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10.03.2015 07:30

Foreign exchange market. Asian session: U.S. dollar traded broadly stronger against its major peers

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

00:01 United Kingdom BRC Retail Sales Monitor y/y February +0.2% +0.2%

00:30 Australia National Australia Bank's Business Confidence February 3 0

01:30 China PPI y/y February -4.3% -4.2% -4.8%

01:30 China CPI y/y February +0.8% +1.0% +1.4%

06:00 Japan Prelim Machine Tool Orders, y/y February +20.4% +28.9%

06:45 Switzerland Unemployment Rate February 3.1% 3.2%

The U.S. dollar traded broadly stronger against its major peers on Tuesday as speculations on a rate hike in June continue to support the currency after the better-than-expected U.S. labour market data reported on Friday. All eyes are now on next week's FOMC meeting to get any further indication on the timing.

The euro and sterling continued to fall after yesterday's rebound from Friday's slump. Yesterday the ECB started its massive bond-buying program worth euro 60 billion a month, also known as QE, quantitative easing. Continuing uncertainty over Greece put further pressure on the single currency. The euro is trading close to 12-year lows against the greenback.

The Australian dollar declined against the greenback to a five-week low at USD0.7630 currently quoted at USD0.7655 after the National Australia Bank's Business Confidence declined from a previous reading of 3 to zero. Lacklustre data from China put further pressure on the currency. China is Australia's biggest trade partner and the aussie often trades as a proxy to China's economic development.

Later in the day RBA Assist Governor Kent speaks at 22:05 GMT and at 23:30 GMT the Westpac Consumer Confidence index is due. Last month the RBA cut interest rates to a record low.

Chinese Producer Prices year on year declined -4.8% in February, more than the expected -4.2%. Consumer Prices rose +1.4% beating expectations of an increase of +1.0%. As the data showed the risk of deflation in the world's second largest economy further measures by the PBoC will be in the focus.

New Zealand's dollar lost ground against the greenback in the absence any major economic reports from New Zealand.

The Japanese yen traded lower against the greenback on Tuesday setting a new 8-year low at USD122.02, currently trading a little higher at USD121.73. Preliminary Machine Tool Orders rose by +28.9% year on year in February with a previous reading of +20.4%. Late in the day data on Core Machinery orders is due at 23:50 GMT.

EUR/USD: the euro lower higher against the greenback

USD/JPY: the U.S. dollar traded higher against the yen

GPB/USD: Sterling recovered moderately against the U.S. dollar

The most important news that are expected (GMT0):

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

07:45 France Industrial Production, m/m January +1.5% +0.8%

07:45 France Industrial Production, y/y January -1.3%

10:00 Eurozone ECOFIN Meetings

14:00 U.S. Wholesale Inventories January +0.1% 0.0%

14:00 U.S. JOLTs Job Openings January 5028 5030

20:30 U.S. API Crude Oil Inventories March +2.9

22:05 Australia RBA Assist Gov Kent Speaks

23:30 Australia Westpac Consumer Confidence March +8.0%

23:50 Japan Core Machinery Orders January +8.3% -3.8%

23:50 Japan Core Machinery Orders, y/y January +11.4%

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