• Foreign exchange market. European session: the British pound fell against the U.S. dollar after the disappointing retail sales from the U.K.

Market news

23 October 2014

Foreign exchange market. European session: the British pound fell against the U.S. dollar after the disappointing retail sales from the U.K.

Economic calendar (GMT0):

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

00:30 Australia NAB Quarterly Business Confidence Quarter III 6 6

01:35 Japan Manufacturing PMI (Preliminary) October 51.7 52.1 52.8

01:45 China HSBC Manufacturing PMI (Preliminary) October 50.2 50.2 50.4

06:58 France Manufacturing PMI (Preliminary) October 48.8 48.6 47.3

06:58 France Services PMI (Preliminary) October 48.4 48.2 48.1

07:28 Germany Manufacturing PMI (Preliminary) October 49.9 49.6 51.8

07:28 Germany Services PMI (Preliminary) October 55.7 55.0 54.8

07:58 Eurozone Services PMI (Preliminary) October 52.4 52.0 52.4

07:58 Eurozone Manufacturing PMI (Preliminary) October 50.3 50.0 50.7

08:30 United Kingdom Retail Sales (MoM) September +0.4% -0.1% -0.3%

08:30 United Kingdom Retail Sales (YoY) September +3.9% +2.8% +2.7%

08:30 United Kingdom BBA Mortgage Approvals September 41.6 41.5 39.3

09:00 Eurozone EU Economic Summit

10:00 United Kingdom CBI industrial order books balance October -4 -3

The U.S. dollar traded mixed against the most major currencies ahead the number of initial jobless claims and the U.S. preliminary manufacturing purchasing managers' index (PMI).

The number of initial jobless claims in the U.S. is expected to rise by 5,000 to 269,000.

The U.S. preliminary manufacturing purchasing managers' index is expected to decline to 57.2 in October from 57.5 in September.

The greenback remained supported by yesterday's better-than-expected U.S. consumer price inflation. The U.S. consumer price inflation rose 0.1% in September, exceeding expectations for a flat reading, after a 0.2% decrease in August.

The euro traded higher against the U.S. dollar after PMI reports from the Eurozone. Eurozone's preliminary manufacturing purchasing managers' index (PMI) rose to 50.7 in October from 50.3 in September, beating expectations for a decline to 50.0.

Eurozone's preliminary services PMI remained unchanged at 52.4 in October, beating forecasts of a decrease to 52.0.

Germany's preliminary manufacturing PMI climbed to 51.8 in October from 49.9 in September, beating forecasts of a fall to 49.6.

Germany's preliminary services PMI fell to 54.8 in October from 55.7 in August, missing forecasts of a decline to 55.0.

France's preliminary manufacturing PMI declined to 47.3 in October from 48.8 in September, missing expectations for a decrease to 48.6.

Germany's preliminary services PMI decreased to 48.1 in October from 48.4 in August, missing forecasts of a fall to 48.2.

Eurozone's consumer confidence is expected to fall to -12 in October from -11 in September.

The British pound fell against the U.S. dollar after the disappointing retail sales from the U.K. Retail sales in the U.K. fell 0.3% in September, missing expectations for a 0.1% decrease, after a 0.4% gain in August.

That data could mean that the economy in the U.K. is losing momentum, and the Bank of England may delay its interest rate hike.

The Confederation of British Industry released its industrial order books balance. The CBI industrial order books balance fell to -6% in October from -4% in September, missing expectations for an increase to -3%. That was the lowest level since July 2013.

EUR/USD: the currency pair rose to 1.2675

GBP/USD: the currency pair fell to $1.5993

USD/JPY: the currency pair climbed to Y107.64

The most important news that are expected (GMT0):

12:30 U.S. Initial Jobless Claims October 264 269

13:45 U.S. Manufacturing PMI (Preliminary) October 57.5 57.2

14:00 Eurozone Consumer Confidence October -11 -12

21:45 New Zealand Trade Balance, mln September -472 -620

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