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17.02.2016 07:02

Foreign exchange market. Asian session: the pound little changed

Economic calendar (GMT0):

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

00:30 U.S. FOMC Member Rosengren Speaks

The pound traded range-bound ahead of data on employment in the U.K. Economists expect the unemployment rate calculated by the International Labor Organization method to have declined to 5% in December from 5.1%. Market participants also expect average earnings growth to have declined to 1.9% in the three months to December from +2%.

Market participants paid attention to comments by Boston Federal Reserve Bank President Eric Rosengren. He said that the Fed would have to delay further rate hikes if economic conditions don't become clearer. "Should these conditions persist, and slow progress on attaining the Fed's dual mandate, I believe the normalization of monetary policy should be unhurried, and wait for economic data to improve," Rosengren said.

Japanese Economic and Social Research Institute released data on core machinery orders. The corresponding index rose by 4.2% m/m in December marking first rise in two months. Economists expected a reading of +4.7%. The index is expected to post a stronger gain of 8.6% in the January-March period suggesting strong investment. A higher reading for the machinery orders index points to growing confidence among producers, however it is uncertain how producers will react to the recent stock selloff and a stronger yen.

EUR/USD: the pair rose to $1.1170 in Asian trade

USD/JPY: the pair traded around Y114.00

GBP/USD: the pair traded within $1.4285-05

The most important news that are expected (GMT0):

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

09:30 United Kingdom Average Earnings, 3m/y December 2% 1.9%

09:30 United Kingdom Average earnings ex bonuses, 3 m/y December 1.9% 1.8%

09:30 United Kingdom Claimant count January -4.3 -3

09:30 United Kingdom ILO Unemployment Rate December 5.1% 5%

10:00 Eurozone Construction Output, y/y December 2.1%

10:00 Switzerland Credit Suisse ZEW Survey (Expectations) February -3

12:00 U.S. MBA Mortgage Applications February 9.3%

13:30 Canada Foreign Securities Purchases December 2.58

13:30 U.S. PPI, m/m January -0.2% -0.2%

13:30 U.S. PPI, y/y January -1% -0.6%

13:30 U.S. PPI excluding food and energy, m/m January 0.1% 0.1%

13:30 U.S. PPI excluding food and energy, Y/Y January 0.3% 0.4%

13:30 U.S. Building Permits January 1204 1200

13:30 U.S. Housing Starts January 1149 1170

13:30 U.S. NY Fed Empire State manufacturing index February -19.37

14:15 U.S. Capacity Utilization January 76.5% 76.7%

14:15 U.S. Industrial Production YoY January -1.8%

14:15 U.S. Industrial Production (MoM) January -0.4% 0.4%

19:00 U.S. FOMC meeting minutes

21:45 New Zealand PPI Input (QoQ) Quarter IV 1.6%

21:45 New Zealand PPI Output (QoQ) Quarter IV 1.3%

23:50 Japan Trade Balance Total, bln January 140 -680.2

17.02.2016 06:29

Oil gave up initial gains

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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