Economic calendar (GMT0):
Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual
00:30 Australia Trade Balance August -2.79 Revised From -2.46 -2.55 -3.1
03:30 Australia Announcement of the RBA decision on the discount rate 2.0% 2% 2.0%
03:30 Australia RBA Rate Statement
06:00 Germany Factory Orders s.a. (MoM) August -1.4% 0.5% -1.8%
The euro declined slightly against the U.S. dollar ahead of today's release of German industrial production data. Analysts expect the index to fall. Slower growth in China and the scandal around Volkswagen might have weighed on the country's exports.
Market participants are also waiting for ECB President Mario Draghi speech. Also today the International Monetary Fund will report on global economic outlook. If the IMF's report shows clear signs of slowing growth investors might take profits in stock markets. This could support the euro.
This week Portugal will hold elections. Prime Minister Pedro Passos Coelho, who supports austerity, is likely to win.
The Australian dollar rose sharply after the Reserve Bank of Australia left its benchmark rate unchanged at 2%. The central bank noted that the Australian economy continued to expand moderately and it still has spare capacity. Stock markets' volatility did not harm financial markets.
EUR/USD: the pair fell to $1.1170 in Asian trade
USD/JPY: the pair traded within Y120.35-55
GBP/USD: the pair rose to $1.5165
The most important news that are expected (GMT0):
(time / country / index / period / previous value / forecast)
07:15 Switzerland Consumer Price Index (MoM) September -0.2% 0.1%
07:15 Switzerland Consumer Price Index (YoY) September -1.4% -1.4%
09:00 Eurozone ECOFIN Meetings
09:00 Eurozone Eurogroup Meetings
12:30 Canada Trade balance, billions August -0.59 -1.2
12:30 U.S. International Trade, bln August -41.86 -47.4
14:00 Canada Ivey Purchasing Managers Index September 58 54
17:00 Eurozone ECB President Mario Draghi Speaks
20:30 U.S. API Crude Oil Inventories September 4.6
21:30 U.S. FOMC Member Williams Speaks
22:30 Australia AiG Performance of Construction Index September 53.8