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16.12.2014 16:43

Foreign exchange market. American session: the U.S. dollar traded higher against the most major currencies despite the weak U.S. economic data

The U.S. dollar traded higher against the most major currencies despite the weak U.S. economic data. The U.S. preliminary manufacturing purchasing managers' index (PMI) fell to 53.7 in December from 55.8 in November, missing expectations for a rise to 56.1. That was the lowest level since January 2014.

Housing starts in the U.S. declined 1.6% to 1.028 million annualized rate in November from a 1.045 million pace in October, beating expectations for a decrease to 1.025 million. October's figure was revised up from 1.009 million units.

Building permits in the U.S. decreased 5.2% to 1.035 million annualized rate in November from a 1.080 million pace in October, missing expectations for a fall to 1.050 million units.

The euro fell against the U.S. dollar. Germany's ZEW economic sentiment index increased to 34.9 in December from 11.5 in November, exceeding expectations for a rise to 19.8. That was the highest reading since May 2014.

Eurozone's ZEW economic sentiment index fell to 10.0 in December from 11.0 in October, missing expectations for a gain to 20.1.

Eurozone's trade surplus widened to €19.4 billion in October from €17.9 billion in September, exceeding expectations for a rise to €18.2 billion. September's figure was revised up from a surplus of €17.7 billion.

Eurozone's preliminary manufacturing PMI increased to 50.8 in December from 50.1 in November, exceeding expectations for a rise to 50.5.

Eurozone's preliminary services PMI rose to 50.9 in December from 51.1 in November. Analysts had expected the index to climb to 51.6

Germany's preliminary manufacturing PMI increased to 51.2 in December from 49.5 in November, beating forecasts of an increase to 50.4.

Germany's preliminary services PMI fell to 51.4 in December from 52.1 in November, missing expectations for a gain to 52.6.

France's preliminary manufacturing PMI dropped to 47.9 in December from 48.4 in November, missing forecasts of a rise to 48.7.

France's preliminary services PMI climbed to 49.8 in December from 47.9 in November, exceeding expectations for a gain to 48.6.

The British pound declined against the U.S. dollar. The U.K. consumer price index declined to an annual rate of 1.0% in November from 1.3% in October. Analysts had expected the consumer price inflation to decrease to 1.2%.

Consumer price inflation excluding food, energy, alcohol, and tobacco decreased to 1.2% in November from 1.5% in October. Analysts had expected the consumer inflation to remain at 1.5%.

The Bank of England's inflation target is about 2%.

The Canadian dollar traded higher against the U.S. dollar after the mixed Canadian economic data. Canadian manufacturing shipments fell 0.6% in October, missing expectations for a 0.4% drop, after a 2.2% rise in September. That was only the second fall in 2014. September's figure was revised up from a 2.1 increase.

Foreign securities purchases in Canada rose by C$9.53 billion in October, exceeding expectations for a gain of C$5.21 billion, after a C$4.64 increase in September. September's figure was revised up from a C$4.37 billion rise.

The New Zealand dollar traded lower against the U.S. dollar. In the overnight trading session, the kiwi traded mixed against the greenback in the absence of any major economic reports. China's economic data weighed on the kiwi. China's HSBC preliminary manufacturing purchasing managers' index dropped to 49.5 in December from 50.0 in November, missing expectations for a decline to 49.8.

The Australian dollar mixed against the U.S. dollar. In the overnight trading session, the Aussie traded slightly higher against the greenback after the minutes from December's Reserve Bank of Australia (RBA) monetary policy meeting. The RBA said that Australia's economy has grown at a moderate pace. The central bank added that gross domestic product growth is still expected to be below trend over 2014/15, but will pick up towards the end of 2016.

The Japanese yen fell against the U.S. dollar. In the overnight trading session, the yen rose against the greenback due to risk aversion.

Japan's preliminary manufacturing purchasing managers' index (PMI) increased to 52.1 in December from 52.o in November, missing expectations for a rise to 52.3.

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