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22.01.2016 13:15

Foreign exchange market. European session: the euro traded lower against the U.S. dollar after the mostly weaker-than-expected PMIs from the Eurozone

Economic calendar (GMT0):

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

01:35 Japan Manufacturing PMI (Preliminary) January 52.6 52.8 52.4

07:45 Eurozone ECB President Mario Draghi Speaks

08:00 France Manufacturing PMI (Preliminary) January 51.4 51.3 50

08:00 France Services PMI (Preliminary) January 49.8 50.2 50.6

08:30 Germany Manufacturing PMI (Preliminary) January 53.2 53 52.1

08:30 Germany Services PMI (Preliminary) January 56 55.6 55.4

09:00 Eurozone Manufacturing PMI (Preliminary) January 53.2 53 52.3

09:00 Eurozone Services PMI (Preliminary) January 54.2 54.2 53.6

09:00 Switzerland World Economic Forum Annual Meetings

09:30 United Kingdom PSNB, bln December -12.94 Revised From -13.56 -10.35 -6.87

09:30 United Kingdom Retail Sales (MoM) December 1.3% Revised From 1.7% -0.3% -1%

09:30 United Kingdom Retail Sales (YoY) December 4.5% Revised From 5.0% 4.3% 2.6%

12:00 United Kingdom BOE Deputy Governor for Financial Stability Jon Cunliffe speaks

The U.S. dollar traded mixed against the most major currencies ahead of the release of the U.S. economic index. The U.S. preliminary manufacturing PMI is expected to decline to 51.1 in January from 51.2 in December.

The existing home sales in the U.S. are expected to rise to 5.20 million units in December from 4.76 million units in November.

The euro traded lower against the U.S. dollar after the mostly weaker-than-expected PMIs from the Eurozone. Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for the Eurozone on Friday. Eurozone's preliminary manufacturing PMI declined to 52.3 in January from 53.2 in December. Analysts had expected the index to fall to 53.0.

The decline was driven by a slower pace of expansion in business activity.

Eurozone's preliminary services PMI fell to 53.6 in January from 54.2 in December. Analysts had expected the index to remain unchanged at 54.2.

"The cooling in the pace of growth in euro area business activity at the start of 2016 is a disappointment but not surprising given the uncertainty caused by the financial market volatility seen so far this year", Markit's Chief Economist Chris Williamson said.

He noted that data was signalling the Eurozone's economy could expand 0.3% - 0.4% in the first quarter.

The European Central Bank (ECB) released its Survey of Professional Forecasters (SPF) for Q1 2016 on Friday. Forecasters cut their inflation forecasts. Eurozone's inflation is expected to be 0.7% in 2016, down from October estimate of 1.0%, 1.4% in 2017, down from October estimate of 1.5%, and 1.6% in 2018.

Long-term inflation forecasts (for 2020) was lowered to 1.8% from 1.9%.

SPF respondents said in its survey that the downgrade was driven by oil price developments.

The British pound traded higher against the U.S. dollar despite the weaker-than-expected U.K. retail sales data. The Office for National Statistics released its retail sales data for the U.K. on Friday. Retail sales in the U.K. dropped 1.0% in December, missing expectations for a 0.3% decline, after a 1.3% rise in November. November's figure was revised down from a 1.7% increase.

The decline was driven by lower demand for clothing due to warm weather. Sales of clothing and footwear slid 6.3% in December.

On a yearly basis, retail sales in the U.K. jumped 2.6% in December, missing forecasts of 4.3% increase, after a 4.5% rise in November. November's figure was revised down from a 5.0% gain.

The Canadian dollar traded higher against the U.S. dollar ahead of the release of the Canadian economic data. The consumer price index in Canada is expected to climb 1.7% year-on-year in December from 1.4% in November.

The core consumer price index in Canada is expected to rise to 2.1% year-on-year in December from 2.0% in November.

Canadian retail sales are expected to increase 0.2% in November, after a 0.1% rise in October.

EUR/USD: the currency pair fell to $1.0802

GBP/USD: the currency pair increased to $1.4337

USD/JPY: the currency pair rose to Y118.33

The most important news that are expected (GMT0):

13:30 Canada Retail Sales, m/m November 0.1% 0.2%

13:30 Canada Retail Sales YoY November 1.9%

13:30 Canada Retail Sales ex Autos, m/m November 0.0% 0.4%

13:30 Canada Consumer Price Index m / m December -0.1% -0.4%

13:30 Canada Consumer price index, y/y December 1.4% 1.7%

13:30 Canada Bank of Canada Consumer Price Index Core, y/y December 2% 2.1%

13:30 U.S. Chicago Federal National Activity Index December -0.3

14:00 U.S. Housing Price Index, m/m November 0.5%

14:45 U.S. Manufacturing PMI (Preliminary) January 51.2 51.1

15:00 U.S. Leading Indicators December 0.4% -0.1%

15:00 U.S. Existing Home Sales December 4.76 5.2

22.01.2016 13:00

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