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02.09.2014 09:17

Foreign exchange market. Asian session: the Australian dollar dropped against the U.S. dollar despite after the Reserve Bank of Australia’ interest rate decision

Economic calendar (GMT0):

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

01:30 Australia Building Permits, m/m July -5.0% +1.7% +2.5%

01:30 Australia Building Permits, y/y July +16.0% +9.4%

01:30 Australia Current Account, bln Quarter II -5.7 -13.8 -13.7

01:30 Japan Labor Cash Earnings, YoY July +1.0% Revised From +0.4% +0.9% +2.6%

04:30 Australia Announcement of the RBA decision on the discount rate 2.50% 2.50% 2.50%

04:30 Australia RBA Rate Statement

05:45 Switzerland Gross Domestic Product (QoQ) Quarter II +0.5% +0.5% 0.0%

05:45 Switzerland Gross Domestic Product (YoY) Quarter II +2.1% Revised From +2.5% +0.6%

08:30 United Kingdom PMI Construction August 62.4 61.5 64.0

09:00 Eurozone Producer Price Index, MoM July +0.1% 0.0% -0.1%

09:00 Eurozone Producer Price Index (YoY) July -0.8% -1.1% -1.1%

The U.S. dollar traded higher against the most major currencies. Market participants continue to monitor tensions between Russia and Ukraine.

U.S. markets were closed for the Labor Day holiday on Monday.

The New Zealand dollar declined against the U.S dollar in the absence of any major economic reports from New Zealand.

The Australian dollar dropped against the U.S. dollar despite after the Reserve Bank of Australia' interest rate decision. The RBA kept its interest rate unchanged at 2.50%. The RBA Governor Glenn Stevens reiterated the Aussie remains too high. He added that "accommodative monetary policy should provide support to demand and help growth to strengthen over time".

Building permits in Australia climbed 2.5% in July, exceeding expectations for a 1.7% gain, after a 3.8 decline in June. June's figure was revised up from a 5.0% fall.

Australia's current account deficit widened to A$13.7 billion in the second quarter from a deficit of A$7.8 billion in the first quarter. The first quarter's figure was revised down from a deficit of A$5.7 billion. That was the largest deficit since late 2012.

The Japanese yen fell to 7-month low against the U.S. dollar due to reform hopes. Japan's Prime Minister Shinzo Abe plans to reshuffle the cabinet. Japanese media reports said that Shinzo Abe may appoint Yasuhisa Shiozaki, member of the ruling Liberal Democratic Party, to head the health ministry in charge of reforming the Government Pension Investment Fund (GPIF).

Reuters reported last month that GPIF plans to buy more domestic stocks in its portfolio and to change the weighting of domestic stocks to more than 20% from a current 12% target.

Japan's monetary base grew 40.5% in August, missing expectations for a 43.7% rise, after a 42.7% gain in July.

Labour cash earnings in Japan increased 2.6% in July, after a 1% rise in June. June's figure was revised up from a 0.4% increase. Analysts had expected a 0.9% gain.

EUR/USD: the currency pair fell to $1.3114

GBP/USD: the currency pair decreased to $1.6576

USD/JPY: the currency pair rose to Y104.86

AUD/USD: the currency pair declined to $0.9283

The most important news that are expected (GMT0):

14:00 U.S. ISM Manufacturing August 57.1 57.0

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