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Weekly Forex Market Overview

1st DECEMBER 2014

Last Week’s Forex News Brief

European currencies firmed against the Greenback last week, with the Euro, Sterling and Swissy all showing gains. In contrast, the Australian, Canadian and New Zealand Dollars were significantly pressured by the falling price of crude oil — which dropped to four year lows after recent OPEC Meetings left output unchanged — while the price of gold declined over thirty dollars per ounce. The Japanese Yen was little changed on the week.

Economic highlights last week included better than expected U.S. Preliminary GDP, while Japan reported higher than expected CPI data. In addition, Eurozone numbers were mostly mixed last week, New Zealand reported a higher than expected trade deficit, and Canadian GDP came out in line with expectations. Finally, exit polls showed the Swiss people voted “no” in a referendum for the SNB to increase gold reserves to 20% on Sunday.

Daily Charts of Major Currency Pairs

Daily exchange rate charts for EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD and USD/CAD appear in the image below, along with the 14 day RSI shown in blue in the indicator box below the chart for each pair.

Key Economic Data Releases Due Out This Coming Week

The highlighted data releases and major events that may move the forex market are listed below, along with the affected currency, release time in the GMT time zone, and either expected or previous results shown in parentheses.

Sunday, November 30th

All Day CHF SNB Gold Asset Vote (Rejection expected)

8:45pm NZD RBNZ Governor Wheeler speaks

Monday, December 1st

2:00am CNY Manufacturing PMI (50.5)

2:45am CNY HSBC Final Manufacturing PMI (50.0)

10:30am GBP Manufacturing PMI (53.1)

4:00pm USD ISM Manufacturing PMI (57.9)

Tuesday, December 2nd

1:30am AUD Building Approvals (5.2%)

4:30am AUD Cash Rate Decision (unchanged at 2.50%)

4:30am AUD RBA Rate Statement

10:30am GBP Construction PMI (61.2)

Tentative NZD GDT Price Index (-3.1%)

Wednesday, December 3rd

1:30am AUD GDP (0.7%)

10:30am GBP Services PMI (56.6)

1:30pm GBP Autumn Forecast Statement

2:15pm USD ADP Non-Farm Employment Change (223K)

4:00pm CAD BOC Rate Statement

4:00pm CAD Overnight Rate Decision (unchanged at 1.00%)

4:00pm USD ISM Non-Manufacturing PMI (57.5)

11:30pm CAD BOC Governor Poloz speaks

Thursday, December 4th

1:30am AUD Retail Sales (0.1%)

1:30pm AUD Trade Balance (-1.81B)

1:00pm GBP Official Bank Rate Decision (unchanged at 0.50%)

Tentative GBP MPC Rate Statement

1:45pm EUR Minimum Bid Rate Decision (unchanged at 0.05%)

2:30pm EUR ECB Press Conference

2:30pm USD Weekly Initial Jobless Claims (297K)

4:00pm CAD Ivey PMI (53.2)

Friday, December 5th

2:30pm CAD Employment Change (5.3K)

2:30pm CAD Trade Balance (0.4B)

2:30pm CAD Unemployment Rate (6.6%)

2:30pm USD Non-Farm Payrolls (225K)

2:30pm USD Trade Balance (-41.2B)

2:30pm USD Unemployment Rate (5.8%)

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