Foreign exchange market. Asian session: U.S. dollar traded weaker against its major peers

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

00:30 Australia Construction Work Done Quarter IV -2.2% -0.8% -0.2%

00:30 Australia Wage Price Index, q/q Quarter IV +0.6% +0.7% +0.6%

00:30 Australia Wage Price Index, y/y Quarter IV +2.6% +2.5% +2.5%

01:45 China HSBC Manufacturing PMI (Preliminary) February 49.7 49.6 50.1

07:00 Switzerland UBS Consumption Indicator January 1.42 1.24

The U.S. dollar traded lower against its major peers after the speech by the Fed Chair Janet Yellen. Yellen testified before the Senate Banking Committee in Washington on Tuesday. She said it is unlikely that the Fed will raise its interest rate in "the next couple of FOMC meetings" as wage growth remains too low even as the job market improves. The Fed Chair noted that the central bank will change the wording of the policy statement when it will raise its interest rate and that the FED will not rush into raising interest rates.

The euro traded moderately higher against the greenback after Eurozone's finance ministers approved the four-month bailout extension on Tuesday and accepted the list of reforms proposed by the Greek government.

The Australian dollar jumped as data on the HSBC China PMI showed an increase into positive territory. The HSBC Manufacturing PMI rose from 49.7 to 50.1 to a four month-high, above the estimated reading of 49.6. A reading above 50 represents growth in activity. Domestic demand firmed while new export orders contracted for the first time since April 2014. Both input and output prices remain in contraction, according to HSBC.China is Australia's biggest trade partner. Construction Work Done for the fourth quarter decreased less than expected by -0.2% compared to a forecast of -0.8% and a previous reading of -2.8% (revised from -2.2%). The Wage Price Index on a quarterly basis remained unchanged at +0.6%, analysts expected wages to rise by +0.7%. Year on year the Wage Price Index declined from +2.6% to +2.5% in line with expectations.

New Zealand's dollar rose against the greenback after the better-than expected HSBC China February flash manufacturing PMI. Today data on Visitor arrivals and New Zealand's Trade balance are due at 21:45 GMT.

The Japanese yen traded higher against the greenback on Wednesday in the absence of any major economic reports from Japan.

EUR/USD: the euro traded stronger against the greenback

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

09:30 United Kingdom BBA Mortgage Approvals January 35.7 36.2

15:00 U.S. Mortgage Delinquencies Quarter IV 5.85%

15:00 U.S. New Home Sales January 484 477

15:00 U.S. Federal Reserve Chair Janet Yellen Testifies

15:30 U.S. Crude Oil Inventories February +7.7

16:30 Eurozone ECB President Mario Draghi Speaks

21:45 New Zealand Visitor Arrivals January -1.3%

21:45 New Zealand Trade Balance, mln January -159 -157