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07.01.2015 14:30

Foreign exchange market. Asian session: U.S. dollar edged up against major peers with the euro hitting a new 9-year low

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

07:00 Germany Retail sales, real adjusted November +1.9% +0.2% +1.0%

07:00 Germany Retail sales, real unadjusted, y/y November +1.7% -0.8%

The greenback traded broadly stronger against its major peers ahead of the minutes from December's Federal Reserve policy meeting due later in the day at 19:00 GMT. The minutes may give further indication on the FED's 'patient' approach on rising benchmark interest rates for the first time since 2006.

Earlier in the session data on Eurozone's Unemployment Rate and Harmonized preliminary CPI are due. The figures are expected to show the first annual decline in consumer prices in the Eurozone since 2009 which would add pressure on ECB to start quantitative easing measures rather sooner than later. Mario Draghi's comments last week, that he can't rule out the risk of the deflation in the Eurozone and a possible 'Grexit', Greece's exit from the Eurozone if anti-austerity parties win in the upcoming elections also weigh on the single currency.

The Australian dollar fell against the greenback on Wednesday despite an upbeat AIG Services Index. The Index published yesterday at 23:30 GMT rose from a reading of 43.8 in November to 47.5 in December gaining 3.7 points.

New Zealand's dollar lost some of its yesterday's gains against the greenback trading at USD0.7740.

The Japanese yen traded weaker during the Asian and fell from a 3-week high against the U.S. dollar being currently quoted around USD119 as Asian stocks stabilized and dampened investors demand for a haven.

EUR/USD: the euro continued to slump against the greenback

USD/JPY: the U.S. dollar recovered against the yen

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

The most important news that are expected (GMT0):

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

07:00 Germany Retail sales, real adjusted November +1.9% +0.2%

07:00 Germany Retail sales, real unadjusted, y/y November +1.7%

08:00 United Kingdom Halifax house price index December +0.4% +0.3%

08:00 United Kingdom Halifax house price index 3m Y/Y December +8.2%

08:00 Switzerland Foreign Currency Reserves December 462.4

08:55 Germany Unemployment Change December -14 -6

08:55 Germany Unemployment Rate s.a. December 6.6% 6.6%

10:00 Eurozone Unemployment Rate November 11.5% 11.5%

10:00 Eurozone Harmonized CPI, Y/Y (Preliminary) December +0.3% 0.0%

13:15 U.S. ADP Employment Report December 208 227

13:30 Canada Trade balance, billions November 0.1 -0.2

13:30 U.S. International Trade, bln November -43.4 -42.3

15:00 Canada Ivey Purchasing Managers Index December 56.9 52.3

15:30 U.S. Crude Oil Inventories December -1.8

19:00 U.S. FOMC meeting minutes

23:30 U.S. FOMC Member Charles Evans Speaks

Market focus

  • German economy continues to underperform in August - IHS Markit
  • Gaps remain with U.S. on trade after 'very tough' talks - Japanese Economy Minister
  • FOMC meeting minutes showed the central bank intends to remain flexible regarding future changes to interest rates.
  • IMF: currency devaluations due to policy easing cannot improve trade balance
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