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Economic calendar (GMT0):
(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)
00:30 Australia CPI, q/q Quarter III 0.7% 0.6% 0.5%
00:30 Australia CPI, y/y Quarter III 1.5% 1.7% 1.5%
00:30 Australia Trimmed Mean CPI q/q Quarter III 0.6% 0.5% 0.3%
00:30 Australia Trimmed Mean CPI y/y Quarter III 2.2% 2.4% 2.1%
07:00 Germany Gfk Consumer Confidence Survey November 9.6 9.4 9.4
07:45 France Consumer confidence October 97 97 96
11:00 U.S. MBA Mortgage Applications October 11.8% -3.5%
The U.S. dollar traded mixed against the most major currencies ahead of the release of the Fed's monetary policy meeting results. It is unlikely that the Fed will change its monetary policy. Market participants will closely monitor Fed's statement for signals when the Fed plans to start raising its interest rates.
The euro traded higher against the U.S. dollar despite the negative economic data from the Eurozone. Market research group GfK released its consumer confidence index for Germany on Wednesday. German Gfk consumer confidence index fell to 9.4 in November from 9.6 in October, in line with expectations.
"Although this is the third consecutive drop in the consumer climate and the lowest level since February, the indicator is still very satisfactory. The excellent development of the retail sector is currently an important pillar of the consumer climate," Gfk noted.
French statistical office INSEE released its consumer confidence index for France on Wednesday. French consumer confidence index declined to 96 in October from 97 in September. Analysts had expected the index to remain unchanged at 97.
European Central Bank (ECB) Governing Council member Ardo Hansson said on Wednesday that there is no need for further stimulus measures in December.
"I don't see any convincing reason to consider further policy action in December knowing what we know today. If something very fundamental changes, we could perhaps re-evaluate, but now I don't see any need to take such a step," he said.
The British pound traded lower against the U.S. dollar in the absence of any major economic reports from the U.K.
The weaker-than-expected economic data from the U.K. still weighed on the pound. The Office for National Statistics released its U.K. GDP data on Tuesday. The preliminary U.K. gross domestic product (GDP) climbed 0.5% in the third quarter, missing expectations for a 0.6% gain, after a 0.7% rise in the second quarter. It was the slowest pace since the fourth quarter of 2012.
EUR/USD: the currency pair rose to $1.1090
GBP/USD: the currency pair fell to $1.5275
USD/JPY: the currency pair traded mixed
The most important news that are expected (GMT0):
18:00 U.S. Fed Interest Rate Decision 0.25% 0.25%
18:00 U.S. FOMC Statement
20:00 New Zealand RBNZ Interest Rate Decision 2.75% 2.75%
20:00 New Zealand RBNZ Rate Statement
23:50 Japan Industrial Production (MoM) (Preliminary) September -1.2% -0.5%
23:50 Japan Industrial Production (YoY) (Preliminary) September -0.4%
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