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23.04.2014 10:20

Foreign exchange market. Asian session: the Australian dollar down because of the lower than expected consumer price index

Economic calendar (GMT0):

01:30     Australia                      CPI, q/q                                                     Quarter I             +0.8%   +0.8%   +0.6%

01:30     Australia                      CPI, y/y                                                      Quarter I             +2.7%   +3.2%   +2.9%

01:45     China                          HSBC Manufacturing PMI (Preliminary)     April                    48.0          48.4      48.3

06:58     France                        Manufacturing PMI (Preliminary)                April                    52.1       51.9      50.9

06:58     France                        Services PMI (Preliminary)                        April                     51.5       51.5      50.3

07:28     Germany                     Manufacturing PMI (Preliminary)               April                     53.7          53.9      54.2

07:28     Germany                     Services PMI (Preliminary)                        April                     53.0          53.5      52.0

07:58     Eurozone                    Manufacturing PMI (Preliminary)                April                     53.0          53.0      53.3

07:58     Eurozone                    Services PMI (Preliminary)                        April                      52.2          52.7      53.1

The U.S. dollar traded mixed. Market participants already priced in the better-than-expected figures from the U.S. housing market.

The Australian dollar declined after the inflation data publication. The increase of the consumer price index was lower than expected in the first quarter. The annual consumer price index increased 2.9% (forecast: 3.2%). The monthly consumer price index rose 0.6% (forecast: 0.6%). The likelihood of interest hike by the Reserve Bank of Australia is near to zero in the next months.

The Australian dollar was also affected by the worse-than-expected Chinese HSBC Manufacturing PMI (Preliminary). HSBC Manufacturing PMI was up to 48.3 in April from 48.0 in March. But the figure in April did not exceed the forecast of 48.4.

The New Zealand dollar was down affected by the worse-than-expected Chinese HSBC Manufacturing PMI (Preliminary). China is New Zealand's second biggest export partner. Later in the day, the Reserve Bank of New Zealand will publish its interest rate and its rate statement. The Reserve Bank of New Zealand could increase interest rate by 25 basis points to 3.0%.

The Japanese Yen climbed against the U.S. dollar. The yen was supported by the speech of Bank of Japan Governor Haruhiko Kuroda. He said that the inflation target of 2% could be reached and there is no need for further quantitative stimulus measures. Market participants are waiting for developments in US-Japan free trade talks.


EUR/USD: the currency pair was up to $1.3820


GBP/USD: the currency pair was up to $1.6835


USD/JPY: the currency pair was down Y102.50


The most important news that are expected (GMT0):

08:30    United Kingdom               Bank of England Minutes                                                         

08:30    United Kingdom               PSNB, bln                                                March                   7.5          8.7         

10:00    United Kingdom               CBI industrial order books balance          April                       6             7            

12:30    Canada                            Retail Sales, m/m                                    February             +1.3%   +0.5%  

12:30    Canada                            Retail Sales ex Autos, m/m                     February             +1.0%   +0.6%  

13:43    U.S.                                  Manufacturing PMI (Preliminary)             April                       55.5       56.2      

14:00    U.S.                                  New Home Sales                                    March                   440         455                       

21:00    New Zealand                    RBNZ Interest Rate Decision                                              2.75%    3.00%   

21:00    New Zealand                    RBNZ Rate Statement

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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