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07.12.2015 13:04

Foreign exchange market. European session: the euro 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)

00:30 Australia ANZ Job Advertisements (MoM) November 0.3% Revised From 0.4% 1.3%

03:45 Japan BOJ Governor Haruhiko Kuroda Speaks

05:00 Japan Leading Economic Index (Preliminary) October 101.6 102.9

05:00 Japan Coincident Index (Preliminary) October 112.3 114.3

07:00 Germany Industrial Production s.a. (MoM) October -1.1% 0.7% 0.2%

07:00 Germany Industrial Production (YoY) October 0.4% Revised From 0.2% 0.0%

09:30 Eurozone Sentix Investor Confidence December 15.1 15.7

The U.S. dollar traded higher to higher against the most major currencies in the absence of any major economic reports today.

The greenback was supported by Friday's labour market data from the U.S. According to the U.S. Labor Department, the U.S. economy added 211,000 jobs in November, exceeding expectations for a rise of 200,000 jobs, after a gain of 298,000 jobs in October. October's figure was revised up from a rise of 271,000 jobs. The U.S. unemployment rate remained unchanged at 5.0% in November, in line with expectations.

Market participants speculate that the normalisation process by the Fed will be slow as the slowdown in the global economy will likely weigh on the U.S. economy.

The euro lower against the U.S. dollar on comments by the European Central Bank (ECB) President Mario Draghi. He said in a speech in New York on Friday that the ECB is ready to add further stimulus measures to reach 2% inflation target if needed.

Meanwhile, the economic data from Eurozone was positive. Market research group Sentix released its investor confidence index for the Eurozone on Monday. The index climbed to 15.7 in December from 15.1 in November.

A reading above 0.0 indicates optimism, below indicates pessimism.

"The Eurozone outperforms other world regions as the effects of ECB's policy measures kick in. The remaining world regions depict signs of a slowdown. Japan slides back into recession. In contrast to Fed's interpretations of the state of the economy, the sentix indicator for the US economy highlights a contrary view amid the preparations for the first rate rise," Sentix said in its statement.

German investor confidence index increased to 22.7 in December from 20.1 in November.

Destatis released its industrial production data for Germany on Wednesday. German industrial production increased 0.2% in October, missing expectations for a 0.7% gain, after a 1.1% fall in September.

The output of capital goods increased 2.7% in October, energy output slid 5.9%, and the production in the construction sector was up 0.7%, while the production of intermediate goods dropped 1.1%.

The output of consumer goods decreased 0.1%.

German industrial production excluding energy and construction rose by 0.7% in October.

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 Governor Mark Carney will speak at 15:00 GMT.

EUR/USD: the currency pair fell to $1.0794

GBP/USD: the currency pair declines to $1.5053

USD/JPY: the currency pair increased to Y123.47

The most important news that are expected (GMT0):

15:00 United Kingdom BOE Gov Mark Carney Speaks

20:00 U.S. Consumer Credit October 28.92 20.7

23:50 Japan Current Account, bln October 1468 1659.4

23:50 Japan GDP, q/q (Finally) Quarter III -0.3% 0%

23:50 Japan GDP, y/y (Finally) Quarter III -0.7% 0.1%

07.12.2015 12:59

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  • 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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