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01.12.2014 07:30

Foreign exchange market. Asian session: the greenback outpaced major peers

Economic calendar (GMT0):

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

00:30 Australia Company Operating Profits Quarter III -6.9% -1.2% +0.5%

01:00 China Manufacturing PMI November 50.8 50.5 50.3

01:35 Japan Manufacturing PMI (Finally) November 52.1 52.1 52.0

01:45 China HSBC Manufacturing PMI (Finally) November 50.0 50.0 50.0

05:30 Australia RBA Commodity prices, y/y November -16.9% -18.6%

The U.S. dollar traded stronger against its major peers. The greenback was supported by declining oil prices that have a positive effect on the U.S. economy. Markets are awaiting the Manufacturing PMI, ISM Manufacturing and speeches of FOMC Member Dudley and FED Vice Chairman Stanley Fischer later in the day.

The Australian dollar fell sharply against the greenback in Asian trading making new four-year lows although Company Operating Profits rose unexpectedly by +0.5% beating forecast of a decline of -1.2%. But RBA Commodity prices declined -18.6% in November, compared to -16.9% in October. The negative outcome of the Swiss referendum that would have forced the SNB to hold more physical gold put further pressure on the aussie fuelling fears that demand for gold will further slowdown. Australia is the second largest producer of gold. Chinas Manufacturing PMI for November was positive reading 50.3 but lower than the 50.6 expected. The HSBC manufacturing index was in line with expectations at 50. China is the most important trade partner of Australia.

The New Zealand dollar traded weaker against the U.S. dollar for a third consecutive day. New Zealand's Overseas Trade Index for the third quarter declined -4.4% yesterday, after an increase of +0.1% in the last quarter.

The Japanese yen dropped against the U.S. dollar making new lows at USD119.03 in Asian trade. The lowest since August 2007. Yesterday data on Capital Spending showed an increase from +3.0% in the previous quarter to +5.5% in the third quarter. Data on the Manufacturing PMI was published early today reading 52.0, analysts expected 52.1. The OPEC's decision to not cut quotas made oil prices decline heavily fuelling fears that Japan will not reach its inflation targets.

EUR/USD: the euro declined against the greenback

USD/JPY: the U.S. dollar traded at new highs against the yen

GPB/USD: The British pound traded weaker against the U.S. dollar

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

08:30 Switzerland Manufacturing PMI November 55.3 52.9

08:48 France Manufacturing PMI (Finally) November 47.6 47.6

08:53 Germany Manufacturing PMI (Finally) November 50.0 50.0

08:58 Eurozone Manufacturing PMI (Finally) November 50.4 50.4

09:30 United Kingdom Purchasing Manager Index Manufacturing November 53.2 53.1

09:30 United Kingdom Net Lending to Individuals, bln October 2.7 2.8

09:30 United Kingdom Mortgage Approvals October 61 59

14:45 U.S. Manufacturing PMI (Finally) November 54.7 55.0

15:00 U.S. ISM Manufacturing November 59.0 57.9

17:15 U.S. FOMC Member Dudley Speak

18:00 U.S. FED Vice Chairman Stanley Fischer Speaks

23:50 Japan Monetary Base, y/y November +36.9% +37.2%

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