Forex News from InstaForex

**InstaForex Gertrude** · 16-05-23, 07:15

AUSTRALIAN DOLLAR FALLS AGAINST MAJORS

The Australian dollar weakened against other major currencies in the Asian session on Tuesday.

The Australian dollar fell to a 4-day low of 1.0702 against the NZ dollar, from yesterday's closing value of 1.0733.

Moving away from a recent 4-day high of 0.6709 against the U.S. dollar, the aussie slid to 0.6680.

Against the euro and the yen, aussie edged down to 1.6271 and 90.82 from yesterday's closing quotes of 1.6223 and 91.18, respectively.

The aussie dropped to 0.9004 against the Canadian dollar, from yesterday's closing value of 0.9021.

If the aussie extends its downtrend, it is likely to find support around 1.04 against the kiwi, 0.65 against the greenback, 1.66 against the euro, 88.00 against the yen and 0.89 against the loonie.

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**InstaForex Gertrude** · 17-05-23, 07:09

SINGAPORE TRADE SURPLUS SGD4.713 BILLION IN APRIL

Singapore posted a merchandise trade surplus of SGD4.713 billion in April, Statistics Singapore said on Wednesday.

That was shy of expectations for a surplus of SGD6.346 billion following the SGD6.207 billion surplus in March.

Non-oil domestic exports were up 2.7 percent on month, beating forecasts for a decline of 3.0 percent following the 18.4 percent surge in the previous month.

On a yearly basis, non-oil domestic exports slumped 9.8 percent, missing forecasts for a drop of 9.4 percent after sinking 8.3 percent a month earlier.

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**InstaForex Gertrude** · 18-05-23, 10:21

Technical Analysis of ETH/USD for May 18, 2023

Crypto Industry News:

The NFT market is developing very dynamically in the crypto ecosphere. It is quite easy to use which makes it suitable for many applications. The popularity of NFT leaves room for abuse. Therefore, it is recommended to exercise extreme caution in conjunction with continuous education.

China's national law enforcement agency published a new set of guidelines for non-fungible tokens (NFTs) on May 15. The agency warned that NFTs are being used as proxies for illicit securities and speculative digital assets.

The guidelines of the Supreme People's Prosecutor's Office of the People's Republic of China recommend stronger "risk testing and assessment" to distinguish NFT "true innovation" from quasi-crypto "pseudo innovation". They stress the need to "punish crimes thoroughly".

"While NFT enjoys great popularity, it is very likely to result in financial risk, management risk, network security risk, etc. and especially legal risk," they wrote.

Since China decided to outlaw cryptocurrencies in September 2021, NFTs have been moving in a "legal gray area". As a result, China's domestic NFT market largely self-regulates the industry.

"What consumers benefit from is the exclusive right to prohibit others from tampering with NFT property stored on the blockchain."

This stance on NFT ownership appears to be at odds with the landmark ruling of the Hangzhou Internet Court on December 5, 2022. The court in the ruling stated that non-fungible tokens (NFTs) constitute online virtual property and are recognized under Chinese law.

Technical Market Outlook:
The ETH/USD pair has bounced from the short-term trend line support around the level of $1,783 an is heading higher towards the last swing high seen at $1,848. The intraday technical resistance is seen at $1,848 and then at $1,885. The momentum is strong and positive, so the temporary outlook for the ETH on the H4 time frame chart is bullish, but the bears are still in charge of the market and the next target for bears is seen at $1,687. If the market would have manage to trade above the local trend line support and broke above the last high seen at $1,848, then the bull would have a chance to extend the rally even higher.

Weekly Pivot Points:
WR3 - $1,913
WR2 - $1,886
WR1 - $1,844
Weekly Pivot - $1,814
WS1 - $1,795
WS2 - $1,764
WS3 - $1,712

Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.

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**InstaForex Gertrude** · 19-05-23, 07:45

US stock market closes higher, Dow Jones gains 0.34%

US initial jobless claims for the week ending May 13 fell by 22,000 from the previous week to 242,000. Analysts, in turn, were waiting for the indicator to decrease to 254 thousand. Thus, the decrease in applications may signal a positive direction for the US dollar.

At the close in the New York Stock Exchange, the Dow Jones was up 0.34%, the S&P 500 was up 0.94% and the NASDAQ Composite was up 1.51%.

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**InstaForex Gertrude** · 24-05-23, 07:13

AUSTRALIAN DOLLAR SLIDES AGAINST MAJORS

The Australian dollar weakened against other major currencies in the Asian session on Wednesday.

The Australian dollar fell to a 1-week low of 1.6351 against the euro and a 6-day low of 91.19 against the yen, from yesterday's closing quotes of 1.6284 and 91.59, respectively.

Against the U.S. and the Canadian dollars, the aussie dropped to nearly a 4-week low of 0.6585 and a 6-month low of 0.8897 from yesterday's closing quotes of 0.6609 and 0.8922, respectively.

If the aussie extends its downtrend, it is likely to find support around 1.67 against the euro, 87.00 against the yen, 0.63 against the greenback and 0.86 against the loonie.

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**InstaForex Gertrude** · 25-05-23, 05:59

SINGAPORE GDP SLIPS 0.4% IN Q1

Singapore's gross domestic product dropped a seasonally adjusted 0.4 percent on quarter in the first three months of 2023, the Ministry of Trade and Industry said on Thursday.

That beat forecasts for a decline of 0.7 percent following the 0.1 percent increase in the previous three months.

On an annualized basis, GDP rose 0.4 percent, exceeding expectations for a gain of 0.1 percent, which would have been unchanged from the previous reading.

Upon the release of the data, the MTI announced that its 2023 GDP growth forecast for Singapore has been maintained at 0.5 to 2.5 percent, with growth likely to come in at around the mid-point of the range.

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**InstaForex Gertrude** · 26-05-23, 07:14

CANADIAN DOLLAR SLIDES AGAINST MAJORS

The Canadian dollar weakened against other major currencies in the Asian session on Friday.

The Canadian dollar fell to nearly a 1-month low of 1.3654 against the U.S. dollar and a 9-day low of 1.4648 against the euro, from yesterday's closing quotes of 1.3639 and 1.4627, respecively.

Against the yen and the Australian dollar, the loonie dropped to 102.38 and 0.8885 from yesterday's closing quotes of 102.65 and 0.8873, respecively.

If the loonie extends its downtrend, it is likely to find support around 1.37 against the greenback, 1.49 against the euro, 99.00 against the yen and 0.91 against the aussie.

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**InstaForex Gertrude** · 29-05-23, 09:45

SINGAPORE PRODUCER PRICES DECLINE 4.6%

Singapore's producer prices decreased for the third straight month in April, largely due to a slump in the oil index, data from the Department of Statistics showed on Monday.

The manufacturing producer price index fell 4.6 percent year-on-year in April, slightly faster than the 4.4 percent rise in the prior month.

The oil index plunged 21.0 percent annually in April, and the non-oil index showed a comparatively smaller decrease of 1.1 percent.

Domestic supply prices were 11.4 percent lower in April from a year ago, after an 11.3 percent drop in March. This was the fourth successive monthly fall.

On a monthly basis, producer prices moved up 0.3 percent in April versus a 0.9 percent rise in the previous month.

Separate data from the statistical office revealed that import prices fell at a faster pace of 11.0 percent yearly in April, following a 10.1 percent decline in the prior month.

Monthly, import prices increased 1.2 percent from March, when they grew by 0.4 percent.

Data showed that export prices registered a decrease of 12.4 percent yearly in April, while they rose 0.7 percent compared to a month ago.

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**InstaForex Gertrude** · 30-05-23, 07:17

AUSTRALIAN DOLLAR FALLS AGAINST MAJORS

The Australian dollar weakened against other major currencies in the Asian session on Tuesday.

The Australian dollar fell to a 4-day low of 0.6510 against the U.S. dollar, from an early 6-day high of 0.6559.

Against the yen and the Canadian dollar, the aussie dropped to a 4-day low of 91.28 and more than a 6-month low of 0.8856 from yesterday's closing quotes of 91.80 and 0.8883, respectively.

Against the euro and the NZ dollar, the aussie edged down to 1.6444 and 1.0788 from an early 6-day high of 1.6351 and a 4-week high of 1.0825, respectively.

If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 88.00 against the yen, 0.86 against the loonie, 1.68 against the euro and 1.05 against the kiwi.

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**InstaForex Gertrude** · 01-06-23, 07:15

SOUTH KOREA TRADE DEFICIT $2.10 BILLION IN MAY

South Korea posted a merchandise trade deficit of $2.10 billion in May, the Customs Office said on Thursday.

That exceeded expectations for a shortfall of $2.89 billion following the $2.70 billion deficit in April.

Exports dropped 15.2 percent on year, missing forecasts for a decline of 13.5 percent following the 14.3 percent fall in the previous month.

Imports were down 14.0 percent on year versus expectations for a drop of 10.6 percent after sinking 13.3 percent a month earlier.

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**InstaForex Gertrude** · 05-06-23, 06:05

HONG KONG PRIVATE SECTOR PMI FALLS TO 50.6 IN MAY - S&P GLOBAL

The private sector in Hong Kong continued to expand in May, albeit at a slower pace, the latest survey from S&P Global showed on Monday with a private sector PMI score of 50.6.

That's down from 52.4 in April, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Despite being driven by a surge in new business to Mainland China, new order growth slowed to the weakest since January. Lower new sales led to a softer rise in business activity and a reduction in inventory holdings. At the same time, staffing levels fell for the first time since November 2022.

That said, overall input cost inflation quickened as supplier performance deteriorated for the first time in seven months, thereby adding pressure to firms' margins. Less robust demand conditions also weighed on business confidence.

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**InstaForex Gertrude** · 07-06-23, 06:28

AUSTRALIA GDP RISES 0.2% IN Q2

Australia's gross domestic product expanded by a seasonally adjusted 0.2 percent on quarter in the first quarter of 2023, the Australian Bureau of Statistics said on Wednesday.

That missed expectations for an increase of 0.8 percent and was down from 0.5 percent in the previous three months.

On an annualized basis, GDP was up 2.3 percent - again missing forecasts for a gain of 2,7 percent, which would have been steady from the three months prior.

Capital expenditure was up 1.8 percent on quarter, exceeding expectations for a decline of 5.6 percent following the 1.4 percent contraction in the previous quarter.

The GDP chain price index was up 1.8 percent on quarter, while final consumption rose 0.2 percent.

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**InstaForex Gertrude** · 09-06-23, 06:11

CHINA INFLATION RISES 0.2% ON YEAR IN MAY

Consumer prices in China were up 0.2 percent on year in May, the National Bureau of Statistics said on Friday.

That was shy of expectations for an increase of 0.4 percent following the 0.1 percent increase in the previous month.

On a monthly basis, consumer prices fell 0.2 percent, missing expectations for a decline of 0.1 percent - which would have been unchanged from the April reading.

The NBS also said that producer prices dropped 4.6 percent on year, missing expectations for a decline of 4.0 percent following the 3.6 percent fall a month earlier.

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**InstaForex Gertrude** · 12-06-23, 06:37

U.S. DOLLAR RISES AGAINST MAJORS

The U.S. dollar strengthened against other major currencies in the Asian session on Monday.

The U.S. dollar rose to 4-day highs of 1.0733 against the euro and 0.9044 against the Swiss franc, from last week's closing quotes of 1.0748 and 0.9031, respectively.

Against the pound and the yen, the greenback advanced to 1.2564 and 139.65 from Friday's closing quotes of 1.2577 and 139.35, respectively.

If the greenback extends its uptrend, it is likely to find resistance around 1.05 against the euro, 0.92 against the franc, 1.21 against the pound and 142.00 against the yen.

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**InstaForex Gertrude** · 13-06-23, 06:37

NZ DOLLAR FALLS AGAINST MAJORS

The New Zealand dollar weakened against other major currencies in the Asian session on Tuesday.

The NZ dollar fell to nearly a 4-month low of 1.1049 against the Australian dollar, from yesterday's closing value of 1.1021.

Against the yen and the euro, the kiwi dropped to 4-day lows of 85.16 and 1.7641 from yesterday's closing quotes of 85.49 and 1.7565, respectively.

The kiwi edged down to 1.6106 against the U.S. dollar, from yesterday's closing value of 1.6121.

If the kiwi extends its downtrend, it is likely to find support around 1.11 against the aussie, 82.00 against the yen, 1.80 against the euro and 0.58 against the greenback.

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**InstaForex Gertrude** · 14-06-23, 09:52

EUROPEAN ECONOMIC NEWS PREVIEW: UK GDP DATA DUE

Monthly GDP data from the UK and industrial output from the euro area are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK monthly GDP, industrial output and foreign trade data. Gross domestic product is forecast to grow 0.2 percent on a monthly basis in April, reversing a 0.3 percent fall in March.

The UK visible trade deficit is expected to widen to GBP 16.5 billion in April from GBP 16.36 billion in March. In the meantime, Destatis is scheduled to publish Germany's wholesale prices for May. Wholesale prices are forecast to fall 3.3 percent annually, sharper than the 0.5 percent decrease in April.

Also, Statistics Sweden issues consumer price data for May. Economists forecast inflation to slow to 9.4 percent from 10.5 percent in April.

At 5.00 am ET, Eurozone industrial production data is due. Economists expect output to grow 1.0 percent on month in April, in contrast to the 4.1 percent fall in March.

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**InstaForex Gertrude** · 15-06-23, 06:15

JAPAN HAS Y1,372.5 BILLION TRADE DEFICIT IN MAY

Japan posted a seasonally adjusted merchandise trade deficit of 1,362.5 billion yen in May, the Ministry of Finance said on Thursday.

That missed expectations for a shortfall of 1,331.9 billion following the 432.3 billion yen deficit in April.

Exports were up 0.6 percent on year to 7,292.6 billion yen, exceeding forecasts for a 0.8 percent decline following the 2.6 percent gain in the previous month.

Imports dropped an annual 9.9 percent to 8,665.1 billion yen versus expectations for a decline of 10.3 percent after slipping 2.3 percent a month earlier.

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**InstaForex Gertrude** · 19-06-23, 06:33

AUSTRALIAN DOLLAR FALLS AGAINST MAJORS

The Australian dollar weakened against other major currencies in the Asian session on Monday.

The Australian dollar fell to a 10-day low of 1.6003 against the euro, from Friday's closing value of 1.5902.

Against the U.S., the Canada and the New Zealand dollars, the aussie dropped to 4-day lows of 0.6834, 0.9040 and 1.1008 from last week's closing quotes of 0.6873, 0.9065 and 1.1019, respectively.

The aussie edged down to 96.73 against the yen, from more than a 9-month high of 97.67.

If the aussie extends its downtrend, it is likely to find support around 1.63 against the euro, 0.66 against the greenback, 0.89 against the loonie, 1.06 against the kiwi and 94.00 against the yen.

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**InstaForex Gertrude** · 20-06-23, 07:49

YEN RISES AGAINST MAJORS

The Japanese yen strengthened against other major currencies in the Asian session on Tuesday.

The yen rose to 4-day highs of 154.59 against the euro and 181.15 against the pound, from yesterday's closing quotes of 155.02 and 181.48, respectively.

Against the U.S. dollar, the yen advanced to 141.58 from an early 7-month low of 142.25.

The yen edged up to 157.98 against the Swiss franc, from yesterday's closing value of 158.41.

If the yen extends its uptrend, it is likely to find resistance around 149.00 against the euro, 174.00 against the pound, 138.00 against the greenback and 153.00 against the yen.

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**InstaForex Gertrude** · 21-06-23, 08:39

EUROPEAN ECONOMIC NEWS PREVIEW: UK INFLATION DATA DUE

Consumer prices and public sector finance from the UK are the top economic news due on Wednesday.

At 2.00 am ET, the Office for National Statistics releases UK consumer and producer prices and public sector finance data. Consumer price inflation is forecast to slow to 8.4 percent in May from 8.7 percent in April. Economists expect output prices to climb 3.6 percent after a 5.4 percent rise in April.

The UK budget deficit is seen narrowing to GBP 14.9 billion in May from GBP 24.7 billion in April.

In the meantime, Europe's new car registrations data is due for May. Registrations had increased 17.2 percent in April.

At 4.00 am ET, industrial production, producer prices and corporate sector wage figures are due. Economists forecast industrial output to fall 3 percent on a yearly basis, slower than April's 6.4 percent decrease.

At 6.00 am ET, the Confederation of British Industry publishes Industrial Trends survey results. The order book balance is seen unchanged at minus 17 percent in June.

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