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20.10.2015 12:20

Foreign exchange market. European session: the euro traded higher against the U.S. dollar on speculation that the European Central Bank will expand its asset-buying programme

Economic calendar (GMT0):

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

01:30 Australia RBA Meeting's Minutes

06:00 Germany Producer Price Index (MoM) September -0.5% -0.1% -0.4%

06:00 Germany Producer Price Index (YoY) September -1.7% -1.8% -2.1%

06:00 Switzerland Trade Balance September 2.86 Revised From 2.87 2.51 3.05

08:00 Eurozone Current account, unadjusted, bln August 37.9 Revised From 33.8 13.7

09:45 United Kingdom MPC Member McCafferty Speaks

10:00 United Kingdom BOE Gov Mark Carney Speaks

The U.S. dollar traded mixed to lower against the most major currencies ahead of the release of the U.S. housing market data. Housing starts in the U.S. are expected to rise to 1.150 million units in September from 1.126 million units in August.

The number of building permits is expected to increase to 1.164 million units in September from 1.161 million units in August.

The FOMC member Dudley will speak at 13:00 GMT, the FOMC member Powell will speak at 13:15 GMT, while the Fed Chairwoman Janet Yellen will speak at 15:00 GMT.

The euro traded higher against the U.S. dollar on speculation that the European Central Bank (ECB) will expand its asset-buying programme. The ECB Governing Council Member Luis Maria Linde said on Tuesday that the central bank could adjust its asset-buying programme if needed.

The ECB could extend the asset-buying programme's size or modify its composition, he said.

Linde noted that the inflation in the Eurozone is well below the ECB's 2% target, and it is a cause for concern.

Meanwhile, the economic data from the Eurozone was negative. The European Central Bank (ECB) released its current account on Tuesday. Eurozone's current account surplus fell to a seasonally adjusted €17.7 billion in August from €25.6 billion in July. July's figure was revised up from a surplus of €22.6 billion.

The trade surplus declined to €21.2 billion in August from €28.2 billion in July.

The surplus on services rose to €4.3 billion in August from €3.8 billion in July.

The secondary income deficit increased by €11.6 billion in August, while the primary income surplus decreased by €3.8 billion.

Eurozone's unadjusted current account surplus dropped to €13.7 billion in August from EUR 37.9 billion in July. July's figure was revised up from a surplus of €33.8 billion.

Destatis released its producer price index (PPI) for Germany on Tuesday. German PPI producer prices declined 0.4% in September, missing expectations for a 0.1% fall, after a 0.5% drop in August.

On a yearly basis, German PPI dropped 2.1% in September, missing expectations for a 1.8% decrease, after a 1.7% fall in August.

PPI excluding energy sector fell by 0.6% year-on-year in September.

The British pound traded mixed against the U.S. dollar in the absence of any major economic reports from the U.K.

The Bank of England's (BoE) Monetary Policy Committee Member Ian McCafferty said on Tuesday that the central bank should start raising its interest rates if it wants to gradually hike its interest rates later.

The Canadian dollar traded higher against the U.S. dollar ahead of the release of the wholesale sales data from Canada. Wholesales sales in Canada are expected to rise 0.2% in August, after a flat reading in July.

The Swiss franc traded higher against the U.S. dollar after the release of the positive trade data from Switzerland. The Swiss Federal Customs Administration released its trade data on Tuesday. The Swiss trade surplus rose to CHF3.05 billion in September from CHF2.86 billion in the previous month. August's figure was revised down from a surplus of CHF2.87 billion.

Exports dropped 2.9% year-on-year in September, while imports were down 3.8% year-on-year.

The Swiss trade surplus climbed to CHF9.42 billion in the third quarter from CHF9.37 billion in the second quarter.

Exports slid 5.1% in the third quarter, while imports fell 2.5%.

EUR/USD: the currency pair rose to $1.1386

GBP/USD: the currency pair traded mixed

USD/JPY: the currency pair increased to Y119.77

The most important news that are expected (GMT0):

12:30 Canada Wholesale Sales, m/m August 0.0% 0.2%

12:30 U.S. Building Permits September 1161 1164

12:30 U.S. Housing Starts September 1126 1150

13:00 U.S. FOMC Member Dudley Speak

13:15 U.S. FOMC Member Jerome Powell Speaks

15:00 U.S. Fed Chairman Janet Yellen Speaks

23:50 Japan Trade Balance Total, bln September -569.6 84.4

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