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03.02.2015 07:30

Foreign exchange market. Asian session: U.S. dollar flat against euro, lower aginst yen

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

00:30 Australia Building Permits, m/m December +7.5% -4.8% -3.3%

00:30 Australia Building Permits, y/y December +10.1% +8.8%

00:30 Australia Trade Balance December -0.93 -0.85 -0.44

03:30 Australia Announcement of the RBA decision on the discount rate 2.50% 2.50% 2.25%

03:30 Australia RBA Rate Statement

07:00 Switzerland Trade Balance December 3.87 1.5

The U.S. dollar traded mixed higher against the most major currencies, except the Japanese yen, recovering from declines after the mostly weaker-than-expected U.S. economic data yesterday. The Institute for Supply Management's manufacturing purchasing managers' index for the U.S. declined to 53.5 in January from 55.5 in December, missing expectations for a decline to 54.9. The data added to concerns over the economic outlook of the U.S. after data showed that the world's biggest economy expanded at a slower pace in the fourth quarter, growing at 2.6%. The greenback traded almost flat against the euro as there is hope that the new Greek government will reach a compromise on the terms of its bailout.

The Australian dollar slumped more than 1% to a six-year low after the Reserve Bank of Australia cut benchmark interest rates unexpectedly to a record low to 2.25% by 25 basis points at its policy meeting in order to support the economy and to keep the aussie low. Reserve Bank of Australia Governor Glenn Stevens said in a statement in a statement that lower interest rates are expected to add some further support to demand, help to achieve sustainable growth and to assure that inflation is consistent with the target. Earlier data on Australia's Trade Balance rose more than expected to a -0.44 billion from -1.02 billion in the previous month. Analysts expected -0.85 billion. Building Permits declined less-than-expected by 3.3% compared to a forecast of -4.8% in December. Data for November was revised to +7.7%. On a yearly basis Building Permits rose less with +8.8% compared to +10.1%.

New Zealand's dollar against fell sharply against the greenback in Asian trade continuing a recent slide. The kiwi lost 6% against the U.S. dollar in January. The Reserve Bank of New Zealand opened the door for a possible rate cut at its policy meeting on Wednesday. Today a set of data is due including Employment Change, the Unemployment rate and late in the day RBNZ Governor Graeme Wheeler Speaks.

The Japanese yen traded higher against the greenback on Tuesday as shares declined and investors sought a safe haven. Japan's Monetary Base rose less-than-expected by +37.4%. Economists predicted an increase by +40.1%.

EUR/USD: the euro traded almost flat against the greenback

USD/JPY: the U.S. dollar lost against the yen

GPB/USD: Sterling traded slightly weaker against the U.S. dollar

The most important news that are expected (GMT0):

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

09:30 United Kingdom PMI Construction January 57.6 56.9

10:00 Eurozone Producer Price Index, MoM December -0.4% -0.7%

10:00 Eurozone Producer Price Index (YoY) December -1.6%

13:30 Canada Industrial Product Prices, m/m December -0.4% +0.3%

13:30 Canada Raw Material Price Index December -5.8% -4.6%

15:00 U.S. Factory Orders December -0.7% -1.8%

19:30 U.S. Total Vehicle Sales, mln January 16.9 17.0

21:30 U.S. API Crude Oil Inventories January +12.7

21:45 New Zealand Employment Change, q/q Quarter IV +0.8% +0.8%

21:45 New Zealand Unemployment Rate Quarter IV 5.4% 5.3%

22:30 Australia AIG Services Index January 47.5

23:00 New Zealand RBNZ Governor Graeme Wheeler Speaks

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