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17.12.2014 16:41

Foreign exchange market. American session: the U.S. dollar traded mixed to higher against the most major currencies ahead of the Fed's interest rate decision

The U.S. dollar traded mixed to higher against the most major currencies ahead of the Fed's interest rate decision. Investors expect that the Fed will keep its low interest rate for a longer period. They are awaiting new signs for further monetary policy in the U.S.

The U.S. consumer price inflation fell 0.3% in November, missing expectations for a 0.1% decrease, after a flat reading in October. That was largest decline since December 2008.

The declines was driven by lower gas prices. Gas prices slid 10.5% in November, the largest decline in nearly six years.

On a yearly basis, the U.S. consumer price index fell to 1.3% in November from 1.7% in October.

The U.S. consumer price inflation excluding food and energy climbed 0.1% in November, in line with expectations, after a 0.2% rise in October.

On a yearly basis, the U.S. consumer price index excluding food and energy decreased to 1.7% in November from a

The euro traded lower against the U.S. dollar. Eurozone's consumer price index dropped 0.2% in November, in line with expectations, after a flat reading in October.

On a yearly basis, Eurozone's consumer price inflation remained unchanged at 0.3% in November, in line with expectations.

Eurozone's consumer price inflation excluding food, energy, alcohol and tobacco remained unchanged at an annual rate of 0.7% in November, in line with expectations.

The British pound traded lower against the U.S. dollar despite the solid labour market data from the U.K. The U.K. unemployment rate remained uncaged at 6.0% in the August to October quarter, missing expectations for a decline to 5.9%.

The claimant count decreased by 26,900 people in November, exceeding expectations for a drop of 19,800 people, after a decrease of 25,100 people in October. October's figure was revised from a decline of 20,400.

Average weekly earnings, excluding bonuses, climbed by 1.6% in the August to October period, in line with expectations, up from a revised 1.2% rise in the previous three months.

Average weekly earnings, including bonuses, rose by 1.4% in the August to October period, beating expectations for a gain to 1.3%, after a 1.0% increase in the previous three months.

That was the first time for six years that earnings growth (both measures) has exceeded the inflation rate. The U.K. consumer price index declined to an annual rate of 1.0% in November from 1.3% in October.

The Bank of England (BoE) released its last meeting minutes. The BoE kept its monetary policy unchanged. Two members, Ian McCafferty and Martin Weale, voted for the fifth consecutive month to raise interest rates to 0.75% from 0.5%. The MPC members want to see further increases in wage growth before to raise interest rates.

The Canadian dollar traded mixed against the U.S. dollar after the weaker-than-expected Canadian wholesale sales. Wholesale sales increased 0.1% in October, missing expectations for a 0.9% gain, after a 1.8% rise in September.

The Swiss franc traded lower against the U.S. dollar. A survey by the ZEW Institute and Credit Suisse Group showed today that Switzerland's economic sentiment index rose to -4.9 points in December from -7.6 points in November.

The Swiss National Bank (SNB) released its quarterly bulletin on Wednesday. The SNB said that it will keep the exchange rate floor unchanged at 1.20 francs per euro. Switzerland's noted that deflation risks have increased that the Swiss franc is still high.

The New Zealand dollar traded lower against the U.S. dollar. In the overnight trading session, the kiwi declined against the greenback due after the current account data from New Zealand. New Zealand's current account deficit widened to NZ$5.01 billion in the third quarter from a deficit of NZ$1.08 billion in the second quarter. The second quarter's figure was revised down to a deficit of NZ$1.07 billion. Analysts had expected the current account deficit of NZ$5.32 billion.

The Australian dollar traded lower against the U.S. dollar. In the overnight trading session, the Aussie dropped against the greenback. The leading index for Australia fell 0.1% in November, down from a 0.1% rise in October. October's figure revised up from a flat reading.

The Japanese yen traded lower against the U.S. dollar in the absence of any major economic reports from Japan.

Market Focus

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  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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