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20.02.2015 07:30

Foreign exchange market. Asian session: U.S. dollar traded lower against most major peers, stronger against the euro as Greece worries weigh

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

00:00 China Bank holiday

01:35 Japan Manufacturing PMI (Preliminary) February 52.2 52.6 51.5

07:00 Germany Producer Price Index (MoM) January -0.7% -0.3% -0.6%

07:00 Germany Producer Price Index (YoY) January -1.7% -2.2%

The U.S. dollar traded mostly lower against its major peers but is heading for a winning week as market participants speculate on a mid-year rate hike after reassessing the FED's dovish minutes and despite mixed U.S. economic data. The greenback weakened on Wednesday after the minutes of the FED's January meeting, where the committee expressed concerns that a rate hike might slow down economic recovery. Yesterday data showed that the Philadelphia Fed Manufacturing Survey declined to 5.2 in February from 6. 3 in January, missing expectations for a rise to 8.8. That was the lowest reading since February 2014. The number of initial jobless claims in the week ending February 14 in the U.S. fell by 21,000 to 283,000 from 304,000 in the previous week, beating expectations for a rise by 1,000. The U.S. leading economic index climbed by 0.2% in January, after a 0.4% increase in December. December's figure was revised down from a 0.6% gain.

Today data on U.S. Manufacturing PMI and Mortgage Delinquencies will be published.

The negotiations about a Greek debt deal will remain in the focus. As time runs out for Greece Athens requested an extension of the loan agreement but German Finance Minister Wolfgang Schäuble said it was "not a substantial proposal for a solution". The single currency lost against the U.S. dollar as the situation weighs.

The Australian dollar rose against the dollar on Thursday with no important data in the region published but worries about low commodity prices limited gains and weigh in the currency.

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

New Zealand's dollar advanced against the greenback with no major economic data for the region published.

The Japanese yen traded almost unchanged against the greenback on Friday in a light-data day, many Asian markets are closed for the Lunar New Year celebrations. Japans Manufacturing PMI for February declined from a previous reading of 52.2 to 51.5, below estimates of an increase to 52.6. BoJ Governor Haruhiko Kuroda stated yesterday that the bank is watching the bond market closely and said that negative rates are part of the bank's policy to reach the targeted 2% inflation rate.

EUR/USD: the euro traded weaker against the greenback

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

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

The most important news that are expected (GMT0):

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

08:00 France Services PMI (Preliminary) February 49.4 49.9

08:00 France Manufacturing PMI (Preliminary) February 49.2 49.7

08:30 Germany Manufacturing PMI (Preliminary) February 50.9 51.8

08:30 Germany Services PMI (Preliminary) February 54.0 54.3

09:00 Eurozone Manufacturing PMI (Preliminary) February 51.0 51.6

09:00 Eurozone Services PMI (Preliminary) February 52.7 53.2

09:30 United Kingdom Retail Sales (MoM) January -0.4% -0.1%

09:30 United Kingdom Retail Sales (YoY) January +4.3% +6.0%

09:30 United Kingdom PSNB, bln January 12.5 -9.5

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

13:30 Canada Retail Sales ex Autos, m/m December +0.7% -0.7%

14:45 U.S. Manufacturing PMI (Preliminary) February 53.9 53.7

15:00 U.S. Mortgage Delinquencies Quarter IV 5.85%

Market Focus

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