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11.12.2014 07:30

Foreign exchange market. Asian session: the greenback is trading weaker to steady

Economic calendar (GMT0):

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

00:00 Australia Consumer Inflation Expectation December 4.1% 3.4%

00:01 United Kingdom RICS House Price Balance November 20% 15% 13%

00:30 Australia Changing the number of employed November +24.1 +15.2 +42.7

00:30 Australia Unemployment rate November 6.2% 6.3% 6.3%

07:00 Germany CPI, m/m (Finally) November 0.0% 0.0% 0.0%

07:00 Germany CPI, y/y November +0.5% +0.5% +0.6%

The greenback traded steady against the euro and the British pound. The common currency previously continued to rally back from a 2 ½ year low at USD1.2246 hit on Monday. Investors continued to sell the U.S. dollar for profit awaiting important U.S. data later in the day.

The Australian dollar traded higher against the U.S. dollar. Consumer Inflation Expectation declined from a previous reading of 4.1% to 3.4% but the number of people employed rose unexpectedly by 42,700 in November, beating estimates of 15,000 by far. The Unemployment Rate stayed at 6.3% in line with expectations.

New Zealand's dollar added gains for a third day. Yesterday the RBNZ kept its benchmark interest rate unchanged at 3.5%. RBNZ Wheeler said that growth is expected to remain at or above trend through 2016 with more jobs being created and inflation pressure is going to stay modest - still further rate increases might be needed in the future. As diary prices keep falling the kiwi's exchange rate is "unjustifiably and unsustainably high", he said.

The Japanese yen lost after 3 days of gains again against the greenback on speculation that Prime Minister Shinzo Abe will win the elections this weekend and continue his "Abenomics" and even extend his stimulus measures - a policy that has weakened the Japanese yen. Japanese Core Machinery Orders declined by -6.4%. Analysts had forecasted a decline of -1.7% for October. Year on year the orders slumped from +7.3% to -4.9%.

EUR/USD: the euro traded steady against the greenback

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

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

The most important news that are expected (GMT0):

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

07:45 France CPI, m/m November 0.0% +0.2%

07:45 France CPI, y/y November +0.5% +0.5%

08:30 Switzerland SNB Interest Rate Decision 0.25% 0.25%

08:30 Switzerland SNB Monetary Policy Assessment

08:30 Switzerland SNB Press Conference

09:00 Eurozone ECB Monthly Report

10:15 Eurozone Targeted LTRO 82.6

13:30 Canada New Housing Price Index October +0.1% +0.2%

13:30 U.S. Retail sales November +0.3% +0.3%

13:30 U.S. Retail sales excluding auto November +0.3% +0.1%

13:30 U.S. Initial Jobless Claims December 297 299

13:30 U.S. Import Price Index December -1.3% -1.7%

15:00 U.S. Business inventories October +0.3% +0.2%

21:30 New Zealand Business NZ PMI November 59.3

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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