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18.01.2016 07:08

Foreign exchange market. Asian session: the U.S. dollar advanced

Economic calendar (GMT0):

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

00:30 Australia New Motor Vehicle Sales (MoM) December 1.3% Revised From 1.0% -0.5%

00:30 Australia New Motor Vehicle Sales (YoY) December 6.0% 2.2%

04:30 Japan Tertiary Industry Index November 0.9% -0.8%

04:30 Japan Industrial Production (MoM) (Finally) November 1.4% -1.0% -0.9%

04:30 Japan Industrial Production (YoY) (Finally) -1.4% 1.6% 1.7%

The U.S. dollar rose against the euro and the yen after having declined on Friday. At the end of the previous week the euro gained on weak U.S. data and negative start to the trading session on stock markets. The U.S. commerce department reported on Friday that retail sales unexpectedly declined in December suggesting the country's economy had slowed in the fourth quarter. Retail sales fell by 0.1% in December after a revised 0.4% growth in November. Meanwhile the Federal Reserve reported on Friday that industrial production contracted more than expected in the U.S. in December. The corresponding index fell by 0.4% m/m, while economists had expected a more modest decline of 0.2%. Industrial production fell by 1.8% on an annualized basis.

Market participants also paid attention to comments by Federal Reserve's William Dudley. He admitted that inflation expectations weakened and he would not wish to see the situation worsen.

The Australian dollar rose on domestic inflation data. The TD Securities reported that consumer prices rose by 0.2% in December after the 0.1% rise in November. Inflation rose by 2.0% on a y/y basis. The Reserve Bank of Australia's target range is 2-3%.

EUR/USD: the pair fell to $1.0881 in Asian trade

USD/JPY: the pair rose to Y117.23

GBP/USD: the pair climbed to $1.4276

The most important news that are expected (GMT0):

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

21:00 New Zealand NZIER Business Confidence Quarter IV -14%

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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