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04.11.2015 07:11

Foreign exchange market. Asian session: the euro declined

Economic calendar (GMT0):

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

00:30 Australia Retail Sales, M/M September 0.4% 0.4% 0.4%

00:30 Australia Trade Balance September -2.71 Revised From -3.1 -3 -2.32

01:45 China Markit/Caixin Services PMI October 50.5 50.8 52.0

05:00 Japan Consumer Confidence October 40.6 41.4 41.5

The euro declined against the U.S. dollar after European Central Bank President Mario Draghi hinted to possibility of additional steps to stimulate the economy and inflation. "The Governing Council is willing and able to act by using all the instruments available within its mandate if warranted in order to maintain an appropriate degree of monetary accommodation," Draghi said. Berenberg chief economist Holger Schmieding said that considering the current inflation level there is a 60% chance of further easing in December. Meanwhile expectations for a rate hike by the Federal Reserve rose.

The Australian dollar rose on domestic economic data and data from China. The Markit/Caixin Services PMI for China rose to 52.0 in October from 50.5 reported previously. "This shows that previous stimulus policies have begun to take effect, while the economic structure steadily improved," Dr. He Fan, Chief Economist at Caixin Insight Group, said.

Meanwhile Australia's seasonally-adjusted trade deficit came in at A$2.32 billion in September compared to a deficit of A$3.0 billion expected by economists and the A$2.71 billion deficit reported previously. The deficit contracted due to stronger exports. Exports rose by 3%, imports rose by 2%.

EUR/USD: the pair fell to $1.0935 in Asian trade

USD/JPY: the pair traded within Y121.05-35

GBP/USD: the pair traded within $1.5410-25

The most important news that are expected (GMT0):

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

08:50 France Services PMI (Finally) October 51.9 52.3

08:55 Germany Services PMI (Finally) October 54.1 55.2

09:00 Eurozone Services PMI (Finally) October 53.7 54.2

09:00 Eurozone ECB President Mario Draghi Speaks

09:30 United Kingdom Purchasing Manager Index Services October 53.3 54.5

10:00 Eurozone Producer Price Index, MoM September -0.8% -0.4%

10:00 Eurozone Producer Price Index (YoY) September -2.6% -3.3%

10:30 U.S. FOMC Member Brainard Speaks

13:15 U.S. ADP Employment Report October 200 180

13:30 Canada Trade balance, billions September -2.53 -1.9

13:30 U.S. International Trade, bln September -48.33 -41.1

14:45 U.S. Services PMI (Finally) October 55.1 54.6

15:00 U.S. ISM Non-Manufacturing October 56.9 56.5

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

15:30 U.S. Crude Oil Inventories October 3.376 2.8

19:30 U.S. FOMC Member Dudley Speak

22:25 Australia RBA's Governor Glenn Stevens Speech

23:50 Japan Monetary Policy Meeting Minutes

04.11.2015 06:54

Oil prices flat

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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