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20.11.2014 14:30

Foreign exchange market. Asian session: U.S. dollar continues its rally against the Japanese yen

Economic calendar (GMT0):

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

01:35 Japan Manufacturing PMI (Preliminary) November 52.4 52.7 52.1

01:45 China HSBC Manufacturing PMI (Preliminary) November 50.4 50.2 50.0

05:00 Japan BoJ monthly economic report

07:00 Germany Producer Price Index (MoM) October 0.0% -0.2% -0.2% -0.2%

07:00 Germany Producer Price Index (YoY) October -1.0% -0.9% -1.0%

07:00 Switzerland Trade Balance October 2.45 2.57 3.26

The U.S. dollar traded stronger against its peers during Asian Trade with the greenback only moving marginally on the euro despite dovish Fed meeting minutes. The Fed left interest rate unchanged and said it was closing its monthly bond-buying program as broadly anticipated by the markets.

The Australian dollar dropped sharply after China's preliminary HSBC Manufacturing PMI dropped to 50 and couldn't meet forecasts predicting 50.2. The level exceeding 50 points indicates the manufacturing industry increase, while the level below 50 indicates a reduction. Australia is heavily reliant on resource exports to China's manufacturing sector. Falling iron ore prices also weigh on the currency.

The New Zealand dollar also further declined against the U.S. dollar. Lower milk prices pushed down in- and output producer prices in New Zealand.

The Japanese yen continued to weaken against the U.S. dollar and struck new seven-year lows at USD118.98 and six-year lows against the euro and is currently trading at USD118.80. Japan's October Adjusted Merchandise Trade Balance showed a deficit of -977.53 billion, better-than-expected but still a shortfall. Prime Minister Shinzo Abe has called snap elections and delayed an increase to the sales tax after the world's third-largest economy fell back into recession last quarter. Yesterday the Bank of Japan (BoJ) released its interest rate decision keeping its monetary policy unchanged. The central bank will expand its monetary base at an annual pace of 80 trillion yen.

EUR/USD: the euro traded steady against the greenback

USD/JPY: the U.S. dollar traded stronger against the Japanese yen at new seven-year highs

GPB/USD: The British pound traded weaker against the U.S. dollar

The most important news that are expected (GMT0):

07:58 France Manufacturing PMI (Preliminary) November 48.5 48.9

07:58 France Services PMI (Preliminary) November 48.3 48.6

08:28 Germany Manufacturing PMI (Preliminary) November 51.4 51.5

08:28 Germany Services PMI (Preliminary) November 54.4 54.5

08:58 Eurozone Services PMI (Preliminary) November 52.3 52.3

08:58 Eurozone Manufacturing PMI (Preliminary) November 50.6 50.9

09:30 United Kingdom Retail Sales (MoM) October -0.3% +0.3%

09:30 United Kingdom Retail Sales (YoY) October +2.7% +3.8%

11:00 United Kingdom CBI industrial order books balance November -6 -3

12:45 U.S. FOMC Member Tarullo Speaks

13:30 Canada Wholesale Sales, m/m September +0.2% +0.7%

13:30 U.S. Initial Jobless Claims November 290 286

13:30 U.S. CPI, m/m October +0.1% -0.1%

13:30 U.S. CPI, Y/Y October +1.7% +1.6%

13:30 U.S. CPI excluding food and energy, m/m October +0.1% +0.2%

13:30 U.S. CPI excluding food and energy, Y/Y October +1.7% +1.8%

14:45 U.S. Manufacturing PMI (Preliminary) November 55.9 56.2

15:00 Eurozone Consumer Confidence November -11 -11

15:00 U.S. Leading Indicators October +0.8% +0.6%

15:00 U.S. Philadelphia Fed Manufacturing Survey October 20.7 18.9

15:00 U.S. Existing Home Sales October 5.17 5.16

17:00 Switzerland Gov Board Member Fritz Zurbrugg Speaks

18:30 U.S. FOMC Member Mester Speaks

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