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10.12.2014 07:30

Foreign exchange market. Asian session: the greenback lost against its major peers

Economic calendar (GMT0):

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

00:30 Australia Westpac Consumer Confidence December +1.9% -5.7%

00:50 Japan BSI Manufacturing Index Quarter IV 12.7 13.1 8.1

00:30 Australia Home Loans October -0.7% +0.2% +0.3%

01:30 China PPI y/y November -2.2% -2.3% -2.7%

01:30 China CPI y/y November +1.6% +1.6% +1.4%

05:00 Japan Coincident Index November 38.9 39.6 37.7

06:30 France Non-Farm Payrolls (Finally) Quarter III -0.2% -0.2% -0.3%

The greenback saw further profit taking after its recent rally fuelled by better-than expected job data last Friday. Investors also closed positions due to risk aversion. The Greek presidential elections next week and restrictions on collateral for short-term loans by Chinese government led to investments in safe-haven assets.

The Australian dollar traded higher against the U.S. dollar for the first time in 10 days after trading at a four year low yesterday. The currency strengthened although data on the Westpac Consumer Confidence Index showed a disappointing -5.7% for December followed by a 0.3% gain in Home Loans. Downbeat Chinese data slowed the currencies rebound. China is Australia's key export destination.

New Zealand's dollar gained for a second day before the RBNZ will meet today to decide on the countries benchmark interest rate. Slumping milk prices weighed on the currency. Milk powder prices declined by almost 56% in the last 12 months.

The Japanese yen strengthened again against the greenback after global stocks declined and Chinese growth slowed as investors are looking for haven assets. Falling oil prices further supported the currency. Japan's BSI Manufacturing Index declined to 8.1 falling short of expectations. Analysts predicted an increase to 13.1 from a previous reading of 12.7.

EUR/USD: the euro traded higher against the greenback

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

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

The most important news that are expected (GMT0):

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

07:45 France Industrial Production, m/m October 0.0% +0.2%

07:45 France Industrial Production, y/y October -0.3%

08:00 China New Loans November 548 660

09:30 United Kingdom Trade in goods October -9.8 -9.5

15:30 U.S. Crude Oil Inventories December -3.7

16:15 Canada Gov Council Member Wilkins Speaks

19:00 U.S. Federal budget November -121.7 -79.6

20:00 New Zealand RBNZ Interest Rate Decision 3.50% 3.50%

20:00 New Zealand RBNZ Rate Statement

20:00 New Zealand RBNZ Press Conference

21:45 New Zealand Food Prices Index, m/m November 0.0%

21:45 New Zealand Food Prices Index, y/y November +0.9%

23:50 Japan Core Machinery Orders October +2.9% -1.7%

23:50 Japan Core Machinery Orders, y/y October +7.3%

23:50 Japan Tertiary Industry Index October +1.0% -0.1%

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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