The euro rose against the U.S. dollar at the time, as it is today began a two-day session of the Federal Constitutional Court of Germany, the highest judicial body of the country. As part of the hearing the judge will appreciate the legitimacy of government bond buyback program OMT, which is the head of the European Central Bank (ECB), Mario Draghi announced in September 2012. As stated by a member of the ECB Executive Board Jörg Asmussen, a potential solution to the German court against the ECB's program to buy back government bonds could mean new risks for the single currency. The court will also consider the question of the constitutionality of eurozone stabilization fund - the European Stability Mechanism. According Y.Asmussena, when the ECB announced a program to repurchase the bonds, "the euro area was close to the uncontrolled disintegration," but OMT "showed speculators that the euro will be protected, will fight for it." Meanwhile, the head of the Bundesbank, Weidmann opposed the OMT. He said that the priority duty of the ECB is to ensure price stability and, in this regard, some of the decisions of the Bank called "problem." He also warned of the need to observe the long-term effects of anti-crisis policies.

The pound was up against the U.S. dollar against the publication of better-than-expected report on Britain. As shown by recent data that has been submitted by the Office for National Statistics, at the end the month of April, industrial production increased significantly with the slowing pace compared to the previous month. Economists note that growth was based increase in activity in the mining sector, mineral sector, the extraction of water and disposal of waste. According to the report, in April, the volume of industrial production increased by only 0.1%, compared with an increase of 0.7% in March and an increase of 0.9% in February. It is worth noting that according to the average forecasts of experts, industrial production was down by 0.4%. Also, the data showed that the manufacturing industries decreased April 0.2% 1.1% modifying growth that was observed in the last month. Economists had expected the figure to remain unchanged.

The Japanese currency has increased significantly against the dollar, after the following meeting on June 10-11, the Bank of Japan kept its course of monetary policy unchanged, refraining from additional measures to support the economy, including the expected extension of credit operations, which it uses to reduce the volatility in the the debt market. Most experts expect that the Bank of Japan to adopt new credit operations of at least one year. Recall that in April of this year, the Japanese Central Bank increased its purchase of government bonds to 7 trillion yen per month. The Bank of Japan will now purchase government bonds with all maturities, including 40-year bonds, and the average maturity of government bonds to maturity on the balance sheet will be increased from 3 to 7 years. Since then, the yield on 10-year Japanese government bonds rose five basis points to 0.875%, which caused concern investors. We also add that after today's meeting of the Monetary Policy Central Bank head Kuroda have on improving the state of the Japanese economy, while recognizing the existence of a high degree of uncertainty. The Bank also provided comments on the topic of excess volatility JGB, highlighting the undesirability of this fact and the intention to make efforts to limit this volatility. "In the future we will consider the possibility of extending operations with a fixed rate, if the situation requires it," - said Kuroda. The head of the Central Bank said that the monetary authority is considering easing policy, but stressed at the same time, it is still too early to assess the full impact of these measures.

European stocks retreated for a second day as the Bank of Japan refrained from expanding stimulus and Treasuries sank amid speculation the Federal Reserve will trim bond purchases.

The BOJ today refrained from expanding its tools to rekindle inflation and stoke growth, sticking with an April pledge to increase the monetary base by 60 trillion yen ($620 billion) to 70 trillion yen a year.

Germany's Federal Constitutional Court began a two-day hearing to address the ECB's OMT program, which was introduced last year as concerns peaked that the euro region would break apart. The as-yet-unused OMT foresees potentially unlimited purchases of bonds of debt-stricken countries that sign up to adjustment programs.

National benchmark indexes dropped in all 18 western European markets today. France's CAC 40 lost 1.4 percent while Germany's DAX declined 1 percent and the U.K.'s FTSE 100 fell 0.9 percent.

Legrand fell 4.1 percent to 35.59 euros. Wendel, France's biggest publicly traded investment firm, offered the remaining shares it holds at 36 euros apiece. The company said it made a capital gain of about 370 million euros. Wendel lost 1.5 percent to 83.92 euros.

ICAP dropped 3.6 percent to 359.9 pence, its biggest decline in two months, after Credit Suisse cut the world's largest broker of transactions between banks to underperform from neutral, meaning investors should sell the shares, citing a high level of uncertainty over volume trends.

Fonciere des Regions slipped 3 percent to 60.54 euros after saying it will spend close to 1 billion euros to lift its stake in Fonciere Developpement Logements to between 58.2 percent and 62.4 percent and increase its presence in Germany. Fonciere Developpement rose 6.9 percent to 18 euros.

West Texas Intermediate crude dropped for a second day as the Bank of Japan unexpectedly left a lending program unchanged, bolstering concern that central banks are growing reluctant to add more stimulus.

Prices slumped as much as 1.8 percent, tumbling with commodities and equities, after BOJ Governor Haruhiko Kuroda and his fellow board members refrained from expanding their tools to address bond-market volatility. They stuck with an April plan to double the monetary base as they seek to rekindle inflation and stoke growth. U.S., European and Asia stocks declined.

Crude also retreated as U.S. supplies were forecast to remain near the highest level since 1931 amid a 12-year seasonal low in gasoline demand.

U.S. crude stockpiles reached 397.6 million barrels on May 24, the most in 82 years, according to Energy Information Administration data. They probably dropped 1.5 million barrels last week to 389.8 million, according to analysts surveyed before an EIA report tomorrow.

Gasoline consumption averaged 8.73 million barrels a day in the four weeks ended May 31, down 0.8 percent from a year earlier.

WTI for July delivery fell 82 cents, or 0.9 percent, to $94.95 a barrel at 11:20 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 4 percent below the 100-day average for the time of day.

Brent for July settlement dropped $1.47, or 1.4 percent, to $102.48 a barrel on the London-based ICE Futures Europe exchange. Volume was 16 percent above the 100-day average for the time of day. Brent’s premium to WTI shrank to as small as $7.46, the narrowest level since May 22 on an intraday basis.

Wholesale inventories in the U.S. rose in line with economist estimates in the month of April, according to a report released by the Commerce Department on Tuesday.

The report said wholesale inventories edged up by 0.2 percent in April following a revised 0.3 percent increase in March. The modest growth matched economist estimates.

Inventories of durable goods increased by 0.2 percent, with a 1.9 percent jump in inventories of motor vehicles and parts offsetting a 1.1 percent drop in inventories of metals and minerals, except petroleum.

With inventories of beer, wine, and distilled alcoholic beverages surging up by 2.3 percent, inventories of non-durable goods inched up by 0.1 percent.

The Commerce Department noted that total wholesale inventories in April were up by 4.1 percent compared to the same month a year ago.

Additionally, the report said wholesale sales rose by 0.5 percent in April following a 1.4 percent decrease in the previous month.

Sales of durable goods jumped by 1.6 percent, more than offsetting a 0.5 percent decrease in sales of non-durable goods.

Compared to the same month a year ago, wholesale sales were up by 0.7 percent in April.

With sales increasing at a slightly faster pace than inventories, the wholesale inventories/sales ratio edged down to 1.21 in April from 1.22 in March. The ratio came in at 1.17 in April of 2012.

Gold prices decline after ratings agency Standard & Poor's raised the outlook of the U.S. rating to stable, reducing the appeal of gold as a safe asset.

Global financial markets are under pressure after Federal Reserve Chairman Ben Bernanke said in May that the central bank may cut the program of buying bonds at a future meeting when saving features to strengthen the U.S. economy. However, the president of the Federal Reserve Bank of St. Louis James Bullard said on Monday that high inflation allows the Fed to continue buying bonds in full.

The demand in the physical market is reduced from a peak of April, when the spot price fell to a minimum of two years $ 1.321,35. Dealers in Singapore reported decreased deficit gold bars and coins.

Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust on Monday, rose 0.3 percent to 1.009,85 tons, but still close to a minimum of four years.

The cost of the August gold futures on COMEX today dropped to 1364.5 dollars per ounce.

EUR/USD $1.3040, $1.3150, $1.3190, $1.3200, $1.3250

USD/JPY Y97.00, Y97.50, Y98.00, Y98.95, Y99.00, Y100.00

GBP/USD $1.5500

USD/CHF Chf0.9410

EUR/CHF Chf1.2300

AUD/USD $0.9450, $0.9500

U.S. stock-index futures fell after Bank of Japan Governor Haruhiko Kuroda said he sees no need to expand monetary stimulus immediately.

Global Stocks:

Nikkei 13,317.62 -196.58 -1.45%

Hang Seng 21,354.66 -260.43 -1.20%

FTSE 6,296.23 -104.22 -1.63%

CAC 3,790.01 -74.35 -1.92%

DAX 8,168.66 -139.03 -1.67%

Crude oil $94.72 -1.10%

Gold $1367.20 -1.12%

Data

00:00 China Bank holiday

01:30 Australia Home Loans April +5.2% +2.1% +0.8%

01:30 Australia National Australia Bank's Business Confidence May -2 -1

03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%

03:00 Japan BoJ Monetary Policy Statement

05:45 Switzerland SECO Economic Forecasts Quarter III

07:15 Japan BOJ Press Conference

08:00 Germany Constitutional Court Ruling

08:30 United Kingdom Industrial Production (MoM) April +0.7% -0.4% +0.1%

08:30 United Kingdom Industrial Production (YoY) April -1.4% -0.6% -0.6%

08:30 United Kingdom Manufacturing Production (MoM) April +1.1% 0.0% -0.2%

08:30 United Kingdom Manufacturing Production (YoY) April -1.4% -0.3% -0.5%

The euro rose slightly against the U.S. dollar, due to the fact that today begins a two-day session of the Federal Constitutional Court of Germany, the highest judicial body of the country. As part of the hearing the judge will appreciate the legitimacy of government bond buyback program OMT, which is the head of the European Central Bank (ECB), Mario Draghi announced in September 2012. As stated by a member of the ECB Executive Board Jörg Asmussen, a potential solution to the German court against the ECB's program to buy back government bonds could mean new risks for the single currency. The court will also consider the question of the constitutionality of eurozone stabilization fund - the European Stability Mechanism. According Y.Asmussena, when the ECB announced a program to repurchase the bonds, "the euro area was close to the uncontrolled disintegration," but OMT "showed speculators that the euro will be protected, will fight for it."

"The program was necessary from an economic point of view, acceptable from a legal point of view, and efficient from the point of view of efficiency, - says Y.Asmussen. - If it is canceled, we will face serious consequences." In this case, a board member of the ECB does not elaborate on what exactly the consequences involved. Critics of the program by the ECB in Germany, which, as the largest economy in the euro zone, the burden rests with the neighbors insist that the central bank has overstepped its authority by announcing unlimited redemption of government bonds if necessary. The condition of foreclosure was delivered recourse to the ESM.

The pound fell slightly against the U.S. dollar, despite the publication of a better-than-expected report on Britain. As shown by recent data that has been submitted by the Office for National Statistics, at the end the month of April, industrial production increased significantly with the slowing pace compared to the previous month. Economists note that growth was based increase in activity in the mining sector, mineral sector, the extraction of water and disposal of waste.

According to the report, in April, the volume of industrial production increased by only 0.1%, compared with an increase of 0.7% in March and an increase of 0.9% in February. It is worth noting that according to the average forecasts of experts, industrial production was down by 0.4%. Also, the data showed that the manufacturing industries decreased April 0.2% 1.1% modifying growth that was observed in the last month. Economists had expected the figure to remain unchanged.

The Office for National Statistics also reported that on an annual basis, the decline in industrial production slowed to 0.6% from 1.4 per cent in March. In addition, it was reported that manufacturing output declined at a slower rate - by 0.5%, after falling 1.4% a month earlier.

The Japanese currency has increased significantly against the dollar, after following the meeting on June 10-11, the Bank of Japan kept its course of monetary policy unchanged, refraining from additional measures to support the economy, including the expected extension of credit operations, which it uses to reduce the volatility in the markets debt securities. Most experts expect that the Bank of Japan to adopt new credit operations of at least one year. Recall that in April of this year, the Japanese Central Bank increased its purchase of government bonds to 7 trillion yen per month. The Bank of Japan will now purchase government bonds with all maturities, including 40-year bonds, and the average maturity of government bonds to maturity on the balance sheet will be increased from 3 to 7 years. Since then, the yield on 10-year Japanese government bonds rose five basis points to 0.875%, which caused concern investors. We also add that after today's meeting of the Monetary Policy Central Bank head Kuroda have on improving the state of the Japanese economy, while recognizing the existence of a high degree of uncertainty. The Bank also provided comments on the topic of excess volatility JGB, highlighting the undesirability of this fact and the intention to make efforts to limit this volatility. "In the future we will consider the possibility of extending operations with a fixed rate, if the situation requires it," - said Kuroda. The head of the Central Bank said that the monetary authority is considering easing policy, but stressed at the same time, it is still too early to assess the full impact of these measures.

The Australian dollar fell against the U.S. dollar after the release of data on the level of business confidence in Australia. Last month the index remained weak, despite the unexpected decline in the basic interest rate of the central bank of the state. According to a survey conducted by the National Australia Bank, the confidence index investors, businessmen and analysts in May was minus one point, as in the previous month. The negative value of the indicator means that the number of pessimists outnumber optimists. The greatest pessimism marked among mining companies in Australia. Recall that in May, the Reserve Bank of Australia cut its benchmark interest rate to a record low of 2.75%, with the objective to reduce the economy's dependence on the mining and energy sectors and spur growth in segments such as housing and retail.

EUR / USD: during the European session, the pair rose to $ 1.3300

GBP / USD: during the European session, the pair fell to $ 1.5531

USD / JPY: during the European session, the pair fell to Y96.47

At 14:00 GMT Britain will present data on changes in GDP from NIESR for May. At 23:50 GMT Japan will announce the change in the volume of orders for machinery and equipment in April.

EUR/USD

Ордера на продажу $1.3400, $1.3370/80, $1.3340/50, $1.3330, $1.3300/10

Ордера на покупку $1.3225/20, $1.3200-185, $1.3175/70, $1.3150/40, $1.3100/090

GBP/USD

Ордера на продажу $1.5700, $1.5640/50, $1.5620, $1.5610

Ордера на покупку $1.5535/30, $1.5488, $1.5470/60, $1.5435/30

AUD/USD

Ордера на продажу $0.9500, $0.9470/75, $0.9440, $0.9420/25, $0.9395/00

Ордера на покупку $0.9330/20, $0.9300, $0.9250, $0.9200

EUR/JPY

Ордера на продажу Y130.95/00, Y130.60/65, Y130.20/30, Y129.60/70, Y129.00/20

Ордера на покупку Y128.00, Y127.80, Y127.50, Y127.00, Y126.50

USD/JPY

Ордера на продажу Y99.28/36, Y98.80, Y98.45/50, Y98.00, Y97.30/35

Ордера на покупку Y96.20, Y96.00, Y95.50, Y95.20

EUR/GBP

Ордера на продажу stg0.8595/600, stg0.8575/80, stg0.8560/65, stg0.85515

Ордера на покупку stg0.8475/70, stg0.8445/40, stg0.8420, stg0.8400

European stocks slid to a seven-week low as the Bank of Japan refrained from expanding stimulus and Treasury yields climbed. U.S. index futures and Asian shares also declined.

Legrand SA retreated 4 percent after Wendel sold the remaining 14.4 million shares it holds in the world's largest maker of switches, plugs and lighting controls.

ICAP Plc dropped 3.6 percent after Credit Suisse Group AG recommended selling the shares. A gauge of European commodity producers retreated to the lowest since July 2009 as copper dropped for a fourth day in London trading.

The Stoxx Europe 600 Index fell 1.6 percent to 290.5 at 10:48 a.m. in London, the lowest since April 23. The gauge has retreated 6.4 percent since May 22 amid speculation the Federal Reserve will taper its bond-buying program as the U.S. economy strengthens.

The BOJ today refrained from expanding its tools to rekindle inflation and stoke growth, sticking with an April pledge to increase the monetary base by 60 trillion yen ($620 billion) to 70 trillion yen a year. Markets in China were closed for the Dragon Boat Festival.

Germany's top court will begin a two-day hearing today to address the European Central Bank's Outright Monetary Transactions program and the European Stability Mechanism.

The Federal Constitutional Court in Karlsruhe is reviewing the OMT, which was introduced last year as concerns peaked that the euro region would break apart, after plaintiffs including a lawmaker allied to Chancellor Angela Merkel brought a case against it. The as-yet-unused OMT foresees potentially unlimited purchases of bonds of debt-stricken countries that sign up to adjustment programs.

The court last year allowed Germany to ratify the 500 billion-euro ($663 billion) ESM bailout facility and the EU fiscal pact, while ruling the measures must include provisions that the country won't be forced to assume higher liabilities without its consent. The September ruling was preliminary and didn't cover the OMT bond program.

At the moment:

FTSE 100 6,313.42 -87.03 -1.36%

CAC 40 3,808.56 -55.80 -1.44%

DAX 8,193.23 -114.46 -1.38%

EUR/USD $1.3040, $1.3150, $1.3190, $1.3200, $1.3250

USD/JPY Y97.00, Y97.50, Y98.00, Y98.95, Y99.00, Y100.00

GBP/USD $1.5500

USD/CHF Chf0.9410

EUR/CHF Chf1.2300

AUD/USD $0.9450, $0.9500

Asian stocks fell, led by Japanese shares, after the Bank of Japan kept its policy unchanged. Chinese stocks listed in Hong Kong headed for the longest losing streak in 17 years.

Nikkei 225 13,317.62 -196.58 -1.45%

Hang Seng 21,345.18 -269.91 -1.25%

S&P/ASX 200 4,757.06 +19.36 +0.41%

Shanghai Composite 2,210.9 -31.21 -1.39%

Mitsubishi Estate Co., Japan's biggest developer by market value, dropped 4.4 percent after the BOJ refrained from adding to its purchase of real estate investment trusts.

SoftBank Corp. lost 0.4 percent after raising its offer for Sprint Nextel Corp. by 7.5 percent to $21.6 billion.

Samsung Electronics Co., the second heaviest-weighted stock on the MSCI Asian Pacific Index, dropped 2.5 percent in Seoul after its price target was cut at Morgan Stanley.

00:00 China Bank holiday

01:30 Australia Home Loans April +5.2% +2.1% +0.8%

01:30 Australia National Australia Bank's Business Confidence May -2 -1

03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%

03:00 Japan BoJ Monetary Policy Statement

The Japanese currency snapped a two-day decline against the dollar as the BOJ refrained from extending the maturity of loans to banks. The BOJ kept unchanged its plan for a 60 trillion yen ($611 billion) to 70 trillion yen annual increase in monetary base, the central bank said after a two-day meeting today. Twenty of 23 analysts in a Bloomberg News survey either forecast that the BOJ would approve two-year or longer loan operations at the policy meeting or said that such a move was possible. The yield on Japan's benchmark 10-year note rose five basis points to 0.875 percent. It has swung from an all-time low of 0.315 percent to as much as 1 percent since the BOJ announced in April a plan to double monthly bond purchases to more than 7 trillion yen.

Australia's dollar slid for a third day as the nation's statistics bureau said April home-loan approvals rose 0.8 percent, versus the 2 percent advance estimated by economists and a revised 4.8 percent gain in March. "Housing is the one area most likely to make up for the mining investment downturn, and it's disappointed," said Joseph Capurso, a Sydney-based foreign-exchange strategist at Commonwealth Bank of Australia. (CBA) "You've got to say that the Aussie's going to keep on falling."

EUR / USD: during the Asian session the pair rose to $ 1.3290

GBP / USD: during the Asian session the pair rose to $ 1.5600

USD / JPY: during the Asian session the pair fell to Y97.75

Tuesday's calendar gets underway in Tokyo, with a news conference from BOJ Governor Haruhiko Kuroda in the wake of the BOJ decision to leave policy unchanged. The briefing should get underway at 0630GMT. At 0800GMT, ECB Governing Council member Erkki Liikanen will brief the press on the economy, in Helsinki. Also at 0800GMT, the German Constitutional Court begins hearing arguments over ESM/ECB, in Karlsruhe - no outcome is expected until the Autumn. At 1000GMT, the EU Commission will unveil proposals on extending the automatic exchange of tax information to all income sources. Also at 1000GMT, Slovenian President, Borut Pahor, will address the European Parliament, in Strasbourg, France. At 1315GMT, Eurogroup President Jeroen Dijsselbloem, Dutch Prime Minister Mark Rutte and EU Economics and Monetary Affairs Commissioner Olli Rehn are to meet in the Hague.

Change % Change Last

GOLD 1,386.10 3.10 0.22%

OIL (WTI) 95.83 -0.20 -0.21%

Change % Change Last

Nikkei 225 13,514.2 +636.67 +4.94%

S&P/ASX 200 4,737.7 -43.47 -0.91%

Shanghai Composite closed

FTSE 100 6,400.45 -11.54 -0.18%

CAC 40 3,864.36 -8.23 -0.21%

DAX 8,307.69 +53.01 +0.64%

DJIA 15,238.60 -9.53 -0.06%

S&P 500 1,642.81 -0.57 -0.03%

NASDAQ 3,473.77 4.55 0.13%

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,3256 +0,29%

GBP/USD $1,5571 +0,10%

USD/CHF Chf0,9338 -0,20%

USD/JPY Y98,99 +1,44%

EUR/JPY Y131,21 +1,73%

GBP/JPY Y154,13 +1,56%

AUD/USD $0,9459 -0,38%

NZD/USD $0,7898 +0,18%

USD/CAD C1,0193 -0,01%

00:00 China Bank holiday

01:30 Australia Home Loans April +5.2% +2.1%

01:30 Australia National Australia Bank's Business Confidence May -2

03:00 Japan BoJ Interest Rate Decision 0.10% 0.10%

03:00 Japan BoJ Monetary Policy Statement

05:45 Switzerland SECO Economic Forecasts Quarter III

07:15 Japan BOJ Press Conference

08:00 Germany Constitutional Court Ruling

08:30 United Kingdom Industrial Production (MoM) April +0.7% -0.4%

08:30 United Kingdom Industrial Production (YoY) April -1.4% -0.6%

08:30 United Kingdom Manufacturing Production (MoM) April +1.1% 0.0%

08:30 United Kingdom Manufacturing Production (YoY) April -1.4% -0.3%

14:00 United Kingdom NIESR GDP Estimate May +0.8%

14:00 U.S. Wholesale Inventories April +0.4% +0.1%

20:30 U.S. API Crude Oil Inventories June -7.8

23:50 Japan Core Machinery Orders April +14.2% -8.3%