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03.09.2014 08:55

Foreign exchange market. Asian session: the Australian dollar traded higher against the U.S. dollar after the better-than-expected economic growth in Australia and after comments by the Reserve Bank of Australia (RBA) Governor Glenn Stevens

Economic calendar (GMT0):

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

01:00 China Non-Manufacturing PMI August 54.2 54.4

01:30 Australia Gross Domestic Product (QoQ) Quarter II +1.1% +0.4% +0.5%

01:30 Australia Gross Domestic Product (YoY) Quarter II +3.5% +3.0% +3.1%

01:45 China HSBC Services PMI August 50.0 54.1

03:20 Australia RBA's Governor Glenn Stevens Speech

07:48 France Services PMI (Finally) August 51.1 51.1 50.3

07:53 Germany Services PMI (Finally) August 56.4 56.4 54.9

07:58 Eurozone Services PMI (Finally) August 53.5 53.5 53.1

08:30 United Kingdom Purchasing Manager Index Services August 59.1 58.6 60.5

The U.S. dollar traded mixed against the most major currencies. The greenback was supported by yesterday's better-than-expected ISM manufacturing purchasing managers' index (PMI) in the U.S. The ISM manufacturing PMI in the U.S. rose to 59.0 in August from 57.1 in July, beating forecasts of a decline to 57.0.

The New Zealand dollar traded mixed against the U.S dollar in the absence of any major economic reports from New Zealand. Yesterday's better-than-expected ISM manufacturing purchasing managers' index in the U.S. and a drop in dairy product prices weighed on the kiwi. Dairy prices have fallen nearly 45% since February.

The Australian dollar traded higher against the U.S. dollar after the better-than-expected economic growth in Australia and after comments by the Reserve Bank of Australia (RBA) Governor Glenn Stevens. Australia's gross domestic product (GDP) rose 0.5% in the second quarter, exceeding expectations for a 0.4% gain, after a 1.1% increase in the first quarter.

On a yearly basis, Australia's GDP climbed 3.1% in the second quarter, beating expectations for a 3.0% rise, after a 3.5% growth in the first quarter.

The RBA governor has spoken at the Committee for Economic Development of Australia (CEDA) in Adelaide. Glenn Stevens warned of housing market bubble risk due to low interest rates. Analysts interpreted his comments as meaning the RBA won't cut rates again.

The Australian Industry Group's performance of services index rose to 49.4 in August from 49.3 in July.

The Japanese yen rose against the U.S. dollar in the absence of any major economic reports from Japan.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair decreased to $1.6443

USD/JPY: the currency pair fell to Y104.91

The most important news that are expected (GMT0):

09:00 Eurozone Retail Sales (MoM) July +0.4% -0.3%

09:00 Eurozone Retail Sales (YoY) July +2.4% +0.9%

14:00 Canada Bank of Canada Rate 1.00% 1.00%

14:00 Canada BOC Rate Statement

14:00 U.S. Factory Orders July +1.1% +10.9%

18:00 U.S. Fed's Beige Book

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