Foreign exchange market. Asian session: the U.S. dollar little changed

Economic calendar (GMT0):

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

00:05 Australia RBA's Governor Glenn Stevens Speech

01:30 Australia Construction Work Done Quarter II -0.8% Revised From -2.4% -1.5% 1.6%

06:00 Switzerland UBS Consumption Indicator July 1.61 Revised From 1.68 1.64

The U.S. dollar fluctuated with modest changes to the euro and the yen. It's worth to remember that concerns over China's economic growth triggered massive declines in stocks worldwide on Monday. This also made the greenback very volatile. Investors are still cautious about short-term outlook of the dollar. They are waiting for signs of stabilization in China and strong data on the U.S. economy, which would suggest that the Federal Reserve is still on track to raise rates in 2015.

At the beginning of today's session the Australian dollar declined against the U.S. dollar. However later economic data supported the AUD. The seasonally adjusted Construction Work Done index rose by 1.6% in the second quarter. Economists expected the index to rise by 1.5%.

The New Zealand dollar is under pressure. Statistics showed that the country's trade balance came in at -Nz649 in July missing expectations for -NZ600. The deficit expanded as imports continued rising. Exports of dairy products have picked up for the first time in nearly a year.

EUR/USD: the pair fluctuated within $1.1500-60 in Asian trade

USD/JPY: the pair traded around Y119.00

GBP/USD: the pair rose to $1.5720

The most important news that are expected (GMT0):

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

08:30 United Kingdom BBA Mortgage Approvals July 44.5

11:00 U.S. MBA Mortgage Applications August 3.6%

12:30 U.S. Durable Goods Orders July 3.4% -0.4%

12:30 U.S. Durable Goods Orders ex Transportation July 0.8% 0.4%

12:30 U.S. Durable goods orders ex defense 3.8%

14:00 U.S. FOMC Member Dudley Speak

14:30 U.S. Crude Oil Inventories August 2.62 2