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04.11.2014 13:07

Foreign exchange market. European session: the euro traded mixed against the U.S. dollar after the after the European Commission (EC) lowered its growth and inflation forecast for the Eurozone

Economic calendar (GMT0):

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

00:30 Australia Retail sales (MoM) September +0.1% +0.3% +1.2%

00:30 Australia Trade Balance September -1.01 Revised From -0.79 -1.78 -2.26

01:35 Japan Manufacturing PMI October 52.8 52.8 52.4

03:30 Australia Announcement of the RBA decision on the discount rate 2.50% 2.50% 2.50%

03:30 Australia RBA Rate Statement

09:30 United Kingdom PMI Construction October 64.2 63.5 61.4

10:00 Eurozone Producer Price Index, MoM September -0.2% Revised From -0.1% 0.0% +0.2%

10:00 Eurozone Producer Price Index (YoY) September -1.4% -1.5% -1.4%

The U.S. dollar traded mixed against the most major currencies ahead of the trade data and factory orders from the U.S. The U.S. trade deficit is expected to decline to $40.0 billion in September from a deficit of $40.1 billion in August.

Factory orders in the U.S. are expected to decline 0.4% in September, after a 10.1% drop in August.

The euro traded mixed against the U.S. dollar after the European Commission (EC) lowered its growth and inflation forecast for the Eurozone. The EC cut its forecast for Eurozone's economic growth to 0.8% in 2014, down from 1.2%. The economic growth in the Eurozone is lowered to 1.1% in 2015, down from 1.7% previously.

The EC expects inflation in the Eurozone to remain below the European Central Bank's 2% target until at least 2016.

The EC lowered its forecasts due to a slowdown of the European economy and geopolitical crises.

The British pound traded mixed against the U.S. dollar after the weaker-than-expected construction PMI from the U.K. The construction purchasing managers' index in the U.K. fell to 61.4 in October from 64.2 in September. Analysts had expected the index to decline to 63.5.

The Canadian dollar fell against the U.S. dollar ahead of the trade data from Canada. The Canadian trade deficit is expected to widen to C$0.7 billion in September from a deficit of C$0.6 in August.

EUR/USD: the currency pair traded mixed

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair declined to Y113.16

The most important news that are expected (GMT0):

13:30 Canada Trade balance, billions September -0.6 -0.7

13:30 U.S. International Trade, bln September -40.1 -40.0

15:00 U.S. Factory Orders September -10.1% -0.4%

15:30 Canada BOC Gov Stephen Poloz Speaks

21:45 New Zealand Employment Change, q/q Quarter III +0.4% +0.6%

21:45 New Zealand Unemployment Rate Quarter III 5.6% 5.5%

04.11.2014 13:00

Orders

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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