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Foreign exchange market. European session: the euro traded lower against the U.S. dollar as concerns over Greece's further bailout policy and quantitative easing by the European Central Bank (ECB) weighed on the euro | 11.03.2015

 

Economic calendar (GMT0):

 

 

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

 

 

00:30 Australia Home Loans January 2.7% -1.9% -3.5%

05:30 China Retail Sales y/y February 11.9% 11.6% 10.7%

05:30 China Industrial Production y/y February 7.9% 7.7% 6.8%

05:30 China Fixed Asset Investment February 15.7% 15.1% 13.9%

06:30 France Non-Farm Payrolls (Finally) Quarter IV 0.0% 0.0% 0.0%

09:30 United Kingdom Industrial Production (MoM) January -0.2% 0.2% -0.1%

09:30 United Kingdom Industrial Production (YoY) January 0.8% 1.3%

09:30 United Kingdom Manufacturing Production (MoM) January 0.1% 0.3% -0.5%

09:30 United Kingdom Manufacturing Production (YoY) January 2.6% 1.9%

The U.S. dollar traded mixed against the most major currencies. There will be released no major U.S. economic reports on Wednesday.

 

 

The greenback remained supported by speculation that the Fed might start to raise its interest rate sooner than expected.

 

 

The euro traded lower against the U.S. dollar as concerns over Greece's further bailout policy and quantitative easing by the European Central Bank (ECB) weighed on the euro. The ECB had started to purchase government bonds on Monday.

 

 

The ECB President Mario Draghi said on Wednesday that bond purchases should help to boost inflation and encourage investors to shift to riskier assets. He noted that quantitative easing was unconventional but "not unorthodox".

 

 

The Eurogroup of euro zone finance ministers continued to discuss proposed Greek economic reforms.

 

 

The British pound traded lower against the U.S. dollar after the mostly weaker-than-expected data from the U.K. Manufacturing production in the U.K. fell 0.5% in January, missing expectations for a 0.3% rise, after a 0.1% rise in December.

 

 

The decline was driven by lower output in the computer, electronic and optical sector. Output dropped by 9.5%, the biggest monthly decline since early 2002.

 

 

On a yearly basis, manufacturing production in the U.K. increased 1.9% in January, after a 2.6% rise in December. December's figure was revised up from a 2.4% gain.

 

 

Industrial production in the U.K. decreased 0.1% in January, missing forecasts of a 0.2% rise, after a 0.2% decline in December.

 

 

The U.K. oil and gas production rose 2.4% in January as production at North Sea oil and gas fields increased.

 

 

On a yearly basis, industrial production in the U.K. rose 1.3% in January, after a 0.8% gain in December. December's figure was revised up from a 0.5% rise.

 

 

EUR/USD: the currency pair fell to $1.0593

 

 

GBP/USD: the currency pair declined to $1.5028

 

 

USD/JPY: the currency pair rose to Y121.63

 

 

The most important news that are expected (GMT0):

 

 

15:00 United Kingdom NIESR GDP Estimate February 0.7%

20:00 New Zealand RBNZ Interest Rate Decision 3.50% 3.50%

20:00 New Zealand RBNZ Rate Statement

20:05 New Zealand RBNZ Press Conference

23:50 Japan BSI Manufacturing Index Quarter I 8.1 5.7



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