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19.03.2015 07:30

Foreign exchange market. Asian session: U.S. dollar traded broadly stronger against its major peers after yesterday’s slump on FED comments

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

00:30 Australia RBA Bulletin

04:30 Japan All Industry Activity Index, m/m January -0.3% +1.7% +1.9%

06:45 Switzerland SECO Economic Forecasts

07:00 Switzerland Trade Balance February 3.43 2.87 2.47

The U.S. dollar moderately rebounded from yesterday's slump against its major peers. Yesterday the Federal Reserve, although removing the 'patient' wording from its minutes, lowered forecasts on economic growth and inflation - the strong dollar keeps inflation below the targeted 2% and slows export-growth. FED chair Janet Yellen said that the FED has not yet decided on the timing of a rate hike but it could happen at any FOMC meeting this year. The bank will have a close eye on international developments before hiking rates.

The euro is trading lower after yesterday's gains where the single currency shortly traded as high as USD1.1022 after the more dovish-than-expected FED comments.

The Australian dollar lost against the greenback. In its bulletin the RBA warned that the Chinese government might not stimulate the property market as much as needed and that the market remains a key risk for China's economy. China is Australia's biggest trade partner and the Australian economy strongly depends on its commodity exports to the world's second largest economy.

New Zealand's dollar lost against the greenback during the Asian session. Yesterday data on the country's gross domestic product was reported. The GDP rose quarter on quarter by +0.8%, in line with estimates. Data on the third quarter was revised down from +1.0% to +0.9%. Year on year the GDP rose +3.5%, compared to a previous reading of +3.2%.

The Japanese yen traded lower against the greenback on Thursday currently trading at USD120.46 but slid under the USD120 mark for the first time in three weeks. Japan's All Industry Activity Index rose in January from a previous reading of -0.3% by +1.9%, above the estimated +1.7%. Late in the day at 23:50 GMT the minutes of the Monetary Policy Meeting will be published.

EUR/USD: the euro traded lower against the greenback

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

GPB/USD: Sterling lost against the U.S. dollar

The most important news that are expected (GMT0):

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

08:30 Switzerland SNB Interest Rate Decision -0.75% -0.75%

08:30 Switzerland SNB Press Conference

08:30 Switzerland SNB Monetary Policy Assessment

09:00 Eurozone ECB Economic Bulletin

10:00 Eurozone EU Economic Summit

10:15 Eurozone Targeted LTRO 129.8

12:30 U.S. Initial Jobless Claims March 289 297

12:30 U.S. Current account, bln Quarter IV -100 -103

14:00 U.S. Leading Indicators February +0.2% +0.3%

14:00 U.S. Philadelphia Fed Manufacturing Survey March 5.2 7.3

21:45 New Zealand Visitor Arrivals February +0.8%

23:50 Japan Monetary Policy Meeting Minutes

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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