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18.12.2014 16:43

Foreign exchange market. American session: the U.S. dollar traded mixed against the most major currencies after the mostly weaker-than-expected U.S. economic data

The U.S. dollar mixed against the most major currencies after the mostly weaker-than-expected U.S. economic data. The number of initial jobless claims in the week ending December 12 in the U.S. fell by 6,000 to 289,000 from 295,000 in the previous week. The previous week's figure was revised down from 294,000. Analysts had expected the number of initial jobless claims to climb to 297,000.

The Philadelphia Federal Reserve Bank released its manufacturing index dropped to 24.5 in December from 40.8 in November. Analysts had expected the index to decline to 26.3.

The U.S. preliminary services PMI declined to 53.6 in December from 56.2 in November, missing expectations for an increase to 57.1. This is the lowest level since February 2014.

The greenback remained supported by Fed's interest rate decision released yesterday. The Fed kept its interest rate unchanged and said it will be "patient" before to raise its interest rate.

The euro traded lower against the U.S. dollar. German Ifo business climate index rose to 105.5 in December from 104.7 in October, but missing expectations for a rise to 105.6.

The British pound traded higher against the U.S. dollar. Retail sales in the U.K. increased 1.6% in November, exceeding expectations for a 0.3% rise, after a 1.0% gain in October. That the highest increase since December 2013. October's figure was revised up from a 0.8% increase.

On a yearly basis, retail sales in the U.K. climbed 6.4% in November, beating expectations for a 4.5% rise, after a 4.6% increase in October. That was the highest rise since May 2004. October's figure was revised up from a 4.3% rise.

The increase was driven by strong Black Friday sales.

The Swiss franc traded lower against the U.S. dollar. The Swiss National Bank (SNB) has introduced a negative deposit rate to defend the exchange rate floor unchanged at 1.20 francs per euro. The SNB will charge 0.25% on sight deposits at the central bank. The new deposit rate will be imposed on January, 22.

Switzerland's trade surplus widened CHF3.87 billion in November from CHF3.23 billion in October, beating expectations for a decline to CHF 2.41 billion.

The State Secretariat for Economic Affairs (SECO) released its forecasts for Switzerland today. Seco still expects the economic growth of 1.8% in 2014, but lowered its forecast for 2015 to 2.1% from 2.4% due to a slowdown of the economic growth in the Eurozone.

The New Zealand dollar traded higher against the U.S. dollar. In the overnight trading session, the kiwi traded higher against the greenback due after the gross domestic product (GDP) data from New Zealand. New Zealand's GDP rose 1.0% in the third quarter, exceeding expectations for a 0.7% increase, after a 0.7% gain in the second quarter.

On a yearly basis, New Zealand's GDP climbed by 3.2% in the third quarter, missing expectations for a 3.3% gain, after a 3.2% rise in the second quarter. The second quarter's figure was revised down from a 3.9% rise.

The Australian dollar traded lower against the U.S. dollar. In the overnight trading session, the Aussie traded slightly higher against the greenback in the absence of any major economic reports from Australia.

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

Market Focus

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  • 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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