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15.01.2015 14:30

Foreign exchange market. Asian session: U.S. dollar trading stronger despite disappointing retail sales data

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

00:01 United Kingdom RICS House Price Balance December 13% 11% 11%

00:30 Australia Unemployment rate December 6.2% 6.3% 6.1%

00:30 Australia Changing the number of employed December +42.7 +5.3 +37.4

The U.S. dollar remained broadly stronger against its major peers, with exception of the Australian and New Zealand's dollar, despite disappointing retail sales data covering the holiday shopping season published yesterday. The euro was under further pressure after Advocate General Pedro Cruz Villalon of the EU Court of justice in Luxembourg said the ECB's Outright Monetary Transactions program is "in principle" in line with European law, backing Mario Draghi's plans for QE after the policy meeting on January 22nd.

Today investors look ahead to data on the NY Fed Empire State manufacturing index and Initial Jobless claims and the Producer Price Index.

The Australian dollar strengthened towards a one-month high on better-than expected job data after the currency was hit yesterday by a plunge of copper prices and dropped the most since January 2nd. According to official data the Unemployment Rate declined from revised 6.2% in November to 6.1% in December, beating forecasts of a rise to 6.3%. 37,400 new jobs were created in December, analyst expected a rise of 5,300.

New Zealand's dollar traded higher against the greenback. Data on New Zealand's Food Price Index for December had a reading of +0.3% compared to -0.5% in November. On a yearly basis Food Prices rose by 1.0%.

The Japanese yen declined versus the greenback. Bank of Japan Governor Haruhiko Kuroda said that the bank will maintain stimulus measures until inflation is stable at 2 percent as monetary easing has its intended effects. Core Machinery Orders in November grew less-than expected +1.3%, analysts predicted +4.8%. Year on year Orders declined -14.6%, far more than the forecasted -5.8%.

EUR/USD: the euro traded weaker against the greenback

USD/JPY: the U.S. dollar traded stronger 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)

10:00 Eurozone Trade Balance s.a. November 19.4 21.3

13:30 U.S. NY Fed Empire State manufacturing index December -3.6 5.3

13:30 U.S. Initial Jobless Claims January 294 299

13:30 U.S. PPI, m/m December -0.2% -0.3%

13:30 U.S. PPI, y/y December +1.4% +1.2%

13:30 U.S. PPI excluding food and energy, m/m December 0.0% +0.1%

13:30 U.S. PPI excluding food and energy, Y/Y December +1.8% +2.0%

15:00 U.S. Philadelphia Fed Manufacturing Survey January 24.5 20.3

23:50 Japan Tertiary Industry Index November -0.2% +0.3%

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