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17.12.2014 14:30

Foreign exchange market. Asian session: U.S. dollar trading broadly stronger before FED

The greenback traded stronger against its major peers as the two day policy meeting of the FED started yesterday. U.S. policy makers could open the door for an interest rate hike in the middle of next year dropping its "considerable time" guidance from its minutes. Markets await data on U.S. CPI and the Current Account at 13:30 GMT and later in the session the FED's Interest Rate Decision and FOMC press conference.

The Australian dollar slumped and hit a new four year low. Yesterday the Reserve Bank of Australia (RBA) released its minutes from December's monetary policy meeting on Tuesday. The RBA said that gross domestic product growth will be below trend over 2014/15, but will pick up towards the end of 2016. The RBA noted that "very low interest rates had supported activity in the housing market". The central bank said that "subdued labour market conditions were likely to weigh on consumption growth and consumer confidence more generally". The RBA members pointed out that "further exchange rate depreciation was likely to be needed to achieve balanced growth in the economy". They noted that monetary policy easing is possible during 2015. Australia's central bank reiterated that "the most prudent course was likely to be a period of stability in interest rates". The Westpac Leading Index had a negative reading of -0.1% compared with +0.1% in October.

New Zealand's dollar traded negative against the greenback. New Zealand's Current Account for the third quarter was better than expected with a reading of -5.01 compared to forecasts of -5.32. Markets await data on GDP for the third quarter being published late in the day at 21:45 GMT.

The Japanese yen weakened in Asian trade retreating from a 1-month high despite a better-than-expected Merchandise Trade Balance with a reading of -925.0, compared to forecasts of -990.0. In previous sessions the Japanese currency was supported by weak economic data making the yen an attractive safe haven.

EUR/USD: the euro lost against the greenback

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

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

The most important news that are expected (GMT0):

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

09:30 United Kingdom Average Earnings, 3m/y October +1.0% +1.3%

09:30 United Kingdom Average earnings ex bonuses, 3 m/y October +1.3% +1.6%

09:30 United Kingdom ILO Unemployment Rate October 6.0% 5.9%

09:30 United Kingdom Claimant count November -20.4 -19.8

09:30 United Kingdom Claimant Count Rate October 2.8%

09:30 United Kingdom Bank of England Minutes

10:00 Eurozone Harmonized CPI November 0.0% -0.2%

10:00 Eurozone Harmonized CPI, Y/Y (Finally) November +0.3% +0.3%

10:00 Eurozone Harmonized CPI ex EFAT, Y/Y November +0.7% +0.7%

10:00 Switzerland Credit Suisse ZEW Survey (Expectations) December -7.6

13:30 Canada Wholesale Sales, m/m October +1.8% +0.9%

13:30 U.S. Current account, bln Quarter III -99 -98

13:30 U.S. CPI, m/m November 0.0% -0.1%

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

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

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

14:00 Switzerland SNB Quarterly Bulletin

15:30 U.S. Crude Oil Inventories December +1.5

19:00 U.S. FOMC Economic Projections

19:00 U.S. FOMC Statement

19:00 U.S. Fed Interest Rate Decision 0.25% 0.25%

19:30 U.S. Federal Reserve Press Conference

21:45 New Zealand GDP q/q Quarter III +0.7% +0.7%

21:45 New Zealand GDP q/q Quarter III +3.9% +3.3%

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