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05.12.2014 07:30

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

Economic calendar (GMT0):

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

05:00 Japan Leading Economic Index October 105.6 104.0

05:00 Japan Coincident Index October 109.8 110.2

07:00 Germany Factory Orders s.a. (MoM) October +0.8% +0.6% +2.5%

07:00 Germany Factory Orders n.s.a. (YoY) October -1.0% +2.4%

The greenback steadied against the single currency after yesterday's highly volatile trading. In yesterday's speech ECB president Mario Draghi said that the bank will not immediately extend its stimulus program and will reassess the success of what has been done already and the impact of the declining oil prices early next year. Investors were disappointed as they speculated that the ECB will announce further stimulus measures. The ECB revised down forecasts for growth and inflation. Markets are now awaiting U.S. Nofarm Payrolls and the Unemployment Rate being published at 13:30 GMT and Eurozone's GDP earlier in the session at 10:00 GMT.

The Australian dollar traded weaker against the greenback after disappointing data on the AiG Performance of Construction Index. The index declined to 45.4 in November dropping from expansion territory with a previous reading of 53.4. Goldman Sachs Australia Chief Economist Tim Toohey predicted the aussie will slide to 83 U.S. cents in three months and 79 U.S. cents in the next year.

The New Zealand dollar further weakened against the U.S. dollar falling near a three-week low. Plummeting milk-prices weigh on the currency.

The Japanese yen fell for a fourth consecutive day against the U.S. dollar trading above the important USD120 level for the first time since July 2007, currently quoted at USD120.08. Solid U.S. data, Japan in recession and expectations that Prime Minister Abe will win in the upcoming elections put further pressure on the currency. The yen already lost more than 15% since June 30.

EUR/USD: the euro steadied 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 Switzerland Foreign Currency Reserves November 460.4

09:30 United Kingdom Consumer Inflation Expectations November +2.8%

10:00 Eurozone GDP (QoQ) (Revised) Quarter III +0.2% +0.2%

10:00 Eurozone GDP (YoY) (Revised) Quarter III +0.8% +0.8%

13:30 Canada Trade balance, billions October 0.7 0.4

13:30 Canada Employment November 43.1 5.3

13:30 Canada Unemployment rate November 6.5% 6.6%

13:30 U.S. International Trade, bln October -43.0 -41.2

13:30 U.S. Average hourly earnings November +0.1% +0.2%

13:30 U.S. Nonfarm Payrolls November 214 225

13:30 U.S. Unemployment Rate November 5.8% 5.8%

13:45 U.S. FOMC Member Mester Speaks

15:00 U.S. Factory Orders October -0.6% -0.2%

19:45 U.S. FED Vice Chairman Stanley Fischer Speaks

20:00 U.S. Consumer Credit October 15.9 16.5

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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