Foreign exchange market. Asian session: the New Zealand dollar declined

Economic calendar (GMT0):

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

00:30 Australia Home Loans October 2.0% -1% -0.5%

01:30 China PPI y/y November -5.9% -5.9% -5.9%

01:30 China CPI y/y November 1.3% 1.4% 1.5%

06:00 Japan Prelim Machine Tool Orders, y/y November -23.1% -17.9%

06:45 Switzerland Unemployment Rate (non s.a.) November 3.3% 3.3% 3.4%

The New Zealand dollar declined slightly ahead of The Reserve Bank of New Zealand meeting scheduled for tomorrow. Most economists expect the central bank to cut its benchmark interest rate by 25 basis points to 2.5%. Nevertheless some analysts say that the RBNZ will not change its policy now ahead of the FOMC meeting.

The Australian dollar remained under pressure amid weak trade data from China. Meanwhile today the National Bureau of Statistics of China reported that the consumer price index rose by 1.5% y/y in November compared to +1.3% in October. Analysts had expected prices to grow by 1.4% y/y. The index gained mostly due to higher food prices. Faster price growth in China suggests that the government's actions start to influence the economy.

The yen advanced against the U.S. dollar amid machinery orders data. The corresponding index rose to 10.7% in October from 7.5% reported previously. Economists had expected a reading of -1.5%.

EUR/USD: the pair rose to $1.0920 in Asian trade

USD/JPY: the pair fell to Y122.60

GBP/USD: the traded within $1.5000-20

The most important news that are expected (GMT0):

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

07:00 Germany Current Account October 25.1

07:00 Germany Trade Balance (non s.a.), bln October 22.9

12:00 U.S. MBA Mortgage Applications December -0.2%

15:00 U.S. Wholesale Inventories October 0.5% 0.1%

15:30 U.S. Crude Oil Inventories December 1.177 0.0

20:00 New Zealand RBNZ Interest Rate Decision 2.75% 2.5%

20:00 New Zealand RBNZ Rate Statement

20:05 New Zealand RBNZ Press Conference

23:50 Japan BSI Manufacturing Index Quarter IV 11 12.1