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04.12.2014 07:30

Foreign exchange market. Asian session: the greenback traded stronger against its Asian and European counterparts

Economic calendar (GMT0):

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

00:30 Australia Retail sales (MoM) October +1.3% [Revised From +1.2%] +0.1% +0.4%

00:30 Australia Retail Sales Y/Y October +5.7% +5.7%

00:30 Australia Trade Balance October -2.24 [Revised From -2.26] -1.81 -1.32

The greenback traded stronger against its Asian and European counterparts after the upbeat ISM Service sector data stoking hopes that economic growth in the wold's largest economy will further pick up pace. The Institute for Supply Management released its non-manufacturing purchasing managers' index for the U.S. on Wednesday. The index rose to 59.3 in November from 57.5 in October, beating expectations for a decline to 57.1. The FED's beige book showed job gains across the U.S. Market participants are awaiting Initial Jobless Claims being due at 13:30 GMT followed by speeches of FOMC member Mester and Brainard.

The Australian dollar traded weaker against the greenback and extended its four-year low after Goldman Sachs Australia Chief Economist Tim Toohey predicted it will slide to 83 U.S. cents in three months and 79 U.S. cents in the next year. Positive data on Retail Sales, reading +0.4% in October beating forecasts by +0.3% and a less negative trade balance for the same month, showing a deficit of AUD1.3 billion, lower than the AUD1.81 billion expected and below the AUD2.3 billion deficit in September, were no real support.

The New Zealand dollar further weakened against the U.S. dollar falling near a three-week low after yesterday's decline in milk prices. At the Fonterra Cooperative Group Ltd. auction prices fell to USD2,229 per metric ton, less than half the early February price of USD5,005.

The Japanese yen fell for a third consecutive day against the U.S. dollar trading at new seven-year lows at USD119.88, the weakest since August 2007 three days after Moody's downgraded Japan's sovereign debt rating. Polls for the upcoming election on December 14th show that Prime Minister Abe will be able to boost his majority and will be able to continue his Abenomics - a policy that led to a hefty decline in Japan's currency.

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 lower against the U.S. dollar


The most important news that are expected (GMT0):

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

08:00 United Kingdom Halifax house price index November -0.4%

08:00 United Kingdom Halifax house price index 3m Y/Y November +8.8%

12:00 United Kingdom BoE Interest Rate Decision 0.50% 0.50%

12:00 United Kingdom Asset Purchase Facility 375 375

12:00 United Kingdom MPC Rate Statement

12:45 Eurozone ECB Interest Rate Decision 0.05% 0.05%

13:30 Eurozone ECB Press Conference

13:30 U.S. Initial Jobless Claims November 313 297

13:30 U.S. FOMC Member Mester Speaks

15:00 Canada Ivey Purchasing Managers Index November 51.2 53.2

17:30 U.S. FOMC Member Brainard Speaks

22:30 Australia AiG Performance of Construction Index November 53.4

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • 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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