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25.08.2014 09:02

Foreign exchange market. Asian session: New Zealand dollar dropped against the U.S dollar, speculation of the Reserve Bank of New Zealand’ intervention

Economic calendar (GMT0):

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

00:00 United Kingdom Bank holiday

08:00 Germany IFO - Business Climate August 108.0 107.1 106.3

08:00 Germany IFO - Current Assessment August 112.9 111.1

08:00 Germany IFO - Expectations August 103.4 101.7

The U.S. dollar traded mixed to higher against the most major currencies due to Friday's comments by Federal Reserve Chair Janet Yellen in Jackson Hole. Janet Yellen said that the U.S. labour market is not yet fully recovered. But she added that the U.S. labour market was improving. The Fed Chair Yellen offered no signal when the Fed will start to raise its interest rate.

Investors speculate that the Fed may hike its interest rate sooner than expected.

Tensions over Ukraine also weighed on markets.

The New Zealand dollar dropped against the U.S dollar in the absence of any major reports in New Zealand. Investors speculate the Reserve Bank of New Zealand intervened in the market. New Zealand's central bank has recently said the kiwi is too high and mentioned the possibility it could intervene in the market by selling the local currency.

The Australian dollar traded mixed against the U.S. dollar in the absence of any major reports in Australia.

The Japanese yen traded lower against the U.S. dollar due to strong U.S. currency. No major reports were released in Japan.

The Bank of Japan (BoJ) Governor Haruhiko Kuroda said in Jackson Hole on Saturday that the stimulus measures by Japan's central bank were proving effective. Kuroda also said Japan's labour market is showing "significant improvement. He added the BoJ will continue its accommodative monetary policy until the 2% inflation target is met.

EUR/USD: the currency pair declined to $1.3188

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair rose to Y104.27

The most important news that are expected (GMT0):

13:00 Belgium Business Climate August -7.5 -8.3

13:45 U.S. Services PMI (Preliminary) August 60.8 59.2

14:00 U.S. New Home Sales July 406 426

22:45 New Zealand Trade Balance, mln July 247 -475

Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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