, and 3,750% in the long-term period.

The Fed Chair Janet Yellen also noted that the Fed may raise its interest rate twice this year, but she did not mention when it will happen. She said that the interest rate hike will be discussed it every meeting. In general, the tone of Yellen's speech was more dovish than expected.

The next FOMC meeting is scheduled to be on July 28-29. It is unlikely that the Fed will start raising its interest rate in July. Analysts expect that the central bank starts raising interest rate in September.

The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index soared to 15.2 in June from 6.7 in May, exceeding expectations for a rise to 8.0. It was the highest level since December 2014.

A reading above zero indicates expansion.

The increase was driven by higher demand for manufactured goods. The new orders index increased to 15.2 in June from 4.0 in May.

The shipments index jumped 14.3 in June from 1.0 in May.

The prices paid index climbed to 17.2 in June from -14.2 in May, while the prices received index were up to 4.8 from -5.4.

The number of employees index declined to 3.8 in June from 6.7 last month.

According to the report, the future general activity index rose to 39.7 in June from 33.9 in May. It was the highest level since January.

The Conference Board released its leading economic index for the U.S. on Thursday. The leading economic index climbed by 0.7% in May, beating expectations a 0.4% gain, after a 0.7% increase in April.

Nine of the ten indicators rose.

The Conference Board economist Ataman Ozyildirim said that the reading indicates more economic expansion in the second half of the year.

"While residential construction and consumer expectations support the more positive outlook, industrial production and new orders in manufacturing are painting a somewhat more mixed picture," he noted.

Eurostat released its labour costs data for the Eurozone on Thursday. Hourly labour costs in the Eurozone rose at an annual rate of 2.2% in the first quarter, after a 1.2% gain in the previous quarter. It was the biggest rise since the second quarter of 2011.

Wages and salaries per hour climbed 2.2% in the first quarter, while non-wage costs gained 2.1%.

Hourly labour costs increased 2.5% in industry, 1.5% in construction, 2.3% in services, while 1.9% in the mainly non-business economy.

Highest increases were recorded in Latvia and Estonia, while costs in Cyprus fell.

EUR/USD: $1.1100(E774mn), $1.1125(E505mn), $1.1150-60(E1.2bn), $1.1200(E455mn), $1.1275(E603mn), $1.1300(E738mn), $1.1400(E462mn)

USD/JPY: Y122.00($1.2bn), Y123.00($465mn), Y124.00($932mn), Y124.50($410mn), Y125.00(Y900mn)

GBP/USD: $1.5400(Gbp1.0bn), $1.5500(Gbp211mn), $1.5550(Gbp218mn)

AUD/USD: $0.7500(A$872mn), $0.7700(A$1.48bn), $0.7750(A$246mn), $0.7820(A$400mn)

NZD/USD: $0.6975(NZ$2.29bn), $0.7000(NZ$701mn), $0.7100(NZ$787mn)

USD/CAD: C$1.2200($491mn), C$1.2225($255mn)

The U.S. Commerce Department released its current account data on Thursday. The U.S. current account deficit widened to $113.3 billion in the first quarter from $103.1 billion in the fourth quarter, beating expectations for a deficit of $117.0 billion. The fourth quarter's figure was revised up from a deficit of $113.5 billion.

It was the largest current account deficit since the second quarter of 2012.

The trade deficit increased as exports of goods declined to $382.7 billion in first quarter from $409.1 billion in the fourth quarter.

The decline was partly driven by falling oil prices and lower exports due to the stronger U.S. dollar.

U.S. stock-index futures rose as data showed inflation remains subdued after Federal Reserve Chair Janet Yellen reiterated that interest rates would be increased gradually.

Global markets:

Nikkei 19,990.82 -228.45 -1.13%

Hang Seng 26,694.66 -59.13 -0.22%

Shanghai Composite 4,786.17 -181.72 -3.66%

FTSE 6,671.33 -9.22 -0.14%

CAC 4,764.84 -25.78 -0.54%

DAX 10,906.68 -71.33 -0.65%

Crude oil $60.44 (+0.85%)

Gold $1199.80 (+1.96%)

The U.S. Labor Department released consumer price inflation data on Thursday. The U.S. consumer price inflation rose 0.4% in May, missing expectations for a 0.5% increase, after a 0.1% gain in April. It was the largest rise since February 2013.

The increase was driven by higher gasoline prices, which jumped 10.4% in May, the biggest gain since June 2009.

On a yearly basis, the U.S. consumer price index increased to 0.0% in May from -0.2% in April, in line with expectations.

The U.S. consumer price inflation excluding food and energy gained 0.1% in May, missing expectations for a 0.2% increase, after a 0.3% rise in April.

On a yearly basis, the U.S. consumer price index excluding food and energy remained fell to 1.7% in May from 1.8% in April. Analysts had expected the index to remain unchanged at 1.8%.

Food prices remained unchanged in May, while shelter costs rose 0.2%.

The medical care index climbed 0.2% in May.

Energy costs rose 4.3% in May.

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

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending June 13 in the U.S. declined by 12,000 to 267,000 from 279,000 in the previous week.

Analysts had expected the number of initial jobless claims to be 275,000.

Jobless claims remained below 300,000 the 15th straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims fell by 50,000 to 2,222,000 in the week ended June 06.

Economic calendar (GMT0):

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

01:30 Australia RBA Bulletin

04:30 Switzerland SNB Financial Stability Report

06:00 Switzerland Trade Balance May 2.66 Revised From 2.85 3.43

07:30 Switzerland SNB Interest Rate Decision -0.75% -0.75% -0.75%

07:30 Switzerland SNB Monetary Policy Assessment

07:30 Switzerland SNB Press Conference

08:30 United Kingdom Retail Sales (MoM) May 0.9% Revised From 1.2% 0.0% 0.2%

08:30 United Kingdom Retail Sales (YoY) May 4.6% Revised From 4.7% 4.8% 4.6%

09:00 Eurozone Eurogroup Meetings

The U.S. dollar traded lower against the most major currencies ahead of the U.S. economic data. The U.S. consumer price inflation is expected to rise to 0.0% in May from -0.2% in April.

The U.S. consumer price index excluding food and energy is expected to remain unchanged at 1.8% in May.

The number of initial jobless claims in the U.S. is expected to decline by 4,000 to 275,000.

The Philadelphia Federal Reserve Bank' manufacturing index is expected to rise to 8.0 in June from 6.7 in May.

Yesterday's results of the Fed's monetary policy meeting weighed on the greenback. The Fed kept its monetary policy unchanged. Economic growth forecast for 2015 was downgraded, while forecasts for 2016 and 2017 were upgraded. There were no signals on the timing when the central bank starts raising its interest rate.

The euro traded higher against the U.S. dollar in the absence of any major economic data from the Eurozone.

Concerns over the Greek debt problem still weighed on the euro. The next round of the debt talks is scheduled to at the finance ministers' meeting today in Luxembourg. Greek Finance Minister Yanis Varoufakis said that Athens will not provide a new reform proposal. It is unlikely that a deal will be reached today.

The Bank of Greece said in its annual report on Wednesday that failure to reach a deal with creditors could lead to the exit from the Eurozone and to crisis in Greece.

The British pound traded higher against the U.S. dollar after the release of the retail sales data from the U.K. Retail sales in the U.K. increased 0.2% in May, exceeding expectations for a flat reading, after a 0.9% gain in April. April's figure was revised down from a 1.2% rise.

The slower growth was driven by lower sales of clothing, which dropped by 1.6% in May. It was the biggest decline since September 2014

Food sales rose 0.6% in May, the biggest rise since December 2014.

On a yearly basis, retail sales in the U.K. climbed 4.6% in May, missing forecasts of 4.8% increase, after a 4.6% rise in April. April's figure was revised down from a 4.2% gain.

The Swiss franc traded higher against the U.S. dollar after the Swiss National Bank's (SNB) interest rate decision. The central bank kept the rates on sight deposits at minus 0.75% and said that the bank will remain active in the forex market as the Swiss franc is significantly overvalued and effects inflation and economic growth.

The SNB forecasts inflation to be -1.2% in the third quarter of 2015.

Inflation for 2015 was upgraded to -1.0% from the previous forecast of -1.1%. The SNB expects inflation to be -0.4% in 2016, up from the previous forecast -0.5%, and 0.3% in 2017, down from the previous forecast of 0.4%.

The central bank expects the Swiss economy to return to positive growth in the second half of 2015.

The SNB Chairman Thomas Jordan said on Thursday that negative interest rates in Switzerland will help to lower the value of the Swiss franc. He added that the Swiss currency remained overvalued.

Jordan pointed out that the Swiss central bank will remain active in the foreign exchange market if needed.

EUR/USD: the currency pair increased to $1.1420

GBP/USD: the currency pair rose to $1.5929

USD/JPY: the currency pair fell to Y122.54

The most important news that are expected (GMT0):

12:30 U.S. Initial Jobless Claims June 279 275

12:30 U.S. Current account, bln Quarter I -113.5 -117

12:30 U.S. CPI, m/m May 0.1% 0.5%

12:30 U.S. CPI, Y/Y May -0.2% 0.0%

12:30 U.S. CPI excluding food and energy, m/m May 0.3% 0.2%

12:30 U.S. CPI excluding food and energy, Y/Y May 1.8% 1.8%

14:00 U.S. Philadelphia Fed Manufacturing Survey June 6.7 8.0

EUR/USD

Offers 1.1385 1.1400 1.1430 1.1450 1.1475 1.1500 1.1530 1.1550

Bids 1.1340 1.1325 1.1300 1.1285 1.1240 1.1220 1.1200 1.1185 1.1150 1.1130 1.1100

GBP/USD

Offers 1.5900 1.5925 1.5940 1.5960 1.5985 1.6000

Bids 1.5840 1.5820 1.5800 1.5780 1.5750 1.5730 1.5700

EUR/GBP

Offers 0.7185 0.7200 0.7220 0.7245-50 0.7270 0.7285 0.7300

Bids 0.7150 0.7130 0.7100 0.7080 0.7065 0.7050

EUR/JPY

Offers 140.00 140.20 140.50 140.80 141.00

Bids 139.50 139.00 138.80 138.50 138.30 138.00

USD/JPY

Offers 123.80 124.00 124.25 124.40 124.75-80 125.00

Bids 123.30 123.00 122.80 122.60 122.30 122.00

AUD/USD

Offers 0.7800-05 0.7830 0.7850

Bids 0.7700 0.7680 0.7650 0.7625-30 0.7600

Stock indices traded lower as the uncertainty over the debt talks between Athens and its creditors. The next round of the debt talks is scheduled to at the finance ministers' meeting today in Luxembourg. Greek Finance Minister Yanis Varoufakis said that Athens will not provide a new reform proposal. It is unlikely that a deal will be reached today.

The Bank of Greece said in its annual report on Wednesday that failure to reach a deal with creditors could lead to the exit from the Eurozone and to crisis in Greece.

The Office for National Statistics released its retail sales data for the U.K. on Thursday. Retail sales in the U.K. increased 0.2% in May, exceeding expectations for a flat reading, after a 0.9% gain in April. April's figure was revised down from a 1.2% rise.

The slower growth was driven by lower sales of clothing, which dropped by 1.6% in May. It was the biggest decline since September 2014

Food sales rose 0.6% in May, the biggest rise since December 2014.

On a yearly basis, retail sales in the U.K. climbed 4.6% in May, missing forecasts of 4.8% increase, after a 4.6% rise in April. April's figure was revised down from a 4.2% gain.

Current figures:

Name Price Change Change %

FTSE 100 6,634.23 -46.32 -0.69 %

DAX 10,848.57 -129.44 -1.18 %

CAC 40 4,734.17 -56.45 -1.18 %

The Swiss National Bank (SNB) Chairman Thomas Jordan said on Thursday that negative interest rates in Switzerland will help to lower the value of the Swiss franc. He added that the Swiss currency remained overvalued.

Jordan pointed out that the Swiss central bank will remain active in the foreign exchange market if needed.

The SNB chairman noted that the central bank's current monetary policy "will best serve Switzerland's overall interests in the long term".

The Swiss National Bank (SNB) released its interest rate decision on Thursday. The central bank kept the rates on sight deposits at minus 0.75% and said that the bank will remain active in the forex market as the Swiss franc is significantly overvalued and effects inflation and economic growth.

The SNB forecasts inflation to be -1.2% in the third quarter of 2015.

Inflation for 2015 was upgraded to -1.0% from the previous forecast of -1.1%. The SNB expects inflation to be -0.4% in 2016, up from the previous forecast -0.5%, and 0.3% in 2017, down from the previous forecast of 0.4%.

The central bank expects the Swiss economy to return to positive growth in the second half of 2015.

EUR/USD: $1.1100(E774mn), $1.1125(E505mn), $1.1150-60(E1.2bn), $1.1200(E455mn), $1.1275(E603mn), $1.1300(E738mn), $1.1400(E462mn)

USD/JPY: Y122.00($1.2bn), Y123.00($465mn), Y124.00($932mn), Y124.50($410mn), Y125.00(Y900mn)

GBP/USD: $1.5400(Gbp1.0bn), $1.5500(Gbp211mn), $1.5550(Gbp218mn)

AUD/USD: $0.7500(A$872mn), $0.7700(A$1.48bn), $0.7750(A$246mn), $0.7820(A$400mn)

NZD/USD: $0.6975(NZ$2.29bn), $0.7000(NZ$701mn), $0.7100(NZ$787mn)

USD/CAD: C$1.2200($491mn), C$1.2225($255mn)

The Office for National Statistics released its retail sales data for the U.K. on Thursday. Retail sales in the U.K. increased 0.2% in May, exceeding expectations for a flat reading, after a 0.9% gain in April. April's figure was revised down from a 1.2% rise.

The slower growth was driven by lower sales of clothing, which dropped by 1.6% in May. It was the biggest decline since September 2014

Food sales rose 0.6% in May, the biggest rise since December 2014.

On a yearly basis, retail sales in the U.K. climbed 4.6% in May, missing forecasts of 4.8% increase, after a 4.6% rise in April. April's figure was revised down from a 4.2% gain.

The Swiss Federal Customs Administration released its trade data on Thursday. The Swiss trade surplus climbed to CHF3.43 billion in May from CHF2.66 billion in the previous month. April's figure was revised down from a surplus of CHF2.85 billion.

Exports increase 5.4% in May, while imports were down 3.0%.

On a yearly basis, exports fell 8.9% in May, while imports decreased 2.4%.

A sociological institute YouGov said in its survey that 58% of German respondents want Greece to leave the Eurozone, 28% of respondents want Greece to remain in the euro area, and 14% had no opinion either way.

49% of German respondents believe that Greece will leave the Eurozone, while 41% believe it would not happen.

China's National Bureau of Statistics released its home prices data on Thursday. According to Reuters' calculation, average new home prices in China's 70 major cities rose 0.2% in May from April. It was the first increase in 13 months.

On a yearly basis, new home prices declined 5.7% in May.

41 of 70 cities recorded price declines in May, down from 47 cities in April.

On a year-on-year basis, new-home prices declined in 69 cities in May, same as in April.

Statistics New Zealand released its GDP data on Thursday. New Zealand's GDP rose 0.2% in the first quarter, missing expectations for a 0.6% increase, after a 0.7% gain in the fourth quarter. The fourth quarter's figure was revised down from a 0.8% rise.

On a yearly basis, New Zealand's GDP climbed by 2.6% in the first quarter, missing expectations for a 3.1% gain, after a 3.5% rise in the fourth quarter.

Retail trade and accommodation rose 2.4% due to higher tourist spending (the 2015 Cricket World Cup and more visitors during Chinese New Year), while New Zealand's household spending climbed 0.7%.

Agriculture declined 2.3% in Q1, while mining dropped 7.8%.

West Texas Intermediate crude prices for July delivery fell by 0.65% to $59.94, while Brent crude for August declined by 33% to $63.65 a barrel.

Data from the U.S. Energy Information Administration showed that crude inventories fell more than expected in the week ending June the 12th, while gasoline stocks rose by 460,000 barrels, exceeding expectations for a 314,000-barrel drop.

US oil production declined by 21,000 barrels per day to 9.59 million bpd from last week's record high.

Gold rose by 90% to $1,186.80 an ounce amid a weaker dollar after the Federal Open Market Committee left the key interest rate unchanged at 0.25% and hinted that the liftoff might happen later than investors and analysts had expected. The Fed said that further improvements in employment and inflation are needed in order to justify a rate hike.

A weaker dollar pushes gold up and low rates give extra support to the non-interest-paying metal.

U.S. stock indices rose moderately on Tuesday amid Fed statements. The S&P 500 rose by 0.20% or 4.11 points to 2,100.40, while the Dow Jones Industrial Average advanced by 0.17% or 30.66 points to 17,935.14. At the same time, the Nasdaq Composite rose by +0.18% or 9.33 points to 5,064.88.

Policymakers signalled that the central bank is preparing to raise rates, but the pace of rate hikes is likely to be slow compared to earlier expectations.

Asian stocks mostly declined today amid China home price index. China's Shanghai Composite Index fell by 1.08% or 53.61 points to 4,914.29. Hong Kong Hang Seng fell by 0.12% or 32.11 points to 26,721.68. Meanwhile, the Nikkei declined by 0.94% or 190.28 points to 20,028.99 ahead of BOJ interest rate decision.

According to the National Bureau of Statistics, property prices in mainland China fell by 5.7% y/y in May compared with a fall of 6.1% in April.

EUR / USD

Resistance levels (open interest**, contracts)

$1.1449 (3280)

$1.1414 (2865)

$1.1389 (1861)

Price at time of writing this review: $1.1349

Support levels (open interest**, contracts):

$1.1287 (1425)

$1.1249 (595)

$1.1198 (1604)

Comments:

- Overall open interest on the CALL options with the expiration date July, 2 is 52844 contracts, with the maximum number of contracts with strike price $1,1600 (4167);

- Overall open interest on the PUT options with the expiration date July, 2 is 81455 contracts, with the maximum number of contracts with strike price $1,1000 (12172);

- The ratio of PUT/CALL was 1.54 versus 1.53 from the previous trading day according to data from June, 17

GBP/USD

Resistance levels (open interest**, contracts)

$1.6102 (296)

$1.6004 (771)

$1.5907 (794)

Price at time of writing this review: $1.5817

Support levels (open interest**, contracts):

$1.5790 (108)

$1.5694 (547)

$1.5596 (463)

Comments:

- Overall open interest on the CALL options with the expiration date July, 2 is 22617 contracts, with the maximum number of contracts with strike price $1,5500 (2549);

- Overall open interest on the PUT options with the expiration date July, 2 is 24783 contracts, with the maximum number of contracts with strike price $1,5100 (2126);

- The ratio of PUT/CALL was 1.10 versus 1.04 from the previous trading day according to data from June, 17

* - 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.

Economic calendar (GMT0):

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

01:30 Australia RBA Bulletin

04:30 Switzerland SNB Financial Stability Report

06:00 Switzerland Trade Balance May 2.85 3.43

The U.S. dollar weakened against almost all major currencies after the Federal Open Market Committee left the key interest rate unchanged at 0.25%. Policymakers hinted that rates can stay below levels that are considered normal for quite a while even if inflation and employment approach their target levels. The Fed's median near-term interest-rate outlook was unchanged at 0.625%, but its median forecasts for year-end 2016 and 2017 declined by 0.25% to 1.625% and 2.875% respectively.

Despite concerns over Greece, the euro gained as the dollar weakened. Euro zone finance ministers will meet today.

The pound rose all the way to $1.5846 yesterday amid the weaker dollar and strong earnings data. It closed $1.5831 and is currently staying around this level.

The U.K. Office of National Statistics reported yesterday that the unemployment rate was 5.5% in April. The rate was in line with expectations. Meanwhile average earnings except bonuses rose by 2.7% 3m/y in April vs 2.5% expected and 2.3% previous. At the same time average earnings rose by 2.7% 3m/y vs 2.1% expected and 2.3% previous.

The Australian dollar rose slightly yesterday. The AUD has started Thursday with declines.

The New Zealand dollar yesterday managed to close above its open level. Today, it has declined amid weak GDP data.

Statistics New Zealand reported that the country's Q1 GDP rose by 0.2% q/q, while an increase of 0.6% was expected after the 0.8% rise reported previously. On an annualized basis, it rose by 2.6% vs 3.1% expected and 3.5% previous.

The Japanese yen closed around its open level yesterday and it is getting stronger against the dollar today.

EUR/USD: the euro is extending gains.

USD/JPY: the pair is heading down.

GBP/USD: the pound is taking breath after yesterday's rally.

The most important news that are expected (GMT0):

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

07:30 Switzerland SNB Interest Rate Decision -0.75% -0.75%

07:30 Switzerland SNB Monetary Policy Assessment

07:30 Switzerland SNB Press Conference

08:30 United Kingdom Retail Sales (MoM) May 1.2% 0.0%

08:30 United Kingdom Retail Sales (YoY) May 4.7% 4.8%

09:00 Eurozone Eurogroup Meetings

09:15 Eurozone Targeted LTRO 97.8

12:30 U.S. Continuing Jobless Claims June 2265 2200

12:30 U.S. Initial Jobless Claims June 279 275

12:30 U.S. Current account, bln Quarter I -113.5 -117

12:30 U.S. CPI, m/m May 0.1% 0.5%

12:30 U.S. CPI, Y/Y May -0.2% 0.0%

12:30 U.S. CPI excluding food and energy, m/m May 0.3% 0.2%

12:30 U.S. CPI excluding food and energy, Y/Y May 1.8% 1.8%

14:00 U.S. Leading Indicators May 0.7% 0.4%

14:00 U.S. Philadelphia Fed Manufacturing Survey

(raw materials / closing price /% change)

Oil 59.60 -0.53%

Gold 1,186.90 +0.86%

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

Nikkei 225 20,190.78 -67.16 -0.33 %

Hang Seng 26,677.49 +110.79 +0.42 %

S&P/ASX 200 5,598.3 +62.51 +1.13 %

Shanghai Composite 4,800.43 -87.00 -1.78 %

Topix 1,635.87 -3.99 -0.24 %

FTSE 100 6,680.55 -29.55 -0.44 %

CAC 40 4,790.62 -49.24 -1.02 %

Xetra DAX 10,978.01 -66.00 -0.60 %

S&P 500 2,100.44 +4.15 +0.20 %

NASDAQ Composite 5,064.88 +9.33 +0.18 %

Dow Jones 17,935.74 +31.26 +0.17 %

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

EUR/USD $1,1340 +0,85%

GBP/USD $1,5831 +1,49%

USD/CHF Chf0,9221 -1,08%

USD/JPY Y123,42 +0,04%

EUR/JPY Y139,96 +0,88%

GBP/JPY Y195,38 +1,20%

AUD/USD $0,7749 +0,01%

NZD/USD $0,6983 +0,01%

USD/CAD C$1,2228 -0,52%

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

01:30 Australia RBA Bulletin

04:30 Switzerland SNB Financial Stability Report

06:00 Switzerland Trade Balance May 2.85

07:30 Switzerland SNB Interest Rate Decision -0.75% -0.75%

07:30 Switzerland SNB Monetary Policy Assessment

07:30 Switzerland SNB Press Conference

08:30 United Kingdom Retail Sales (MoM) May 1.2% 0.0%

08:30 United Kingdom Retail Sales (YoY) May 4.7% 4.8%

09:00 Eurozone Eurogroup Meetings

09:15 Eurozone Targeted LTRO 97.8

12:30 U.S. Continuing Jobless Claims June 2265 2200

12:30 U.S. Initial Jobless Claims June 279 275

12:30 U.S. Current account, bln Quarter I -113.5 -117

12:30 U.S. CPI, m/m May 0.1% 0.5%

12:30 U.S. CPI, Y/Y May -0.2% 0.0%

12:30 U.S. CPI excluding food and energy, m/m May 0.3% 0.2%

12:30 U.S. CPI excluding food and energy, Y/Y May 1.8% 1.8%

14:00 U.S. Leading Indicators May 0.7% 0.4%

14:00 U.S. Philadelphia Fed Manufacturing Survey June 6.7 8.0