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08.08.2014 09:14

Foreign exchange market. Asian session: the Japanese yen rose against the U.S. dollar due to increasing demand for safe-haven currency

Economic calendar (GMT0):

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

01:50 Japan Current Account (adjusted), bln June 384.6 110.0 125.6

03:30 Australia Home Loans June 0.0% +0.7% +0.2%

03:30 Australia RBA Monetary Policy Statement Quarter III

04:00 China Trade Balance, bln July 31.6 26.0 47.3

05:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%

05:00 Japan Bank of Japan Monetary Base Target 270 270 270

05:00 Japan BoJ Monetary Policy Statement

07:00 Japan Eco Watchers Survey: Current July 47.7 48.7 51.3

07:00 Japan Eco Watchers Survey: Outlook July 53.3 51.5

07:45 Switzerland Unemployment Rate July 3.2% 3.2% 3.2%

08:00 Germany Current Account June 12.2 Revised From 13.2 15.0

08:00 Germany Trade Balance June 18.8 19.8 16.2

08:45 France Industrial Production, m/m June -1.7% +1.1% +1.6%

08:45 France Industrial Production, y/y June -3.7% +0.1%

09:30 Japan BOJ Press Conference

10:30 United Kingdom Trade in goods June -9.2 -8.9 -9.4

The U.S. dollar traded mixed against the most major currencies. The greenback was supported by yesterday's U.S. economic data. The number of initial jobless in the U.S. in the week ending August 2 dropped by 14,000 to 289,000 from the previous week's figure of 303,000.

The New Zealand dollar declined against the U.S dollar due to risk aversion of investors. Investors preferred safe-haven assets as geopolitical tensions in Iraq and Ukraine weighed on markets. U.S. President Barack Obama has authorised airstrikes against militants in Iraq. A build-up of Russian troops on the Ukraine border also makes investors cautious.

The kiwi was also sapped after dairy prices decreased to a 2-year low.

No major economic reports were released in New Zealand.

The Australian dollar traded lower against the U.S. dollar due to risk aversion of investors as geopolitical tensions in Iraq and Ukraine weighed on markets.

The Reserve Bank of Australia's quarterly monetary policy statement also put the Australian currency under pressure. The RBA lowered its GDP forecast for 2014 to a range of 2% - 3%, down from a range of 2.25% - 3.25%.

The better-than-expected trade data from China helped the Aussie to trim its losses. China's trade surplus rose to $47.30 billion in July from $31.6 billion in June. Analysts had expected to narrow to $26 billion.

Home loans in Australia climbed 0.2% in June, missing expectations for a 0.7% rise, after 0.0% in May.

The Japanese yen rose against the U.S. dollar due to increasing demand for safe-haven currency as U.S. President Barack Obama has authorised airstrikes against militants in Iraq.

The Bank of Japan released its interest rate decision. The BoJ's interest rate remained unchanged at 0.10%. Japan's central bank will continue to increase the monetary base at an annual pace of 60 trillion yen to 70 trillion yen.

Japan's adjusted current account balance decreased to 125.6 billion yen in June from 384.6 in May, beating expectation for a fall to 110.0 billion yen.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair decreased to $1.6800

USD/JPY: the currency pair fell to Y101.60

The most important news that are expected (GMT0):

14:30 Canada Employment July -9.4 +25.4

14:30 Canada Unemployment rate July 7.1% 7.0%

14:30 U.S. Nonfarm Productivity, q/q (Preliminary) Quarter II -3.2% +1.4%

14:30 U.S. Unit Labor Costs, q/q (Preliminary) Quarter II +5.7% +1.3%

16:00 U.S. Wholesale Inventories June +0.5% +0.6%

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