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24.03.2015 07:30

Foreign exchange market. Asian session: U.S. dollar traded mixed against its major peers

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

01:15 U.S. FOMC Member Williams Speaks

01:35 Japan Manufacturing PMI (Preliminary) March 51.6 52.1 50.4

01:45 China HSBC Manufacturing PMI (Preliminary) March 50.7 50.5 49.2

04:50 Australia RBA Assist Gov Edey Speaks

The U.S. dollar is trading mixed against its major peers after the weaker-than-expected U.S. existing home sales figures. Sales of existing homes rose 1.2% to a seasonally adjusted annual rate of 4.88 million in February from 4.82 million in January. San Francisco Fed chief John Williams reiterated his belief that the Fed should consider raising rates in summer given the momentum of the improving economy. He said that a gradual increase is the 'safer option' rather having to react with dramatic hikes.

The euro is trading moderately lower against the greenback after yesterday's gains as Greece talks continue to find a common ground. Merkel said that Germany wants Greece economically strong and that the country belongs to Europe. Yesterday ECB president Mario Draghi noted that the Eurozone "is gaining momentum" due to falling oil prices, higher external demand, easy financing conditions and a weaker euro.

The Australian dollar booked gains against the U.S. dollar after touching an intraday low after the Chinese Manufacturing PMI. China is Australia's biggest trade partner. The Conference Board Australia Leading Index rose +0.4% for January. The previous reading was revised down from +0.4% to +0.3%. Reserve Bank of Australia assistant governor Malcolm Edey held a speech at the ASIC Annual Forum in Sydney.

The preliminary Chinese HSBC Manufacturing PMI for March came in at 49.2, a 11-month low, as new orders declined. The February reading was 50.7 and analysts expected a decline to 50.5. The 50-points level separates growth from contraction. The reading below 50 added to indications that the world's second largest economy is slowing and could lead to further stimulus measures by the PBoC.

New Zealand's dollar gained against the greenback during the Asian session in the absence of any major data from the region.

The Japanese yen traded higher against the greenback on Tuesday. Data on Japanese the Japanese Production PMI came in at 50.4 for March, a decrease from a previous reading of 51.6 and below an expected increase to 52.1.

EUR/USD: the euro traded lower against the greenback

USD/JPY: the U.S. dollar traded lower 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)

08:00 France Manufacturing PMI (Preliminary) March 47.6 48.9

08:00 France Services PMI (Preliminary) March 53.4 53.1

08:30 Germany Manufacturing PMI (Preliminary) March 51.1 51.5

08:30 Germany Services PMI (Preliminary) March 54.7 55.0

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

09:00 Eurozone Services PMI (Preliminary) March 53.7 53.9

09:30 United Kingdom Producer Price Index - Input (MoM) February -3.7% +1.6%

09:30 United Kingdom Producer Price Index - Input (YoY) February -14.2%

09:30 United Kingdom Producer Price Index - Output (MoM) February -0.5% -0.1%

09:30 United Kingdom Producer Price Index - Output (YoY) February +0.5%

09:30 United Kingdom Retail Price Index, m/m February -0.8%

09:30 United Kingdom Retail prices, Y/Y February +1.1% +0.9%

09:30 United Kingdom RPI-X, Y/Y February +1.2%

09:30 United Kingdom HICP, m/m February -0.9%

09:30 United Kingdom HICP, Y/Y February +0.3% +0.1%

09:30 United Kingdom HICP ex EFAT, Y/Y February +1.4% +1.3%

12:30 U.S. Housing Price Index, y/y January +5.4%

12:30 U.S. CPI, m/m February -0.7% +0.2%

12:30 U.S. CPI, Y/Y February -0.1% -0.1%

12:30 U.S. CPI excluding food and energy, m/m February +0.2% +0.1%

12:30 U.S. CPI excluding food and energy, Y/Y February +1.6% +1.6%

13:00 U.S. Housing Price Index, m/m January +0.8%

13:45 U.S. Manufacturing PMI (Preliminary) March 55.1 54.9

14:00 Belgium Business Climate March -8.3 -7.5

14:00 U.S. Richmond Fed Manufacturing Index March 0 2

14:00 U.S. New Home Sales February 481 472

20:30 U.S. API Crude Oil Inventories March +10.5

21:45 New Zealand Trade Balance, mln February 56 355

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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