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Economic calendar (GMT0):
Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual
01:30 Australia National Australia Bank's Business Confidence August 4 1
02:00 China Trade Balance, bln August 43.03 48.2 60.24
05:00 Japan Eco Watchers Survey: Current August 51.6 49.3
05:00 Japan Eco Watchers Survey: Outlook August 51.9 48.2
05:45 Switzerland Unemployment Rate (non s.a.) August 3.1% 3.1% 3.2%
06:00 Germany Current Account July 24.4 23.4
06:00 Germany Trade Balance July 24.1 Revised From 24.0 25.0
The euro climbed ahead of today's eurozone GDP data. A median forecast suggests a revised reading of 1.2% y/y compared to 1.0% reported earlier.
The pound climbed ahead of Thursday's Bank of England meeting. Most analysts expect the BOE to keep interest rates unchanged. Minutes of the meeting might show whether policymakers are concerned about China's economic slowdown.
The yen advanced against the greenback amid revised GDP data. Japan GDP contracted by 1.2% in Q2 compared to a 1.6% contraction stated in a preliminary report published on August 17. Weaker exports resulted in slower economic activity.
The Australian dollar felt pressure as investors assessed National Australia Bank's Business Confidence index. The index fell to 1 in August from 4 reported previously. Meanwhile China's trade balance report supported the AUD. The country's trade surplus came in at $60.24 billion beating expectations for $48.2 billion. Exports fell by 5.5% y/y compared to -8.3% reported previously and -6.0% expected. At the same time imports fell by 14.3% in August compared to -8.1% in July. Imports missed expectations too.
EUR/USD: the pair rose beyond $1.1200 in Asian trade
USD/JPY: the pair fell to Y118.85
GBP/USD: the pair rose beyond $1.5300
The most important news that are expected (GMT0):
(time / country / index / period / previous value / forecast)
06:45 France Trade Balance, bln July -2.7
14:00 U.S. Labor Market Conditions Index August 1.1
19:00 U.S. Consumer Credit July 20.74 18.5
20:30 U.S. API Crude Oil Inventories August 7.6
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