The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3).
Swiss trade surplus dives to 2.3 billion francs in May
In May this year, Switzerland's trade surplus accounted for 2.255 billion Swiss francs in contrast with 2.717 billion francs in April, as customs data revealed.
Evidently, the volume of exports from this highly developed European country in nominal terms managed to ascend by nearly 0.9% versus April and accounted for 19.559 billion francs. In May, imports leapt by up to 3.8% hitting 17.304 billion francs.
As the Federation of the Swiss watch industry informed, the export of watches from this European country rallied by 5.3% in May reaching 1.8 billion Swiss francs. It has been reported that the export of watches is going up for the 13th consecutive month because of the high demand in America and Hong Kong that appear to be the most important markets for this Swiss industry.
Aside from that statistics also pointed to the everlasting ascend in demand for watches in the lower price segment that was marked earlier by a dip due to the emergence of competing devices, such as Apple Watch.
By the way, supplies of watches below 200 francs inched up by 8.1% following April’s soar of 7.9%.
In May, the export of Swiss watches to Hong Kong edged up by up to 26% in annual terms getting to 282.6 million francs. The export of these goods to the United States rallied by 9.8% reaching 187.5 million francs.
As for deliveries to China, they managed to ascend by about 5.8% hitting 122.6 million francs. Deliveries to Japan soared by 5.5% hitting 105.4 million francs. Deliveries to France edged up by 8.8%, while deliveries to Italy gained 21.2% %.
Additionally, in January-May, the overall supply of Swiss watches to Hong Kong tacked on by 26.8% ending up with 1.271 billion francs. As for the United States, exports to this country for 5 months edged up by 9.8%.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!