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16.12.2015 13:23

Foreign exchange market. European session: the British pound traded lower against the U.S. dollar after the release of the U.K. labour market data

Economic calendar (GMT0):

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

01:35 Japan Manufacturing PMI (Preliminary) December 52.6 52.5

08:00 France Manufacturing PMI (Preliminary) December 50.6 50.5 51.6

08:00 France Services PMI (Preliminary) December 51 50.8 50

08:30 Germany Manufacturing PMI (Preliminary) December 52.9 53 53

08:30 Germany Services PMI (Preliminary) December 55.6 55.5 55.4

09:00 Eurozone Manufacturing PMI (Preliminary) December 52.8 52.8 53.1

09:00 Eurozone Services PMI (Preliminary) December 54.2 54.1 53.9

09:30 United Kingdom Average earnings ex bonuses, 3 m/y October 2.4% Revised From 2.5% 2.3% 2.0%

09:30 United Kingdom Average Earnings, 3m/y October 3% 2.5% 2.4%

09:30 United Kingdom Claimant count November 0.2 Revised From 3.3 1.5 3.9

09:30 United Kingdom ILO Unemployment Rate October 5.3% 5.3% 5.2%

10:00 Eurozone Trade balance unadjusted October 20.5 21.5 24.1

10:00 Eurozone Harmonized CPI November 0.1% -0.2% -0.1%

10:00 Eurozone Harmonized CPI ex EFAT, Y/Y (Finally) November 1.1% 0.9% 0.9%

10:00 Eurozone Harmonized CPI, Y/Y (Finally) November 0.1% 0.1% 0.2%

10:00 Switzerland Credit Suisse ZEW Survey (Expectations) December 0.0 16.6

12:00 U.S. MBA Mortgage Applications December 1.2% -1.1%

The U.S. dollar traded mixed to higher against the most major currencies ahead of the release of the U.S. economic data. Housing starts in the U.S. are expected to rise to 1.135 million units in November from 1.060 million units in October.

The number of building permits is expected to decrease to 1.150 million units in November from 1.161 million units in October.

The U.S. industrial production is expected to fall 0.1% in November, after a 0.2% decline in October.

The U.S. preliminary manufacturing PMI is expected to decline to 52.6 in December from 52.8 in November.

The Fed will release its latest monetary policy decision at 19:00 GMT.

The euro traded lower against the U.S. dollar after the release of the mixed economic data from the Eurozone. Eurostat released its final consumer price inflation data for the Eurozone on Wednesday. Eurozone's harmonized consumer price index fell 0.1% in November, beating expectations for a 0.2% drop, after a 0.1% increase in October.

On a yearly basis, Eurozone's final consumer price inflation increased to 0.2% in November from 0.1% in October, exceeding the preliminary reading of a 0.1% rise.

Eurozone's final consumer price inflation excluding food, energy, alcohol and tobacco fell to an annual rate of 0.9% in November from 1.1% in October, in line with the preliminary reading.

Eurozone's unadjusted trade surplus rose to €24.1 billion in October from €20.5 billion in September, exceeding expectations for a rise €21.5 billion.

Exports rose at an annual rate of 1.0% in October, while imports were flat.

Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's preliminary manufacturing PMI rose to 53.1 in December from 52.8 in November. Analysts had expected the index to remain unchanged at 52.8.

Eurozone's preliminary services PMI fell to 53.9 in December from 54.2 in November, missing expectations for a fall to 54.1.

Growth of new business supported both indexes.

"The Eurozone economy enjoyed a comfortably solid end to 2015, though policymakers are likely to remain disappointed by the relatively modest pace of expansion and lack of inflationary pressures, given the stage of the recovery and the amount of stimulus already in place", Markit's Chief Economist Chris Williamson said.

He noted that data was signalling the Eurozone's economy could expand 0.4% in the fourth quarter, meaning that the economy grew 1.5% in 2015.

The British pound traded lower against the U.S. dollar after the release of the U.K. labour market data. The Office for National Statistics (ONS) released its labour market data on Wednesday. The U.K. unemployment rate fell to 5.2% in the August to October quarter from 5.3% in the July to September quarter. It was the lowest reading since three months to January 2006.

Analysts had expected the unemployment rate to remain unchanged at 5.3%.

The claimant count rose by 3,900 people in November, beating expectations for a rise by 1,500, after an increase of 200 people in October. October's figure was revised down from a 3,300 increase.

U.K. unemployment in the July to September period dropped by 110,000 to 1.71 million from the previous quarter.

Average weekly earnings, excluding bonuses, climbed by 2.0% in the August to October quarter, missing expectations for a 2.0% rise, after a 2.4% gain in the July to September quarter. The previous quarter's figure was revised down from a 2.5% increase.

Average weekly earnings, including bonuses, rose by 2.4% in the August to October quarter, missing expectations for a gain of 2.5%, after a 3.0% increase in the July to September quarter.

The Bank of England monitors closely the wages growth it considers when to start hiking its interest rate.

The Canadian dollar traded lower against the U.S. dollar ahead of the release of the Canadian economic data.

The Swiss franc traded lower against the U.S. dollar. A survey by the ZEW Institute and Credit Suisse Group showed on Wednesday that Switzerland's economic sentiment index jumped to 16.6 in December from 0.0 in November.

"As in the previous months, the clear majority of survey respondents regard the present state of Switzerland's economy as being "normal". The group of analysts sharing this assessment has increased slightly and now amounts to 86.1 per cent of respondents," the ZEW said.

The current conditions climbed to -2.7 in December from -12.2 points in November.

EUR/USD: the currency pair declined to $1.0912

GBP/USD: the currency pair fell to $1.4988

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

13:30 Canada Foreign Securities Purchases October 3.35

13:30 U.S. Housing Starts November 1060 1135

13:30 U.S. Building Permits November 1161 1150

14:15 U.S. Capacity Utilization November 77.5% 77.4%

14:15 U.S. Industrial Production (MoM) November -0.2% -0.1%

14:15 U.S. Industrial Production YoY November 0.3%

14:45 U.S. Manufacturing PMI (Preliminary) December 52.8 52.6

15:30 U.S. Crude Oil Inventories December -3.568 -1.4

19:00 U.S. Fed Interest Rate Decision 0.25% 0.5%

19:00 U.S. FOMC Economic Projections

19:00 U.S. FOMC Statement

19:30 U.S. Federal Reserve Press Conference

21:45 New Zealand GDP q/q Quarter III 0.4% 0.8%

21:45 New Zealand GDP y/y Quarter III 2.4% 2.3%

23:50 Japan Trade Balance Total, bln November 111.5 -446.2

16.12.2015 13:00

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