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07.08.2015 06:22

Foreign exchange market. Asian session: the euro steady ahead of payrolls data

Economic calendar (GMT0):

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

01:30 Australia Home Loans June -7.3% Revised From -6.1% 5% 4.4%

03:00 Japan BoJ Interest Rate Decision 0% 0%

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

03:00 Japan BoJ Monetary Policy Statement

05:45 Switzerland Unemployment Rate (non s.a.) July 3.1% 3.1%

06:00 Germany Current Account June 11.8 Revised From 11.1 24.4

06:00 Germany Trade Balance June 19.6 24.0

The euro traded in a narrow range ahead of today's U.S. payrolls data. Investors expect a strong report, which could move expectations for a rate increase to an earlier date. Median forecast suggests 223,000 new jobs. Earlier ADP data missed expectations, but correlation between these two reports is low. That's why today's report still may raise probability of a rate hike in September.

The yen showed little reaction to the Bank of Japan decision to keep its monetary policy unchanged. The BOJ has also reiterated that the economy continued recovering at a moderate pace.

The Australian dollar advanced amid Reserve Bank of Australia statements and housing market data. The RBA cut its unemployment and GDP forecasts. GDP growth is likely to decline to 2.5%-3.5% by the end of the current year from 2.75%-3.75%. The RBA also said that accommodative monetary policy remained appropriate and signs that a weaker AUD supported the economy intensified. Meanwhile the Australian Bureau of Statistics reported that home loans rose by 4.4% in June from -7.3% (revised from -6.1%) reported previously.

EUR/USD: the pair declined to $1.0910 in Asian trade

USD/JPY: the pair traded Y124.65-85

GBP/USD: the pair traded within $1.5495-20

The most important news that are expected (GMT0):

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

06:00 Germany Industrial Production s.a. (MoM) June 0.0% 0.3%

06:00 Germany Industrial Production (YoY) June 2.1%

06:30 Japan BOJ Press Conference

06:45 France Trade Balance, bln June -4.0

06:45 France Industrial Production, m/m June 0.4% 0.2%

06:45 France Industrial Production, y/y June 1.6%

07:00 United Kingdom Halifax house price index July 1.7%

07:00 United Kingdom Halifax house price index 3m Y/Y July 9.6%

08:30 United Kingdom Total Trade Balance June -0.393

12:30 Canada Building Permits (MoM) June -14.5% 5%

12:30 Canada Unemployment rate July 6.8% 6.8%

12:30 Canada Employment July -6.4 5

12:30 U.S. Average workweek July 34.5 34.5

12:30 U.S. Average hourly earnings July 0.0% 0.2%

12:30 U.S. Nonfarm Payrolls 223 223

12:30 U.S. Unemployment Rate July 5.3% 5.3%

14:00 Canada Ivey Purchasing Managers Index July 55.9 52

19:00 U.S. Consumer Credit June 16.09 17

Market Focus

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  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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