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13.11.2015 06:52

Foreign exchange market. Asian session: the U.S. dollar climbed against the euro

Economic calendar (GMT0):

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

04:30 Japan Industrial Production (MoM) (Finally) September -1.2% 1.0% 1.1%

04:30 Japan Industrial Production (YoY) (Finally) September -0.4% -0.9% -0.8%

06:30 France GDP, Y/Y (Preliminary) Quarter III 1.1% 1.2%

06:30 France GDP, q/q (Preliminary) Quarter III 0.0% 0.3% 0.3%

The U.S. dollar slightly advanced against the euro and the pound amid speculation that the Federal Reserve would raise its interest rates soon, while the European Central Bank on the contrary was considering loosening its monetary policy to support the economy. Yesterday Fed officials signaled that rates will continue rising gradually once the liftoff takes place.

The euro declined against the greenback ahead of release of euro zone GDP reports. It's worth reminding that the euro zone economy expanded by 0.4% in the second quarter brining annualized growth rate to 1.5% (the fastest growth since 2011). Consumer spending and exports were the biggest contributors to this increase. Investors are expected to pay much attention to third quarter data, because they might influence prospects of introduction of additional stimulus measures at a meeting in December. If GDP data come in line with forecasts, this would mean that European exporters can overcome difficult conditions.

Yesterday ECB President Mario Draghi signaled that the quantitative easing program will be revised in December, which gave investors hope for its expansion.

EUR/USD: the pair fell to $1.0780 in Asian trade

USD/JPY: the pair traded within Y122.50-75

GBP/USD: the pair fell to $1.5205

The most important news that are expected (GMT0):

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

07:00 Germany GDP (QoQ) (Preliminary) Quarter III 0.4% 0.3%

07:00 Germany GDP (YoY) (Preliminary) Quarter III 1.6% 1.8%

10:00 Eurozone Trade balance unadjusted September 11.2 18.2

10:00 Eurozone GDP (QoQ) (Preliminary) Quarter III 0.4% 0.4%

10:00 Eurozone GDP (YoY) (Preliminary) Quarter III 1.5% 1.7%

13:30 Canada Manufacturing Shipments (MoM) September -0.2%

13:30 U.S. Retail sales October 0.1% 0.3%

13:30 U.S. Retail Sales YoY October 2.4%

13:30 U.S. Retail sales excluding auto October -0.3% 0.4%

13:30 U.S. PPI, m/m October -0.5% 0.2%

13:30 U.S. PPI, y/y October -1.1% -1.2%

13:30 U.S. PPI excluding food and energy, m/m October -0.3% 0.1%

13:30 U.S. PPI excluding food and energy, Y/Y October 0.8% 0.5%

15:00 U.S. Reuters/Michigan Consumer Sentiment Index (Preliminary) November 90 91.5

15:00 U.S. Business inventories September 0.0% 0%

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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