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04.02.2015 07:30

Foreign exchange market. Asian session: U.S. dollar mixed against the most major currencies

The U.S. dollar traded mixed against the most major currencies after the weaker-than-expected U.S. factory orders. Factory orders in the U.S. dropped 3.4% in December, missing expectations for a 1.8% decrease, after a 1.7% decline in November. That was the fifth straight decline. November's figure was revised down from a 0.7% fall. Manufacturing in the U.S. is cooling due to weak global demand and falling oil prices. 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%. Today data on the ADP Unemployment Report, Services PMI and the ISM Non-Manufacturing will be in the focus.

The Australian dollar further recovered today after slumping more than 1% yesterday to a six-year low. Yesterday the Reserve Bank of Australia cut benchmark interest rates unexpectedly to a record low to 2.25% by 25 basis points 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. Yesterday data on the AIG Services Index showed an increase to 49.9 in January, close to expansion territory, after a reading of 47.5 in December.

China's HSBC Services Index declined to from 53.4 points in December to 51.8 in January. China is Australia's biggest trade partner.

New Zealand's dollar continued to rise sharply against the greenback in Asian trade hitting lows at USD0.7175 in yesterday's volatile session and climbing to as high as USD0.7476 today. New Zealand's Unemployment Rate rose to 5.7% from 5.4% in the previous period. Economist expected the Unemployment rate to decline to 5.3%. RBNZ Governor Wheeler said that a change in benchmark interest rates is not scheduled and that a period of OCR stability is the most prudent option.

The Japanese yen traded slightly higher against the greenback on Wednesday. Labor Cash Earnings rose in line with expectations by 1.6% in December, a 10th straight gain after adding +0.1% in the previous period.

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)

08:00 United Kingdom Halifax house price index January +0.9% +0.2%

08:00 United Kingdom Halifax house price index 3m Y/Y January +7.8% +7.8%

08:50 France Services PMI (Finally) January 49.5 49.5

08:55 Germany Services PMI (Finally) January 52.7 52.7

09:00 Eurozone Services PMI (Finally) January 52.3 52.3

09:30 United Kingdom Purchasing Manager Index Services January 55.8 56.6

10:00 Eurozone Retail Sales (MoM) December +0.6% -0.1%

10:00 Eurozone Retail Sales (YoY) January +1.5%

13:15 U.S. ADP Employment Report January 241 221

14:45 U.S. Services PMI (Finally) January 54.0 54.3

15:00 Canada Ivey Purchasing Managers Index January 55.4 55.9

15:00 U.S. ISM Non-Manufacturing January 56.2 56.6

15:30 U.S. Crude Oil Inventories January 8.9

Market Focus

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  • China: Trade Balance, bln, October 49.6 (forecast 51.7)
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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