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Economic calendar (GMT0):
Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual
00:30 Australia National Australia Bank's Business Confidence January 3 2
06:00 Japan Prelim Machine Tool Orders, y/y January -25.8% -17.2%
06:45 Switzerland Unemployment Rate (non s.a.) January 3.7% 3.7% 3.4%
On Tuesday the U.S. dollar fell to a fifteen-month low against the yen amid falling stock indices. Investors favored the yen as a safer asset. Market participants are also waiting for Federal Reserve Chairwoman Janet Yellen to speak on Wednesday and Thursday. If Yellen signals that the central bank is unlikely to raise rates this year the dollar would most probably decline. Analysts expect neutral comments from Fed Chairwoman. According to futures there is only a 2% probability of a rate hike in March and a 4% probability of a rate hike in April.
The Australian dollar fell after the National Australia Bank released its business confidence data. The NAB Business Confidence index came in at +2 in January compared to +3 reported previously. The business conditions index declined to +5 from +6. The NAB expects the Reserve Bank of Australia to keep its monetary policy unchanged and monitor development of economic conditions outside the mining sector.
EUR/USD: the pair rose to $1.1235 in Asian trade
USD/JPY: the pair fell to Y114.20
GBP/USD: the pair traded within $1.4410-35
The most important news that are expected (GMT0):
(time / country / index / period / previous value / forecast)
07:00 Germany Current Account December 24.7
07:00 Germany Trade Balance (non s.a.), bln December 20.6
07:00 Germany Industrial Production s.a. (MoM) December -0.3% 0.4%
09:30 United Kingdom Total Trade Balance December -3.17
15:00 U.S. Wholesale Inventories December -0.3% -0.2%
15:00 U.S. JOLTs Job Openings December 5.431 5.4
23:30 Australia Westpac Consumer Confidence February -3.5% -1%
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