Forex News from InstaForex

British pound surges as traders speculate on interest rate hike

The British pound escalated on Thursday as traders expect the Bank of England to raise interest rates early next year. BOE Governor Mark Carney reiterated a first rate hike since the 2008 financial crash was getting closer and downplayed the effect of a stronger sterling on inflation. The pound traded at 69.64 pence per euro. Against the US dollar, the currency stood at $1.5599. Carney has not been vocal on interest rates, “so that was always going to give sterling a boost," said Angus Campbell, Senior Analyst at FxPro.

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U.S. Dollar Rises Against Majors

The U.S. dollar strengthened against the other major currencies in the Asian session on Monday. The U.S. dollar rose to a 6-year high of 0.7327 against the Australian dollar, a 3-month high of 0.9630 against the Swiss franc and nearly a 2-month high of 1.0819 against the euro, from Friday's closing quotes of 0.7368, 0.9607 and 1.0827, respectively. The greenback advanced to 1.5582 against the pound and 124.18 against the yen, from last week's closing quotes of 1.5597 and 124.04, respectively. Against the New Zealand and the Canadian dollars, the greenback edged up to 0.6504 and 1.2998 from Friday's closing quotes of 0.6512 and 1.2968, respectively. If the greenback extends its uptrend, it is likely to find resistance around 0.72 against the aussie, 0.97 against the franc, 1.06 against the euro, 1.52 against the pound, 126.00 against the yen, 0.63 against the kiwi and 1.30 against the loonie.

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Barclays plans to cut more than 30,000 jobs: The Times

The Times on Sunday reported that Barclays Plc intends to slash more than 30,000 jobs within 2 years after firing Chief Executive Antony Jenkins this month. This move could reduce the global workforce of the bank below 100,000 by 2017 end. It is considered as the only way to address the continuing poor performance, the paper said. These job cuts are likely to affect staff at middle and back office operations. The paper said that a potential candidate, who would replace Jenkins, is expected to axe jobs much faster and more deeply than the ejected boss.

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BoJ Minutes: Economic Recovery Is Still On Track

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Members of the Bank of Japan's monetary policy board said that the country's economic recovery continues to grow at a satisfactory pace, minutes from the board's June 18-19 meeting revealed on Tuesday. The recovery is expected to continue, the board said, although downside risks include the European debt situation and the state of commodity exporters. "Japan's economy has continued to recover moderately. Overseas economies - mainly advanced economies -- have been recovering, albeit with a lackluster performance still seen in part," the minutes said. In the battle against deflation, the board said that consumer prices figure to be roughly flat due to falling energy prices. "Inflation expectations appear to be rising on the whole from a somewhat longer-term perspective," the bank said. At the meeting, the bank decided to hold its benchmark lending rate steady at 0.10 percent, and also to maintain its target of raising the monetary base at an annual pace of about 80 trillion yen. The bank also announced plans to reduce monetary policy meetings from 2016, down to eight from the current 14. In addition, it would raise the frequency of its economic outlook reports. Accordingly, it will publish forecasts for the economy and prices on a quarterly basis instead of twice yearly. In terms of economic data, exports have been picking up and steady improvement in the employment and income situation support private consumption. "Quantitative and qualitative monetary easing (QQE) has been exerting its intended effects, and the Bank will continue with QQE, aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner," the bank said.

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Japan Has Y69.0 Billion Trade Shortfall In June

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Japan posted a merchandise trade deficit of 69.045 billion yen in June, the Ministry of Finance said on Thursday. That missed forecasts for a surplus of 45.8 billion following the downwardly revised 217.2 billion yen deficit in May (originally -215.97 billion). Exports climbed 9.5 percent on year to 6.505 trillion yen, shy of expectations for a gain of 10.0 percent following the 2.4 percent increase in the previous month. Exports to all of Asia jumped 10.1 percent on year to 3.525 trillion yen, while exports to China alone gained an annual 5.9 percent to 1.160 trillion yen. Exports to the United States climbed 17.6 percent on year to 1.302 trillion yen, while exports to the European Union gained an annual 10.8 percent to 665.452 billion yen. Imports dipped an annual 2.9 percent to 6.574 trillion yen versus expectations for a fall of 4.2 percent after tumbling 8.7 percent a month earlier. Imports from all of Asia added 7.0 percent on year to 3.193 trillion yen, while imports from China alone advanced an annual 6.9 percent to 1.571 trillion yen. Imports from the United States surged 14.9 percent on year to 723.707 billion yen, while imports from the European Union added an annual 6.5 percent to 696.294 billion yen. The adjusted trade balance showed a deficit of 251.7 billion yen - which beat expectations for a shortfall of 260.0 billion yen following the upwardly revised 155.2 billion yen shortfall in May (originally -182.5 billion yen).

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Japan Corporate Service Prices Rise 0.4% In June

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Corporate service prices in Japan were up 0.4 percent on year in June, the Bank of Japan said on Monday - shy of estimates for 0.6 percent, which would have been unchanged from the May reading. On a monthly basis, prices were flat after adding 0.1 percent in the previous month. Among the individual components, prices were up for leasing and rental, but down for advertising and civil engineering. For the second quarter of 2015, corporate service prices gained 0.6 percent on year after jumping an annual 3.2 percent in the first quarter. On a quarterly basis, prices advanced 0.4 percent after easing 0.2 percent in the three months prior.

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Australian dollar remains below 73 US cents

The Australian dollar was still trading below 73 US cents Monday, following it touched a new six-year low last weekend. The Aussie ended at 72.89 US cents from Friday's 73.02 US cents. On Friday, the currency declined to 72.60 US cents, its weakest since May 2009, on disappointing Chinese data.

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Argentina Industrial Production Falls In June

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Argentina's industrial production decreased in June after rising in the previous month, figures from the National Institute of Statistics showed Monday. Industrial production fell a seasonally adjusted 0.8 percent year-over-year in June, reversing a 0.4 percent climb in the previous month. Production of basic metals declined 6.7 percent annually in June, while automobile production grew by 6.8 percent. On a monthly basis, industrial production increased at a faster pace of 1.2 percent in June, following a 0.2 percent slight rise in May. It was the third consecutive monthly hike. During the first six months of the year, aggregate industrial production contracted a seasonally adjusted 1.3 percent compared to the corresponding period last year.

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Pound Rises Against Most Majors

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The British pound strengthened against most major currencies in the Asian session on Thursday. The pound rose to nearly a 5-month high of 1.5119 against the Swiss franc and a 1-week high of 0.7026 against the euro, from yesterday's closing quotes of 1.5092 and 0.7036, respectively. Against the yen, the pound climbed to 193.81 from yesterday's closing value of 193.33. If the pound extends its uptrend, it is likely to find resistance around 1.52 against the franc, 0.69 against the euro and 195.30 against the yen.

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Japan June industrial output rises 0.8 pct mth/mth

Industrial output in Japan jumped 0.8% in June, rebounded from last month's big fall, government data showed. The month-on-month growth compared with economists' median estimate of a 0.3% increase and followed a 2.1% decline in May, data by the Ministry of Economy Trade and Industry showed on Thursday. Manufacturers expect output to rise 0.5% in July and increase 2.7% in August, the data showed.

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Canadian dollar saps as markets laud Fed outlook

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The Canadian dollar softened on Thursday as traders embraced the Federal Reserve's relatively optimistic outlook for the American economy and sturdy GDP data. Based on official figures, US growth increased to a 2.3% annual rate in the second quarter, bolstering the US dollar. The loonie finished at 76.86 US cents from Wednesday's 77.26 US cents. Data increase the likelihood of a September rate hike. All we need is one of the jobs data to be good, “and neither China, nor Greece to fall off cliff, and we're there,” said Greg Anderson, Global Head of Foreign Exchange Strategy at BMO Capital Markets. Meanwhile, Statistics Canada reported nonfarm payroll jobs rose by 16,500 in May, from 27,600 in April.

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Nam Long plans $15-$30 mln bond issue - Vietnam Economic Times

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Nam Long Investment Corp said it plans to issue worth $15-$30 million in international markets to fund projects, the Vietnam Economic Times newspaper reported. It comes after Nam Long sold nearly 5% of its stake to a subsidiary of Singapore's Keppel Land Ltd, the report added.

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Aussie Forms Triple Bottom Around 0.7250, Targets 0.7360/0.740

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AUD/USD has formed triple bottom around 0.7250 and recovered from that level on account of better than expected Australian retail sales . Retail sales come in 0.7% compared to forecast 0.4% awaits RBA rate decision later today which is major market mover . Technically major support is around 0.7250 and any break below targets 0.7230/0.7190 in short term. On the higher side resistance is around 0.7300 and any break above target 0.7360/0.7400 . It is good to buy at dips around 0.72925 with SL around 0.7245 for the TP of 0.7355/0.7395.

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Fxwirepro:cable Forms Bullish Gartley in Hourly Chart, Good to Buy at Dips

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Cable declined till 1.5525 after making a high of 1.56328 yesterday. Overall trend is still bullish as long as support 1.5460 holds. Any break below 1.5460 will drag the pair down till 1.5430/1.5400. On the higher side minor resistance is around 1.5550 and any break above would extend gains till 1.5580/1.5630. It is good to buy at dips around 1.5510-15 with SL around 1.5460 for the TP of 1.5625

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US dollar extends advances as Atlanta Fed official backs rate hike

The US dollar prolonged its surge Wednesday as Atlanta Federal Reserve President Dennis Lockhart supported the call for an interest rate hike in September. The Federal Open Market Committee voter said it would take a considerable degeneration in the American economy for him not to back rate increase next month. The greenback closed at $1.0847 per euro. Versus the Japanese yen, the currency ended at ¥124.46. Lockhart was not slated to speak until August 10. Hence, his remarks “and the timing of the interview is surprising,” said Richard Cochinos, Head of Americas G10 FX Strategy at Citi. Amidst his comments, the odds of a September increase are still seen hanging on Friday's jobs data.

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Canadian dollar drops back to 11-year low on weak commodity prices

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The Canadian dollar fell back to an 11-year trough Wednesday as weak oil and other commodity prices offset the decline in the country's June trade deficit. US crude prices ended at $45.15 a barrel, while Brent crude closed at $49.59. Also, Statistics Canada reported a trade deficit of C$476 million ($361 million), the smallest in seven months. The loonie closed at 75.83 US cents from Tuesday's 75.87 US cents. Better than projected trade data lifted the currency, but then began to “trade again with commodities and US yields,” said Matt Perrier, Managing Director of Foreign Exchange Sales at BMO Capital Markets. Meanwhile, the Canadian employment data will be released Friday.

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Canadian dollar drops back to 11-year low on weak commodity prices

The Canadian dollar fell back to an 11-year trough Wednesday as weak oil and other commodity prices offset the decline in the country's June trade deficit. US crude prices ended at $45.15 a barrel, while Brent crude closed at $49.59. Also, Statistics Canada reported a trade deficit of C$476 million ($361 million), the smallest in seven months. The loonie closed at 75.83 US cents from Tuesday's 75.87 US cents. Better than projected trade data lifted the currency, but then began to “trade again with commodities and US yields,” said Matt Perrier, Managing Director of Foreign Exchange Sales at BMO Capital Markets. Meanwhile, the Canadian employment data will be released Friday.

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Gbp/jpy Takes Support at 193, Jump Till 195 Is Possible

Potential reversal zone (PRZ) - 193 GBP/JPY retreated after making a high of 195. trend is still bullish as long as support 193 holds. Any break below 193 will drag the pair further down till 192/191 in short term. On the higher side GBP/JPY is facing short term resistance around 194.20 and any break above will target 195/195.25. It is good to buy at dips around 193.50 -55 with SL around 192.95 for the TP of 194.50/195

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Gbp/jpy Breaks Major Support 193, Targets 190.60

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Potential Reversal zone (PRZ)- 193 GBP/JPY has broken short term trend line support and also PRZ . It confirms short term weakness , a decline till 190.55 cannot be ruled out. On the downside any break below will target 192/190.60 in short term. The pairs minor resistance are 193.10/193.75/194.25. Weekly Major resistance - 194.25 Major support - 192 It is good to sell on rallies around 192.85-90 with SL around 193.60 for the TP of 191/190.55.

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Fxwirepro: Usd/jpy Faces Strong Support Near 124,good to Buy at Dips

USD/JPY has made a temporary top around 125 and retreated from that level. Overall trend is till bullish as long as short term support 124 holds. It has made a low of 124.09 on Friday and has started to recover from that level. On the downside major support is around 124 (20 day MA) and any break below will target 123.50/123 in short term. Major intraday resistance 125 and intraday support -124. Any break of 125 will extend gains till 125.85. It is good to buy around 124.35-40 with SL around 123.95 for the Tp of 125.84

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Eur/jpy Breaks Short Term Resistance 138, Targets 140

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EUR/JPY has broken major resistance 138 and this confirms short term bullishness , a jump till 141 cannot be ruled out. Short term weakness can be seen only below 136.85 level.Any break below 136.85 will drag the pair further down till 136/135. On the higher side minor resistance is around 139.20 and break above would extend gains till 140./141. Intra day major resistance -139.20 and major support level -136.90. It is good to buy at dips around 138.10-15 with SL around 136.80 for the TP of 140/140.90.

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Eur/usd Faces Strong Resistance Around 1.1218, Further Bullishness Only Above That Level

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EUR/USD has recovered till 1.12123 and retreated from that level. It is facing strong resistance around 1.1218 (61.8% retracement of 1.1465 and 1.08190) and any break above only will confirm further bullishness. Any break above would extend gains till 1.1250/1.1280 in short term. On the downside minor support is around 1.1130 and any break below will drag the pair further down till 1.1080/1.1035/1.100. Bearish invalidation only above 1.1218. It is good to sell on rallies around 1.1175-80 with SL around 1.1220 for the TP of 1.1085/1.1035

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Companies burdened by Bitlicense’s Real Cost

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The August 8 deadline for New York's bitcoin companies to apply for BitLicense saw many companies of the cryptocurrency ecosystem halting their operations in New York. While different companies cited different reasons for their unwillingness to apply, the hefty non-refundable application fee of $5000 played a crucial part. On the other hand, the companies that did apply for the BitLicense had to bear high cost not only in monetary terms but also non-monetary terms. While speaking to CoinDesk, George Frost, executive VP and chief legal officer at Bitstamp, the world's third largest exchange in terms of BTC/USD trading volume, said, "Applying for the BitLicense is an expensive and difficult process, as many have noted. Some other firms have chosen to abandon the New York market entirely, rather than comply. We do not fault them for doing so". "Our UK parent company has contributed a lot of time, expertise and money in the BitLicense effort, but much of this investment will benefit the entire Bitstamp group," said Frost. However, unlike Bitstamp, which employs nearly 50 people reportedly, there are other relatively smaller and new start-ups like MonetaGo, who have also applied for BitLicense. "Given that we are a new startup company we have been extremely diligent with our expenditures. In terms of hard costs we've spent approximately $50,000 ... by far the biggest costs have been the man-hours to date," said Patrick Manasse, chief compliance officer. Patrick said that the team invested nearly 1,200 hours to compile the documentation for the BitLicense application, and pointed out that an additional 2,000 man hours had been already spent in formulating MonetaGo's global compliance program. "Add to this programmers and developers putting in place systems and service providers, and you start to get a sense of the size and scope of the undertaking," he said, noting: "If all the hours were added up, the total would easily be upwards of a quarter million US dollars." Yet another cryptocurrency exchange, Bittrex, applied for the license. Bill Shihara, Bittrex founder, told CoinDesk that the process is expected to have cost his company somewhere between $18,000 and $20,000, along with nearly 80 hours of compiling and reviewing the documentation. "I am sure larger companies incurred much higher costs than we did ... we were lucky that we had a lot of the paperwork already available."

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Euro modestly changed following German GDP data

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The euro was somewhat changed Friday as the German gross domestic product climbed in the second quarter. Official figures showed Germany's GDP escalated 0.4%, previously 0.3%. The common currency ended at 1.1147 to the US dollar, 0.7142 to the British pound, and 1.0881 to the Swiss franc. Against the Japanese yen, it finished at ¥138.66. Meanwhile, Greek legislators have begun debating on the new €85 billion bailout.

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Aussie Takes Support Near 0.7340, Jump Till 0.7500 Is Possible

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AUD/USD consolidates in narrow range 0.7340-0.73955 for the past two trading session. Major trend reversal level- 0.7400 Break above would extend gains till 0.7450/0.7500 in short term. On the downside minor support is around 0.7340 and break below targets 0.7300/0.7250 in short term. It is good to buy around 0.7375 with SL around 0.7340 for the TP of 0.7490.

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Usd/jpy Range-Trading Near 124.31-39 Hourly Ichimoku Cloud

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Pair move little over last 24 hours
200 HMA at 124.50 above

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Eur/usd Recovers After Dovish Fomc Minutes, Targets 1.12150

EUR/USD recovers from low of 1.1016 after dovish FOMC minutes has broken short term resistance 1.1130 and is trading at 1.11320. On the higher minor resistance is around 1.1150 and break above would extend gains till 1.1178/1.1210. Overall trend reversal only above 1.1215 and break above would target 1.1348/1.1468. On the downside minor support is around 1.1070 and break below will drag the pair further down 1.1045/1.1000. It is good to buy at dips around 1.1100 with SL around 1.1050 for the TP of 1.1215

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Australian dollar holds earlier advances

The Australian dollar retained its earlier gains Thursday, levelling off earlier following a volatile session. The currency also lost momentum in the light of slumping oil prices, but surged following the minutes of the Federal Reserve's July policy meeting showed apprehensions about increasing interest rates in September. The Aussie finished at 66.03 euro cents from Wednesday's 66.45 euro cents, and 73.52 US cents from 73.53 US cents.

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Japan Manufacturing Sector Picks Up Steam In August - Nikkei

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The manufacturing sector in Japan continued to expand in August, and at an accelerated pace, a preliminary survey from Nikkei revealed on Friday, with a Performance of Manufacturing Index score of 51.9. That's up from 51.2 in July, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components, the output index slipped to 51.9 from 52.2 in July. Growth in production was little changed from July's five-month high.

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Canadian Dollar Extends Slide Against Majors

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The Canadian dollar extended its early decline against the other major currencies in New York deals on Friday. The loonie fell to 1.4840 against the euro, lowest since June 2014. The loonie dropped to 0.9646 against the aussie and 1.3142 against the greenback, off early 8-day high of 0.9536 and a 2-day high of 1.3058, respectively. The loonie declined to near a 9-month low of 93.28 against the yen, from an early high of 94.45. The next possible support for the loonie is seen around 1.33 against the greenback, 1.49 against the euro, 0.97 versus the aussie and 92.00 against the yen.

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Korean Won Touches 1200 on Opening Trades

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USD/KRW opens on Monday at 1198
Kospi down 0.8% but all eyes now on SSEC performance on Monday
JPY/KRW 9.83 (up 0.5%)

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China Leading Index Rises 0.9% In July - Conference Board

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A leading economic index for China remained positive in July, the latest survey from the Conference Board showed on Tuesday, advancing 0.9 percent. That follows the downwardly revised 0.6 percent increase in June (originally up 1.0 percent) and the 1.1 percent jump in May. The coincident jumped 1.1 percent, up sharply from the downwardly revised 0.2 percent increase in the previous month (originally up 0.4 percent).

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Volkswagen July vehicle sales down 3.7 percent on China, Russia

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The vehicle sales of Volkswagen, a German carmaker, slipped 3.7% in July, and were down 1% over the January to July period, affected by weak markets in China, Russia, and Bazil. In a statement, Christian Klinger, carmaker's head of group sales, said the overall economic situations of those three countries remain difficult.

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NZ Dollar Advances Against Most Majors

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The New Zealand dollar strengthened against most major currencies in the Asian session on Thursday. The NZ dollar rose to 0.6473 against the U.S. dollar, from yesterday's closing value of 0.6431. Against the yen and the euro, the kiwi edged up to 77.85 and 1.7498 from yesterday's closing quotes of 77.14 and 1.7555, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.67 against the greenback, 83.00 against the yen and 1.66 against the euro.

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China Industrial Profits Fall In July

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Profits earned by Chinese industrial enterprises decreased in July after rising in the previous month, figures from the National Bureau of Statistics showed Friday. Industrial profits fell 2.9 percent year-over-year to CNY 471.56 billion in July following a 0.3 percent rise in the preceding month. The agency said the fall in industrial profit for the month was impacted by a slowdown in industrial production and sales growth, a decline in industrial producer prices and raw material purchase price, and a fall in investment income. During the first seven months of the year, total industrial profits declined by 1.0 percent as compared to the corresponding period last year. Among sub sectors, profits earned by mining industry plunged 57.4 percent in the January to July period, while manufacturing sector registered profit growth of 5.7 percent.

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Fxwirepro: Buy Usd/jpy at Dips Around 120.95-121 With Sl Around 120.50 for the Tp of 121.75/122

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USD/JPY has made a low of 120.64 and recovered till 121.72. It is currently trading at 121.07. Overall trend is weak as long as support 120.50 holds. On the downside any break below 120.50 confirms further weakness , a decline till 120/119.70 cannot be ruled out . The pair's minor resistance is around 121.20 and any break above targets 121.75/122.35. It is good to buy at dips around 120.95-121 with SL around 120.50 for the TP of 121.75/122

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Australian dollar tumbles despite higher crude prices

The Australian dollar dropped Monday although US crude oil ended almost 9% higher on lower domestic production estimate. US crude oil futures settled at $49.20 a barrel. The Aussie stood at 63.48 euro cents from Friday's 63.62 euro cents, and 71.17 US cents from 71.42 US cents.

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Canadian dollar wipes out advances as oil prices slide

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The Canadian dollar erased earlier gains Tuesday as crude prices slumped on worries about how the degenerating growth in China can affect the global economy. That made the oil price lose 8%. Prices had surged almost 25% over three sessions. The loonie stood at 75.63 US cents from Monday's 76.01 US cents. No one places much confidence on oil prices. It remains noisy “and there's still a lot of volatility,” said Amo Sahota, Director at Klarity FX. The currency jumped earlier as the Canadian economy constricted by 0.5% in the second quarter.

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US dollar dives as Asian equities falter

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The US dollar declined Tuesday as Asian equities waddled, favoring safe-haven assets including the Japanese yen. The Nikkei slid 1.7%, as Shanghai stocks dropped on weak Chinese import data. Trading was also subdued as US markets are shut for Labor Day holiday. The greenback stood at $1.1190 per euro and $1.5298 per British pound. Against the Japanese yen, the currency closed at ¥119.00. Looking at the USD/JPY, the pair has been affected by equities, specifically “the impact of Chinese shares on Japanese stocks," said Koji Fukaya, President at FPG Securities.

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Yen Little Changed After Japan Consumer Confidence Indexl

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The Cabinet office released the Japan consumer confidence index for August at 1:00 am ET Wednesday. After the data, the yen changed little against its major rivals. As of 1:01 am ET, the yen was trading at 134.28 against the euro, 185.00 against the pound, 122.67 against the Swiss franc and 120.25 against the U.S. dollar.

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