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18.02.2015 07:30

Foreign exchange market. Asian session: U.S. dollar traded moderately higher against most major peers

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

00:00 China Bank holiday

03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%

03:00 Japan Bank of Japan Monetary Base Target 275 275

03:00 Japan BoJ Monetary Policy Statement

06:30 Japan BOJ Press Conference

The U.S. dollar traded moderately higher trimming early losses against the most major currencies after yesterday's weaker-than-expected U.S. economic data. The NAHB housing market index declined to 55 in February from 57 in January. Analysts had expected the index to rise at 58. The NY Fed Empire State manufacturing index declined to 7.78 in February from 9.95 in January, missing expectations for a fall to 9.1. Today market participants await a set of important U.S. data including Building Permits, Housing Starts, the PPI, Industrial Production and the minutes of the last Federal Open Market Committee meeting.

The Australian dollar traded almost flat on Wednesday after the minutes of the RBA meeting were published yesterday. The bank named a lower growth and inflation outlook and Chinese demand for commodities as reasons for this month's decision to lower interest rates after a 17-month pause to support demand and to achieve balanced growth. On late Tuesday data on the Conference Board Australia Leading Index came in for the month of December with an upbeat reading of +0.4% compared to +0.1% in the previous month. Australia's Leading Index climbed +0.1% in January.

Chinese markets are closed today for the Lunar New Year holiday.

New Zealand's dollar halted its advance after adding gains for four days against the greenback and declined moderately. Late in the day data on New Zealand's PPI In- and Output for the fourth quarter are due at 21:45 GTM.

The Japanese yen traded moderately stronger against the greenback on Wednesday after the Bank of Japan held its unprecedented monetary policy steady after an 8 to 1 vote. Interest rates were not changed and remain at 0.10% and the Monetary Base Target was left at 275. The outlook for exports and factory output was upgraded and consumption remains firm according to BOJ Governor Kuroda. Inflation is slowing due to falling energy costs. He stated that the BoJ won't hesitate to achieve the price target and change policy if necessary.

Asia's second largest economy exited recession in the final quarter of last year according to data published over the weekend

EUR/USD: the euro traded weaker against the greenback

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

GPB/USD: Sterling traded lower against the U.S. dollar

The most important news that are expected (GMT0):

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

09:30 United Kingdom Average Earnings, 3m/y December +1.7% +1.7%

09:30 United Kingdom Average earnings ex bonuses, 3 m/y December +1.8%

09:30 United Kingdom Bank of England Minutes

09:30 United Kingdom Claimant count January -29.7 -25.2

09:30 United Kingdom Claimant Count Rate January 2.6%

09:30 United Kingdom ILO Unemployment Rate December 5.8% 5.8%

10:00 Switzerland Credit Suisse ZEW Survey (Expectations) February -10.8

13:30 Canada Wholesale Sales, m/m December -0.3% +0.4%

13:30 U.S. Building Permits, mln January 1060 Revised From 1032 1060

13:30 U.S. Housing Starts, mln January 1089 1070

13:30 U.S. PPI, m/m January -0.3% -0.4%

13:30 U.S. PPI, y/y January +1.1%

13:30 U.S. PPI excluding food and energy, m/m January +0.3% +0.2%

13:30 U.S. PPI excluding food and energy, Y/Y January +2.1%

14:15 U.S. Industrial Production (MoM) January -0.1% +0.5%

14:15 U.S. Capacity Utilization January 79.7% 79.9%

19:00 U.S. FOMC meeting minutes

21:30 U.S. API Crude Oil Inventories February +1.6

21:45 New Zealand PPI Input (QoQ) Quarter IV -1.5% -0.2%

21:45 New Zealand PPI Output (QoQ) Quarter IV -1.1% -0.3%

22:00 U.S. FOMC Member Jerome Powell Speaks

23:50 Japan Adjusted Merchandise Trade Balance, bln January -712.1 -600.0

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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