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20.11.2015 13:12

Foreign exchange market. European session: the euro traded lower against the U.S. dollar on comments by the European Central Bank President Mario Draghi

Economic calendar (GMT0):

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

05:00 Japan BoJ monthly economic report

07:00 Germany Producer Price Index (YoY) October -2.1% -2% -2.3%

07:00 Germany Producer Price Index (MoM) October -0.4% -0.2% -0.4%

08:00 Eurozone ECB President Mario Draghi Speaks

09:30 United Kingdom PSNB, bln October 8.33 Revised From 8.63 5.5 7.47

10:15 Eurozone ECB's Jens Weidmann Speaks

The U.S. dollar traded mixed against the most major currencies in the absence of any major economic reports from the U.S.

The euro traded lower against the U.S. dollar on comments by the European Central Bank (ECB) President Mario Draghi said in a speech in Frankfurt on Friday that the central bank is ready to use "all the instruments" to boost inflation in the Eurozone.

The ECB president pointed out that there are downside risks to the central bank's scenario.

"The downside risks to our baseline scenario for the euro area economy have increased in recent months due to the deterioration of the external environment. The outlook for global demand, especially in emerging markets, has notably worsened, while uncertainty in financial markets has increased," he noted.

The ECB Governing Council member Jens Weidmann said in a speech in Frankfurt on Friday that the low inflation in the Eurozone was driven by lower energy prices. He pointed out that the ultra-loose monetary policy could lead to risks.

"We need to be aware that the longer we stay in ultra-loose monetary policy mode, the less effective this policy will become and the more the attendant risks and side-effects will come into play," Weidmann said.

The British pound traded lower against the U.S. dollar. The Office for National Statistics released public sector net borrowing for the U.K. on Tuesday. The public sector net borrowing in the U.K. fell to £7.47 billion in October from £8.33 billion in September. September's figure was revised down from £8.63 billion.

Analysts had expected a decrease to £5.5 billion.

Public sector net borrowing excluding public sector banks increased to £8.2 billion in October from £7.1 billion in October 2014.

The Canadian dollar traded mixed against the U.S. dollar ahead of the release of the economic data from Canada. The consumer price index in Canada is expected to remain unchanged at 1.0% year-on-year in October.

The core consumer price index in Canada is expected to decline to 2.0% year-on-year in October from 2.1% in September.

Canadian retail sales are expected to increase 0.2% in September, after a 0.5% rise in August.

EUR/USD: the currency pair decreased to $1.0663

GBP/USD: the currency pair fell to $1.5233

USD/JPY: the currency pair traded mixed

The most important news that are expected (GMT0):

13:30 Canada Retail Sales, m/m September 0.5% 0.2%

13:30 Canada Retail Sales YoY September 2.8%

13:30 Canada Retail Sales ex Autos, m/m September 0% -0.2%

13:30 Canada Consumer Price Index m / m October -0.2% 0.1%

13:30 Canada Consumer price index, y/y October 1.0% 1%

13:30 Canada Bank of Canada Consumer Price Index Core, y/y October 2.1% 2%

15:00 Eurozone Consumer Confidence (Preliminary) November -7.7 -7.5

16:15 U.S. FOMC Member Dudley Speak

20.11.2015 12:50

Orders

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • 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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