Foreign exchange market. Asian session: U.S. dollar steady ahead of Fed rate decision

Economic calendar (GMT0):

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

01:30 Australia New Motor Vehicle Sales (YoY) May 2.8% 0.8%

01:30 Australia RBA Meeting's Minutes

05:45 Switzerland SECO Economic Forecasts

06:00 Germany CPI, y/y May 0.5% 0.7% 0.7%

The U.S. dollar started Tuesday moving sideways as traders anticipate Wednesday's Federal Open Market Committee interest rate decision. The rate is expected to remain unchanged; however policymakers' comments and the FOMC statement may provide some clues on the timing of the liftoff. Yesterday data showed that the U.S. industrial production index missed expectations for a 0.3% growth in May on a monthly basis and fell by 0.2%. On a y/y basis the index rose by 1.4% vs 1.9% reported previously.

The euro slightly edged up amid the weaker-than-expected data on the U.S. economy. Market participants are waiting for news on Greece when the euro zone finance ministers meet on Thursday.

The pound is steady ahead of inflation data.

The Australian dollar is currently at $0.7751 ahead of the Fed meeting. June 2015 Monetary Policy Meeting minutes reiterated that the AUD was likely to decline.

The New Zealand dollar slightly shifted down to $0.6982.

The Japanese yen weakened against the U.S. dollar. It's currently at Y123.59. Bank of Japan Governor Haruhiko Kuroda said that his remarks about the yen's weakness shouldn't be understood as clues for the currency's direction.

EUR/USD: the dollar is muted ahead of Fed interest rate decision

USD/JPY: the U.S. dollar slightly advanced against the yen

GBP/USD: the sterling continued to gain at a moderate pace

The most important news that are expected (GMT0):

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

08:30 United Kingdom Retail Price Index, m/m May 0.4% 0.3%

08:30 United Kingdom Retail prices, Y/Y May 0.9% 1.1%

08:30 United Kingdom Producer Price Index - Input (MoM) May 0.4% 0.4%

08:30 United Kingdom Producer Price Index - Input (YoY) May -11.7% -11.4%

08:30 United Kingdom Producer Price Index - Output (MoM) May 0.1% 0.1%

08:30 United Kingdom Producer Price Index - Output (YoY) May -1.7% -1.6%

08:30 United Kingdom HICP, m/m May 0.2% 0.2%

08:30 United Kingdom HICP, Y/Y May -0.1% 0.1%

08:30 United Kingdom HICP ex EFAT, Y/Y May 0.8%

09:00 Eurozone Employment Change Quarter I 0.1%

09:00 Eurozone ZEW Economic Sentiment June 61.2

09:00 Germany ZEW Survey - Economic Sentiment June 41.9 37.1

12:30 Canada Foreign Securities Purchases April 22.47

12:30 U.S. Housing Starts May 1135 1100

12:30 U.S. Building Permits May 1140 1100

20:30 U.S. API Crude Oil Inventories June -6.7

22:45 New Zealand Current Account Quarter I -3190 235

23:50 Japan Trade Balance Total, bln May -53.4 -226