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12.02.2016 07:01

Foreign exchange market. Asian session: the Australian dollar under pressure

Economic calendar (GMT0):

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

00:30 Australia Home Loans December 1.9% Revised From 1.8% 3% 2.6%

The euro traded range bound ahead of euro zone GDP data. The GDP is expected to have grown by 0.3% in the fourth quarter of 2015 after growth of 0.3% in the third quarter. Economists believe that the euro zone economy grew steadily despite global economic uncertainties. Growth was driven by German and Italian economies.

The Australian dollar retreated after Reserve Bank of Australia Governor Glenn Stevens reiterated he was ready to consider monetary policy easing if necessary. Stevens noted that investment into the mining sector will continue declining for at least a year, concerns over the economic situation in China rose and global economic outlook deteriorated.

The yen slightly declined against the U.S. dollar after Japanese Finance Minister Taro Aso said the government will take steps at the currency market if the situation requires so. "We have seen quite rough movements in the exchange rate recently," Aso said. "We will continue to watch the foreign- exchange market with a sense of tension, and we will act appropriately if that becomes necessary." However analysts don't expect the government to intervene during an official holiday. Japanese policymakers are likely to continue trying to talk the yen down.

EUR/USD: the pair fluctuated within $1.1290-35 in Asian trade

USD/JPY: the pair rose to Y113.00

GBP/USD: the pair traded within $1.4455-85

The most important news that are expected (GMT0):

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

07:00 Germany CPI, m/m (Finally) January -0.1% -0.8%

07:00 Germany CPI, y/y (Finally) January 0.3% 0.5%

07:00 Germany GDP (QoQ) (Preliminary) Quarter IV 0.3% 0.3%

07:00 Germany GDP (YoY) (Preliminary) Quarter IV 1.8% 2.3%

07:45 France Non-Farm Payrolls (Preliminary) Quarter IV 0% 0.1%

10:00 Eurozone Industrial production, (MoM) December -0.7% 0.3%

10:00 Eurozone Industrial Production (YoY) December 1.1% 0.8%

10:00 Eurozone GDP (QoQ) (Preliminary) Quarter IV 0.3% 0.3%

10:00 Eurozone GDP (YoY) (Preliminary) Quarter IV 1.6% 1.5%

13:30 U.S. Retail sales January -0.1% 0.1%

13:30 U.S. Retail Sales YoY January 2.2%

13:30 U.S. Import Price Index January -1.2% -1.4%

13:30 U.S. Retail sales excluding auto January -0.1% 0%

15:00 U.S. Business inventories December -0.2% 0.1%

15:00 U.S. Reuters/Michigan Consumer Sentiment Index (Preliminary) February 92 92

15:00 U.S. FOMC Member Dudley Speak

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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