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02.12.2014 07:30

Foreign exchange market. Asian session: U.S. dollar trading stronger against euro, yen and pound

Economic calendar (GMT0):

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

00:50 Japan Monetary Base, y/y November +36.9% +37.2% +36.7%

01:30 Australia Building Permits, m/m October -11.2% [Revised From -11.0%] +5.2% +11.4%

01:30 Australia Building Permits, y/y October -11.4% [Revised From -13.4%] +2.5%

01:30 Australia Current Account, bln Quarter III -13.9% [Revised From -13.7] -13.5 -12.5%

02:30 Japan Labor Cash Earnings, YoY October +0.7% [Revised From +0.8%] +0.8% +0.5%

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

04:30 Australia RBA Rate Statement

The U.S. dollar traded stronger against the euro, yen and British pound but lost against the aussie and the kiwi after the better-than-expected ISM manufacturing purchasing managers' index. Markets await Fed Chairman Janet Yellen's speech today scheduled for 13:30 GMT and her Vice Chairmen's speech 20 minutes earlier and tomorrows Employment Report.

The Australian dollar traded stronger after the Royal Bank of Australia announced to keep interest rates at a record low of 2.5% to boost the economy facing a high currency and declining export prices. RBA Governor Glenn Stevens said in a statement that inflation is expected to stay on target at 2-3% over the next two years and that there will be no changes in the interest rates for the next two years. Building permits on a monthly basis beat forecasts of +5.2% reading +11.4% in October. Yearly Building permits rose +2.5%. Australia's current account balance for the third quarter showed a deficit of 12.5 bln beating forecast predicting a deficit of 13.5 bln.

The New Zealand dollar traded stronger against the U.S. dollar further recovering from weak Chinese data.

The Japanese yen lost against the U.S. dollar almosterasing yesterday's gains trading at seven-year highs driven by Moody's cut in Japan's credit rating to A1 from Aa3 fuelling doubts about Japan's Abenomics - the main reason for the Japanese yen's weakness. Moody's justified the cut with increasing uncertainty over Japan's ability to reduce its deficit.

EUR/USD: the euro declined against the greenback

USD/JPY: the U.S. dollar traded stronger against the yen

GPB/USD: The British pound traded weaker against the U.S. dollar

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

09:30 United Kingdom PMI Construction November 61.4 61.2

10:00 Eurozone Producer Price Index, MoM October +0.2% +0.3%

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

13:10 U.S. FED Vice Chairman Stanley Fischer Speaks

13:30 U.S. Fed Chairman Janet Yellen Speaks

15:00 U.S. Construction Spending, m/m November -0.4% +0.6%

17:00 U.S. FOMC Member Brainard Speaks

19:30 U.S. Total Vehicle Sales, mln November 16.5 16.5

21:30 U.S. API Crude Oil Inventories November +2.8

22:30 Australia AIG Services Index November 43.6

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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