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The Australian dollar fell against all major currencies after the publication of minutes of the last meeting of the Reserve Bank

May 21, 2014, Wednesday, 16:32 GMT | 11:32 EST | 20:02 IST | 22:32 SGT
Contributed by Forex-Metal

Asian and European trading sessions:

Euro: Euro fell against the dollar after a report on producer prices in Germany. The agency Destatis reported on Tuesday that producer prices in Germany fell ninth consecutive month in April. Producer prices fell 0.9 percent year on year - the same rate as it was in March and February. Annual decline also met the expectations of economists. On a monthly basis, producer prices fell 0.1 percent - slightly slower than the 0.3 percent drop in March. Excluding energy, producer prices fell by 0.2 percent compared to April last year and remained unchanged from March. As part of producer prices for intermediate goods prices fell 1.6 percent, while energy prices fell 3 percent. Meanwhile, the costs of durable goods and consumer goods increased by 1.2 percent and 1.4 percent respectively. Prices for capital goods grew by only 0.4 percent. The EUR / USD pair fell to $ 1.36774 and then rose to $ 1.37065 during the European session.

British Pound: The British pound rose amid inflation data, but failed to achieve sustainable growth and retreated. In the UK, inflation accelerated in April, more than expected, due to higher transportation costs, showed on Tuesday, official data Office for National Statistics.

Inflation rose to 1.8 percent in April from 1.6 percent in March - a level which was the lowest since October 2009. Growth rate exceeded the consensus forecast of economists in 1.7 percent. On a monthly measurement of consumer price inflation accelerated to double to 0.4 percent from 0.2 percent in March. Excluding energy, food, alcoholic beverages and tobacco products, core inflation rose to 2 percent in April from 1.6 percent in March.

Another report from the ONS showed that inflation increased selling prices slightly to 0.6 percent from 0.5 percent in March. In monthly terms, producer prices remained unchanged after rising 0.2 percent.

Meanwhile, the purchase prices continued to decline in April. Purchasing prices decreased by 5.5 percent for the year, which is slower 6.3 percent drop in March. Compared with March, the purchase prices were down 1.1 percent. The GBP / USD pair rose to $ 1.6864 and retreated during the European session.

Australian dollar: The Australian dollar fell against all major currencies after the publication of minutes of the last meeting of the Reserve Bank of Australia. The RBA stated that interest rates will continue to remain at a record low due to low inflation and economic weakness. Most economists predict that the RBA will keep monetary policy unchanged until the end of this year. Low borrowing costs are driving the housing prices, which is why the Central Bank reluctant to cut interest rates since late 2011.

American trading session:

Canadian dollar: The Canadian dollar has noticeably decreased against US dollar that has been connected with an output of the Canadian data on wholesales. Wholesale trade in Canada has unexpectedly decreased in March after two consecutive monthly increases, and the sales volume in automobile sector has fallen up to the lowest level for 18 months, has informed Statistical management of Canada on Tuesday. In monthly expression wholesale trade has fallen to 0, 4 % up to 50, 45 billion Canadian dollars ($ 46,47 billion) after 1,1 %-s' gains the last month. The market consensus-forecast was up to standard of increase at 0,5 % of wholesales in March. In terms of volume sales have fallen to 0, 2 %.

Gold: The prices for gold were restored after falling up to an one-week minimum, having risen thus above levels of opening of session. Such dynamics is connected with expectations of performance of two FRC representatives - the head of Federal Reserve Bank of Philadelphia Mr.Charles Plossera and the head of Federal Reserve Bank of New York Mr. William Dadli. Cost of the June future for gold has grown up to a level $1293.75 on COMEX today.

Oil: Cost of oil WTI continued to remain near to a four-week maximum that was connected with expectations of the publication of tomorrow's official data on stocks of oil and mineral oil in the USA. Cost of June futures for the American easy oil of mark WTI traded around $102.46 barrel on the NYMEX.