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08.12.2015 07:00

Foreign exchange market. Asian session: the Australian dollar plunged amid data from China

Economic calendar (GMT0):

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

00:30 Australia National Australia Bank's Business Confidence November 2 5

02:00 China Trade Balance, bln November 61.64 63.3 54.1

05:00 Japan Eco Watchers Survey: Outlook November 49.1 48.2

05:00 Japan Eco Watchers Survey: Current November 48.2 48.6 46.1

The Australian dollar fell against the U.S. dollar amid weak data from China, Australia's key trading partner. China's trading surplus contracted to $54.1 billion in November from $61.64 billion reported previously, while economists had expected the surplus to expand to $62.8 billion. Exports fell by 6.8% y/y, while imports declined by 8.7%. Economists had expected imports to fall by 12.6%. Weak imports suggest that exports from Australia were also weak and weigh on the AUD. Declines in commodity prices put additional pressure on the country's currency.

The yen rose after revised GDP data lowered expectations of further monetary policy easing from the Bank of Japan. The Economic and Social Research Institute reported that the country's GDP rose by 0.3% q/q in the third quarter compared to -0.2% reported previously. The GDP rose by 1.0% on an annualized basis in line with expectations.

Today investors are waiting for data on GDP in the EU. A median forecast suggests that the euro zone GDP rose by 0.3% in the third quarter compared to a 0.4% rise reported previously.

EUR/USD: the pair rose to $1.0860 in Asian trade

USD/JPY: the pair fell to Y123.05

GBP/USD: the traded within $1.5040-55

The most important news that are expected (GMT0):

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

07:45 France Trade Balance, bln October -3.38 -3.3

08:00 United Kingdom Halifax house price index November 1.1% 0.3%

08:00 United Kingdom Halifax house price index 3m Y/Y November 9.7%

09:30 United Kingdom Industrial Production (MoM) October -0.2% 0.1%

09:30 United Kingdom Industrial Production (YoY) October 1.1% 1.2%

09:30 United Kingdom Manufacturing Production (MoM) October 0.8% 0%

09:30 United Kingdom Manufacturing Production (YoY) October -0.6% 0.1%

10:00 Eurozone GDP (QoQ) (Revised) Quarter III 0.4% 0.3%

10:00 Eurozone GDP (YoY) (Revised) Quarter III 1.5% 1.6%

13:15 Canada Housing Starts November 198.1 198.7

13:30 Canada Building Permits (MoM) October -6.7% 3.2%

15:00 United Kingdom NIESR GDP Estimate November 0.6%

15:00 U.S. JOLTs Job Openings October 5.526 5.550

17:50 Canada BOC Gov Stephen Poloz Speaks

23:30 Australia Westpac Consumer Confidence December 3.9%

23:50 Japan Core Machinery Orders October 7.5% -1.5%

23:50 Japan Core Machinery Orders, y/y October -1.7% 1.4%

08.12.2015 06:45

Gold retreated

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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