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04.11.2015 13:03 Foreign exchange market. European session: the euro traded lower against the U.S. dollar on comments by the European Central Bank's President Mario Draghi

Economic calendar (GMT0):

 

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

 

00:30 Australia Retail Sales, M/M September 0.4% 0.4% 0.4%

00:30 Australia Trade Balance September -2.71 Revised From -3.1 -3 -2.32

01:45 China Markit/Caixin Services PMI October 50.5 50.8 52.0

05:00 Japan Consumer Confidence October 40.6 41.4 41.5

08:00 Eurozone ECB President Mario Draghi Speaks

08:50 France Services PMI (Finally) October 51.9 52.3 52.7

08:55 Germany Services PMI (Finally) October 54.1 55.2 54.5

09:00 Eurozone Services PMI (Finally) October 53.7 54.2 54.1

09:30 United Kingdom Purchasing Manager Index Services October 53.3 54.5 54.9

10:00 Eurozone Producer Price Index, MoM September -0.8% -0.4% -0.3%

10:00 Eurozone Producer Price Index (YoY) September -2.6% -3.3% -3.1%

10:30 U.S. FOMC Member Brainard Speaks

The U.S. dollar traded higher against the most major currencies ahead of the release of the U.S. economic data. According to the ADP employment report, the U.S. economy is expected to add 180,000 jobs in October.

 

The U.S. trade deficit is expected to narrow to $41.1 billion in September from $48.33 billion in August.

 

The ISM non-manufacturing purchasing managers' index is expected to decline to 56.5 in October from 56.9 in September.

 

Fed Chairwoman Janet Yellen will speak at 15:00 GMT.

 

The euro traded lower against the U.S. dollar on comments by the European Central Bank's (ECB) President Mario Draghi. He said on Tuesday that the central bank will review the volume of its asset-buying programme at the monetary policy meeting in December.

 

Draghi pointed out that the ECB will add further stimulus measures if needed.

 

Meanwhile, the economic data from the Eurozone was mixed. Eurostat released its producer price index for the Eurozone on Wednesday. Eurozone's producer price index declined 0.3% in September, beating expectations for a 0.4% drop, after a 0.8% decrease in August.

 

On a yearly basis, Eurozone's producer price index dropped 3.1% in September, beating expectations for a 3.3% decrease, after a 2.6% fall in August.

 

Eurozone's producer prices excluding energy fell 0.6% year-on-year in September.

 

Markit Economics released final services purchasing managers' index (PMI) for the Eurozone on Wednesday. Eurozone's final services purchasing managers' index (PMI) increased to 54.1 in October from 53.7 in September, down from the preliminary reading of 54.2.

 

The index was driven by rises in new business, backlogs of work and employment.

 

Eurozone's final composite output index rose to 53.9 in October from 53.6 in September, down from the preliminary reading of 54.0.

 

"The final PMI data confirm the steady but still somewhat lacklustre economic growth recorded in the euro area at the start of the fourth quarter. The survey suggests that the region's quarterly growth rate remains constrained at around 0.4%," Chief Economist at Markit Chris Williamson said.

 

Germany's final services purchasing managers' index (PMI) rose to 54.5 in October from 54.1 in September, down from the preliminary reading of 55.2.

 

France's final services purchasing managers' index (PMI) increased to 52.7 in October from 51.9 in September, up from the preliminary reading of 52.3.

 

The British pound traded lower against the U.S. dollar despite the better-than-expected PMI data from the U.K. Markit's and the Chartered Institute of Purchasing & Supply's services purchasing managers' index (PMI) for the U.K. rose to 54.9 in October from 53.3 in September, exceeding expectations for a rise to 54.5.

 

A reading above 50 indicates expansion in the sector.

 

The increase was driven by a faster growth in business activity and stronger job creation.

 

"The survey data point to GDP rising at a quarterly rate of 0.6% at the start of the fourth quarter, up from 0.5% in the third quarter. Such an improvement, together with the revival in hiring signalled by the three surveys, with job creation hitting an eight-month high in October, may coax more policymakers into raising interest rates before the end of the year," the Chief Economist at Markit Chris Williamson said.

 

The Canadian dollar traded mixed against the U.S. dollar ahead the Canadian trade data. The Canadian trade deficit is expected to narrow to C$1.9 billion in September from C$2.53 billion in August.

 

EUR/USD: the currency pair fell to $1.0913

GBP/USD: the currency pair was down to $1.5405

USD/JPY: the currency pair increased to Y121.35

The most important news that are expected (GMT0):

13:15 U.S. ADP Employment Report October 200 180

13:30 Canada Trade balance, billions September -2.53 -1.9

13:30 U.S. International Trade, bln September -48.33 -41.1

14:45 U.S. Services PMI (Finally) October 55.1 54.6

15:00 U.S. ISM Non-Manufacturing October 56.9 56.5

15:00 U.S. Fed Chairman Janet Yellen Speaks

15:30 U.S. Crude Oil Inventories October 3.376 2.8

19:30 U.S. FOMC Member Dudley Speak

22:25 Australia RBA's Governor Glenn Stevens Speech

23:50 Japan Monetary Policy Meeting Minutes



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