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12.12.2014 14:35

Foreign exchange market. Asian session: the greenback added gains against its major peers

Economic calendar (GMT0):

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

04:30 Japan Industrial Production (MoM) (Finally) October +0.2% +0.2% +0.4%

04:30 Japan Industrial Production (YoY) (Finally) October -1.0% -1.0% -0.8%

05:30 China Retail Sales y/y November +11.5% +11.5% +11.7%

05:30 China Fixed Asset Investment November +15.9% +15.8% +15.8%

05:30 China Industrial Production y/y November +7.7% +7.5% +7.2%


The greenback traded stronger to mixed against its major peers. The currency was supported by upbeat retail sales figures. The U.S. dollar traded stronger against the euro after 306 banks borrowed 129.84 billion euros in the auction (targeted longer-term refinancing operation (TLTRO)) - about half of the volume offerded by the ECB and on the lower end of analysts expectations. Markets await data on the U.S. PPI and the Reuters/Michigan Consumer Sentiment Index being published later in the day at 13:30 GMT and 14:55.

The Australian dollar traded lower against the U.S. dollar hitting a 4-1/2 year low during the session. RBA Governor Glenn Stevens said in an interview that he would like to see the aussie at 75 U.S. cents but did not mention any interest rates cuts in the near future. Chinese Industrial Production further slowed, reading +7.2% compared to +7.7% in October and below forecast of +7.5%. Fixed Asset Investment was in line with expectations at 15.8%. Retail Sales beat expectations by +0.2% at 11.7%. China is Australia's biggest trade partner.

New Zealand's dollar declined after the currency added gains for three days.

The Japanese yen continued to weaken against the greenback before the upcoming elections this weekend currently trading around USD 118.70. According to a survey Prime Minister Shinzo Abe's Liberal Democratic Party will win more than the seats he needs for a two-thirds majority enabling him to continue his policy of monetary easing and fiscal spending known as "abenomics". Japanese Industrial production beat forecasts reading +0.4% MoM (forecast +0.2%) and -0.8% YoY (-1%).


EUR/USD: the euro declined against the greenback

USD/JPY: the U.S. dollar traded stronger against the yen

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

The most important news that are expected (GMT0):

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

10:00 Eurozone Employment Change Quarter III +0.2% +0.2%

10:00 Eurozone Industrial production, (MoM) October +0.6% +0.2%

10:00 Eurozone Industrial Production (YoY) October +0.6% +0.6%

13:30 U.S. PPI, m/m November +0.2% -0.1%

13:30 U.S. PPI, y/y November +1.5% +1.6%

13:30 U.S. PPI excluding food and energy, m/m November +0.4% +0.1%

13:30 U.S. PPI excluding food and energy, Y/Y November +1.8% +1.5%

14:55 U.S. Reuters/Michigan Consumer Sentiment Index (Preliminary) December 88.8 89.6

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