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Fxwirepro: Usd/jpy Jumps Above 104.00 Mark After Boj’s Meeting Minutes
USD/JPY is currently trading around 104.02 marks.
It made intraday high at 104.47 and low at 103.75 levels.
Intraday bias remains bullish till the time pair holds key support at 102.55 levels. A daily close above 104.16 will take the parity higher towards key resistances around 104.99, 105.50, 106.12, 106.72, 107.49, 107.90 and 109.13 levels respectively.
On the other side, a sustained break below 103.75 will drag the parity down towards key supports around 102.67, 101.56, 100.30, 99.27 and 98.78 levels respectively.
BOJ September meeting minutes: Some members said firms' cautious price-setting behaviour might continue for longer than expected.
BOJ minutes: Many members shared the view that QQE had lowered real interest rates by raising inflation expectations and pushing down nominal interest rates. BOJ minutes: One member said it was necessary to implement monetary policy that would raise inflation expectations.
BOJ minutes: One member said change in the yield curve after adoption of negative rates had been largely induced by temporary, somewhat speculative moves.
BOJ minutes: One member noted that achieving both an interest rate target and a quantitative target in the implementation of monetary policy was difficult.
Japan September overtime pay increases to -1.3 % vs previous -1.9 %.
In addition, Japan’s Average Cash Earnings rose to a seasonally adjusted 0.2%, from 0.0% in the preceding quarter whose figure was revised up from -0.1%.
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Japan September Real Wages Edge Up as Consumer Prices Fall
Japan's real wages climbed for the eighth month in a row in September according to official data, propped-up by declining consumer prices as the economy exhibit meager signs of rising inflation.
Real wages, which are revised for inflation, climbed 0.9% year-on-year in September, growing faster than a revised 0.6% increase in the prior month. Meanwhile, nominal cash earnings climbed 0.2 in September from a year prior. Revised figures indicated that last month, nominal wages were flat year-on-year.
Separate data showed core consumer prices extended its seventh month of decline while spending among Japanese households slumped in September.
Special payments, including bonuses, dropped at an annual rate of 2.9% in September, compared to a 0.5% annual decline in the previous month. Overtime pay dropped 1.3% year-on-year in September. Regular pay, on the other hand, rose an annual 0.4%.
BOJ policymakers initially anticipated its bold monetary easing and massive fiscal spending to jumpstart economic growth, which would drive up real wages and stimulate inflation. On the contrary, consumer prices slowed down due to tepid growth, which consequentially drove up real wages but will not be beneficial to the economy.
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Canadian Ford workers approve new contract –union
Canadian workers at Ford Motor Co agreed on a new four-year contract with the carmaker, the president of the Oakville, Ontario, local said on Sunday.
The workers approved the new contract despite some members' criticisms at Ford's Oakville assembly, stopping a strike, and after months of talks between the Unifor union and General Motors Co, Fiat Chrysler Automobiles and Ford.
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Japan Has Y1.821 Trillion Current Account Surplus
Japan had a current account surplus of 1.821 trillion yen in September, the Ministry of Finance said on Wednesday - up 25.4 percent on year.
That was shy of expectations for 2.020 trillion yen and down from 2.000 trillion yen in August.
The trade surplus came in at 642.4 billion yen - shy or forecasts for 668.8 billion yen and up from 243.2 billion yen in the previous month.
Exports were down 8.3 percent on year to 5.838 trillion yen, while imports skidded 17.5 percent to 5.196 trillion yen.
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Gold Lower Ahead of U.S. Presidential Vote Results
Gold prices edged down as the dollar and global equity markets strengthened while investors await the results of the contentious U.S. presidential election. Gold for December delivery was down 0.3 percent at $1,275.90 per troy ounce on the Comex division of the New York Mercantile Exchange.
Investors are broadly expecting a victory for Mrs. Clinton and also indicated that a market shock is expected if Donald Trump becomes president. Spot gold declined 0.3 percent to $1,277.16 per ounce. Analysts claim that a victory for Trump would produce more uncertainty in the market and could raise the appeal of gold as a hedge against risk. David Govett, the head of precious metals at Marex Spectron says that a Clinton victory means that gold may decline around $30 to the $1,250 per troy ounce area. However, if Trump wins it could prompt a raise in prices of nearly $100 per troy ounce.
In other precious metals, Silver climbed 0.8 percent to $18.35 per ounce. Platinum rose 0.1 percent at $1,001.75 and palladium was up 1.8 percent to $663.50.
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Clinton Delivers Concession Speech, Pledges to Work with Trump
Defeated candidate for U.S. president Hillary Clinton made her first appearance to the public after reportedly conceding to president-elect Donald Trump over the phone on Wednesday.
Speaking in New York, the Democrat candidate said she hoped Mr. Trump would be a triumphant president for all Americans, adding that Trump must be given an opportunity to lead. Clinton stated that the country was more deeply fractured than initially estimated and urged her supporters to respect the outcome of the election.
Despite telling her supporters that the loss was painful, she said that she has offered to work with Trump as he gets ready to start his four-year term on January 20.
The Republican is set to become the 45th U.S. president follows his stunning win over the highly-favoured Clinton. New Jersey Governor will lead Trump's transition team during the 10-week period until his inauguration.
In his conciliatory victory speech, Trump said his first priorities entails restoring the nation's infrastructure and stimulating its economic growth.
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Bitcoin ascends on Trump election win
Bitcoin leaped as investors sought refuge in the virtual currency following Donald Trump's monumental victory in the recent US presidential election.
Bitcoin prices climbed to $742.96 on Wednesday, up 4.6%, within striking distance of the $777 it touched before Brexit. The digital currency reached near its 35-month high against the British pound despite a global sell-off.
Bitcoin, often considered as one of the most perilous and volatile assets in the world, has been shaped by its erratic movement. In 2013, the cryptocurrency's price surged from less than $10 to more than $1,000. However, its value plummeted prior to a downfall of Mt. Gox after a cyber attack where several users lose thousands.
But growing confidence in bitcoin and global skepticism about other assets have seen its value almost double since the beginning of the year.
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Japan GDP Jumps 2.2% On Year In Q3
Japan's gross domestic product spiked 2.2 percent on year in the third quarter of 2016, the Cabinet Office said in Monday's preliminary report.
That was well above forecasts for a gain of 0.8 percent following the 0.7 percent increase in the three months prior.
On a quarterly basis, GDP expanded 0.5 percent - also topping expectations for 0.2 percent, which would have been unchanged from Q2.
Nominal GDP was up 0.2 percent versus forecasts for a decline of 0.1 percent following the 0.3 percent gain in the previous three months.
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Fxwirepro: Usd/sgd Rejects Key Resistance at 1.4179, Short Term Trend Reversal Likely
USD/SGD is currently trading around 1.4124 marks.
It made intraday high at 1.4151 and low at 1.4109 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4179 marks.
A sustained break above 1.4179 will test key resistances at 1.4228, 1.4336 and 1.4443 levels respectively.
Alternatively, a consistent close below 1.4126 will drag the parity down towards key supports at
1.4072/1.3970/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.
Singapore will release retail sales data at 0500 GMT.
We prefer to go short on USD/SGD around 1.4125 with stop loss at 1.4179 and target of 1.4072/1.3970.
News are provided by InstaForex
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Apple Extends Recent Losses After iPhone Sales Warning
Apple's stocks continued its losing streak on Monday after issuing a warning to investors that sales of its iPhones could decline if President-Elect Trump enacts his campaign threat to slap new tariffs on China-imported goods.
The tech giant's stock lost 2.5% in the latest session, bringing its losses since last week's election to around 5%.
An editorial article published in the Chinese government-supported Global Times cautioned of eye-for-eye reprisal should Trump push through his promise to impose 45% tariffs on all products and goods imported from China, adding to the growing concerns of Apple investors.
The op-ed stated threatened that Boeing orders will be substituted by Europe's Airbus, U.S. automobile and iPhones sales in the Chinese market will decline and imports of U.S. soybean and corn imports will be suspended.
The smartphone maker is one of the several major tech stocks such as Amazon, Facebook, and Alphabet that has suffered losses since Tuesday's elections as investor relocate their funds into financial and public works firms that are speculated to highly benefit from deregulation and infrastructure spending under President-elect Trump's administration.
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Gold Prices Fluctuate, Jolted by Dollar
Gold prices fluctuated between gains and losses due to the weaker U.S. dollar and climbing stock markets. Spot gold fell 0.02 percent at $1,225.08 per troy ounce.
The precious metal was near above a five-month low with gold declining sharply as equity markets and other commodities gained after the election of Donald Trump last week. Gold prices await the timing of the next rate hike by the Federal Reserve. Fed fund futures implied an 86 percent likelihood of a rate hike in December, according to the CME. Bullion for immediate delivery was up 0.1 percent to $1,223.08 per ounce, according to Bloomberg generic pricing. Holdings in gold-backed exchange-traded funds was down 4.88 metric tons to 1,966.3 tons, as stated in data compiled by Bloomberg.
Other precious metals were mixed. Silver was slightly unchanged at $17.04 per troy ounce. Platinum fell 0.24 percent at $942.24 per troy ounce while palladium rose 0.79 percent at $704.75 per troy ounce.
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Australia Unemployment Rate Steady At 5.6% In October
The unemployment rate in Australia came in at a seasonally adjusted 5.6 percent in October, the Australian Bureau of Statistics said on Thursday.
That was beneath expectations for 5.7 percent and unchanged from the September reading.
The Australian economy added 9,800 jobs in October - again missing expectations for an increase of 15,000 following the loss of 9,800 jobs in the previous month.
The participation rate was steady at 64.4 percent, shy of forecasts for 64.6 percent.
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Cisco’s Disappointing Profit Guidance Sends Shares Lower
Cisco Systems Inc.'s adjusted profit estimate for the present quarter missed analysts' projections as the company's core business continues to struggle with weak demand, sending its shares tumbling by more than 4% in late hours trading.
The company said expects adjusted profit of 55-57 cents per share during the second quarter, falling under analysts' median estimate of 59 cents per share earnings on a $12.33 billion revenue.
The world's biggest networking gear maker has been stepping up its wireless and security divisions to counter the softness in its core switch and routers business, which is also struggling with strong competition from rival companies. Still, the newer business units are not expanding fast enough to offset the declines in its main networking division.
Revenue from the firm's switching business declined by 7% to $3.72 billion during the August-October period.Security business evenue climbed 11% to $540 million while revenue in the wireless unit dropped 2% to $632 million.
Net profit dropped 4.4% to $2.32 billion as revenue declined 2.6% to $12.35 billion, with earnings of 61 cents per share.
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Usd/krw opened at 1181.0, Higher Than implied Ny Ndf Closing
Pair rises up to 1181.5, prints new 5 month high, last at 1180.6
USD bullish after Yellen's testimony hints at Dec rate hike
UST 10y yield climbs to highest since Dec 2015
Pair likely to test stoploss orders above 1200 psychological level
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Gold Slips on Firm Dollar, Yellen Comments
Gold prices dropped to a 5-½ month low as the dollar index reached a 13-1/2 year peak on upbeat U.S. economic data as well as comments by U.S. Federal Reserve Chairwoman Janet Yellen that boosted the chances for increasing rates in December. Spot gold fell 0.8 percent at $1,215.50 per ounce.
U.S. gold futures were down 0.6 percent at $1,216.90 an ounce. Gold moved lower as the greenback climbed to the highest since 2003 against a basket of six major currencies. Spot gold has lost nearly nine percent from its six-week high hit briefly following the U.S. election on Nov. 9. Latest data has shown the largest rise in U.S. consumer prices in six months and unemployment claims dropped to a 43-year low.
Among other precious metals, palladium climbed as much as 1.7 percent to $734.40, the highest since Aug.10. Palladium was down 0.7 percent at $937.60 per ounce and silver fell 1.9 percent to $16.64.
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Japan Has Y496.174 Billion Trade Surplus
Japan had a merchandise trade surplus of 496.174 billion yen in October, the Ministry of Finance said on Monday.
That was shy of expectations for a surplus of 610.0 billion following the downwardly revised 497.6 billion yen deficit in September (originally 498.3 billion).
Exports were down 10.3 percent on year, missing forecasts for a fall of 8.5 percent following the 6.9 percent decline in the previous month.
Imports sank an annual 16.5 percent versus expectations for a decline of 16.1 percent after sliding 16.3 percent a month earlier.
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Asia-Pacific Summit Calls for Free Trade
The leaders of the 21-Asia Pacific nation called for the resistance against protectionism amidst indications of raised free-trade speculation, emphasized by Donald Trump's win in the U.S. presidential election. The Asia Pacific Economic Cooperation forum also ended with a joint pledge to work on a new free trade agreement which will include all 21 members despite the political climate.
APEC has mentioned the "rising skepticism over trade" in between the uneven recovery since the financial crisis and stated that "the benefits of trade and open markets need to be communicated to the wider public more effectively, emphasizing how trade promotes innovation, employment and higher living standards." U.S. President Barack Obama said that one of the ways to address income inequality and to produce jobs is by coming up with a trade policy and agreements like the Trans-Pacific Partnership pact that can raise exports to the Pacific rim countries.
The statement of APEC has also mentioned that the members will conform to the carbon reduction goals to focus on climate change, a concern which they called a threat to food production and food security.
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Fxwirepro: Usd/sgd Rejects Key Resistance at 1.4289, Short Term Trend Reversal Likely
USD/SGD is currently trading around 1.4218 marks.
It made intraday high at 1.4243 and low at 1.4201 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4289 marks.
A sustained close above 1.4289 will test key resistances at 1.4336, 1.4443 and 1.4481 levels respectively.
Alternatively, a consistent close below 1.4216 will drag the parity down towards key supports at 1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term correction only.
We prefer to go short on USD/SGD around 1.4225 with stop loss at 1.4289 and target of 1.4132.
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Dollar Retreats From 10-Day Rally
The dollar declined as investors gained profits on its longest rally in four years. The WSJ Dollar index fell 0.5 percent to 91.21.
The dollar rose for 10-straight sessions, its longest winning streak since May 2012. The greenback has jumped since the presidential election, with investors betting that President-elect Donald Trump's plans to raise fiscal spending and reduce taxes will bolster U.S. growth. Investors are growing more confident that the U.S. Federal Reserve will increase interest-rates in December. Fed-funds futures has shown a 95 percent likelihood of an interest-rate hike next month, according to CME Group data.
Emerging-market currencies rebounded against the dollar following a sharp sell off. The dollar fell 0.9 percent versus the Brazilian real, one percent versus the Mexican peso and 0.2 percent versus the Singapore dollar.
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Australia Construction Work Slides 4.9% In Q3
The total value of construction work done in Australia was down a seasonally adjusted 4.9 percent on quarter in the third quarter of 2016, the Australian Bureau of Statistics said on Wednesday - coming in at A$46.147 billion.
That follows the 3.7 percent decline in the previous three months.
On a yearly basis, the value of construction work tumbled 11.1 percent.
The value of building work was down 5.7 percent on quarter and up 1.4 percent on year to A$25.886 billion.
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Dollar Borders on 13 ½-year peak, Lifted by Rate Hike Outlook
The dollar nears a 13 ½-year high, boosted by upbeat U.S. housing data which further sealed expectations for a Federal Reserve raise in rates by year-end as well as more tightening in 2017. The greenback was at 100.98 against a basket of six major currencies.
Latest U.S. data has shown that home resales in the previous month climbed to its highest level in over 9 ½ years. The dollar has increased broadly in the past couple of weeks, buoyed by expectations that Donald Trump's administration will raise fiscal spending. The greenback was flat against the Japanese yen at 111.07. The euro last traded at $1.0631, having reached a near one-year low of $1.0569 during the previous week.
Fed funds futures have shown a 94 percent likelihood that the Fed will increase rates in December, according to CME Group data.
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Japan Manufacturing Sector Slows In November - Nikkei
The manufacturing sector in Japan continued to expand in November, albeit at a slower pace, the latest survey from Nikkei showed on Thursday with a manufacturing PMI score of 51.1.
That's down from 51.4 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Among the individual components, output, new orders, new export orders, employment, input prices and stocks of purchases all were in expansion territory.
Backlogs of work, stocks of finished goods and quantities of purchases contracted.
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Dollar Strengthens after Positive U.S. Data
The dollar strengthened following the latest U.S. upbeat data that has shown economic growth early in the fourth quarter, raising the chances of the Federal Reserve tightening monetary policy. The dollar index climbed 0.1 percent to 101.79.
Investors are implying in almost a 100 percent likelihood of a December Fed rate hike, according to CME FedWatch. Latest U.S. data has shown new orders for U.S. manufactured capital goods rebounded in October due to increasing demand for equipment and machinery. The dollar rose 0.1 percent at 112.56 against the Japanese yen.
The euro brushed off the positive reading on business activity and fell 0.1 percent to $1.0540.
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Fxwirepro: Yen Hits Lowest Level Since Late March After Japan’s Core Cpi Datal
USD/JPY is currently trading around 113.67 marks.
It made intraday high at 113.79 and low at 113.18 levels.
Intraday bias remains bullish till the time pair holds key support at 112.35 levels.
A daily close above 113.30 will take the parity higher towards key resistances around 114.55, 115.32 and 117.25 levels respectively.
On the other side, a sustained break below 113 will drag the parity down towards key supports around 112.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively.
Japan’s November CPI, overall Tokyo increase to 0.5 % vs previous 0.1 %.
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Japan’s Consumer Prices Extends Decline in October
Japan's consumer prices logged its eighth consecutive month of annual declines in October, highlighting how far the country is from overcoming deflation.
Official government data showed core consumer price index fell 0.4% in October year-on-year after a 0.5% decline in September. The October figures also matched estimates. Meanwhile, overall CPI edged up 0.1% as a rise in fresh food prices offset the continued decline in energy costs.
Prices of fresh food rose 11.4% in October due to calamities and unfavorable summer weather, which attributed almost 0.5 percentage point to the increase in total CPI. However, energy costs fell 7.9%, pulling down inflation by around 0.6 percentage point.While declining prices of gasoline and electricity continued to pressure inflation rates, almost 60% of all items composing the index saw an increase in prices, data revealed.
Core-core Inflation Index, which does not include the volatile prices of food and energy, advanced 0.2% in October from a year-prior period, higher than the forecast of a 0.1% rise. However, soft domestic activity raises doubt on the possibility of a sustained recovery.
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News are provided by InstaForex
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Fxwirepro: Singapore Dollar Gains in Early Hours of Asia, Intraday Bias Remains Bearish
USD/SGD is currently trading around 1.4239 marks.
It made intraday high at 1.4283 and low at 1.4236 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4345 marks.
A sustained close above 1.4280 will test key resistances at 1.4345, 1.4443, 1.4481 and 1.4556 levels respectively.
Alternatively, a consistent close below 1.4280 will drag the parity down towards key supports at 1.4201/1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go short on USD/SGD around 1.4250 with stop loss at 1.4345 and target of 1.4201/1.4128.
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Gold Edges Up From 9-½ -Month Low as Dollar Eases
Gold climbed after slipping to a 9-½ month low during the previous session, as the U.S. dollar retreated after reaching near 14-year highs last week. Spot gold climbed 0.55 percent at $1,189.43 per ounce.
U.S. gold futures was up 0.9 percent to $1,189.0 an ounce. Oil prices slipped on concerns that producer countries might not come up with a final agreement to reduce output, pressuring U.S. stock futures and Asian shares. Gold premiums in China rose to the highest in almost three years in the week to Nov. 25 on uncertainty regarding a supply shortage that traders claim were because of Beijing's attempt to restrict import licenses.
SPDR Gold Trust said that its holdings declined 0.73 percent to 885.04 tonnes on Friday.
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Fxwirepro: South Korean Won Opens Onshore Trade at 1,169.5 Per U.s. Dollar, Faces Strong Support at 1,162
USD/KRW is currently trading around 1,167 levels.
It made intraday high at 1,170 and low at 1,166 marks.
Intraday bias remains bearish till the time pair holds key resistance at 1,172 levels. A daily close above 1,172 will drag the parity higher towards key resistances at 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.
On the other side, a sustained close below 1,172 will test key supports at 1,162/1,152/1,146/1,132/1,127/1,117/1,111/1,101/1,089/1,078/1,063/1,044 levels respectively.
Seoul shares open down 0.05 pct at 1977.10.
We prefer to go short on USD/KRW around 1,168, stop loss at 1,172 and target of 1,160.
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Dollar Stalls Ahead of OPEC Meeting
The dollar fluctuated against the yen and euro, as traders prepared ahead of the OPEC meeting that could possibly turn financial markets and pressure the U.S. currency. The greenback was steady at 112.430 against the Japanese yen while the euro was flat at $1.0648.
The dollar index was little changed at 100.98 after declining 0.4 percent the previous day. The U.S. currency has recently stalled, as Treasury yields showed signs of peaking for now amidst purchasing by investors' month-end portfolio rebalancing. This is probably why the dollar failed to capitalise on latest positive data that showed U.S. third quarter GDP and much-stronger-than-expected November consumer confidence figures. The Canadian dollar was little changed at C$1.3432 a dollar.
The Australian dollar was flat at $0.7485 AUD, within hitting a 12-day peak of $0.7497 the previous day. The pound was fixed at $1.2490 GBP after climbing 0.6 percent the day earlier.
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Australia Capital Spending Slips 4.0% In Q3
Capital spending in Australia was down a seasonally adjusted 4.0 percent on quarter in the third quarter of 2016, the Australian Bureau of Statistics said on Thursday - coming in at A$28.030 billion.
That missed forecasts for a fall of 3.0 percent following the 5.2 percent decline in the three months prior. On a yearly basis, capex tumbled 13.7 percent.
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Oil Surges as OPEC Strikes Production Cut Deal
OPEC members managed to reach a deal to cut oil output, causing crude prices to jump more than 8% after months of struggling with declines due to market uncertainty regarding the capability of the group to reach an agreement.
The deal was made possible when Saudi Arabia and Iran, whose disputes blocked the deal which looked to end the oil glut persisting in the market, reached a compromise. Iran was allowed to raise its production, while Saudi Arabia conceded to take the lion's share of the cuts.
The oil producer cartel announced that it would reduce production by 1.2 million barrels per day from its current level of 33.6 million bpd beginning January 2017. It also expects producers who are non-OPEC members, including Russia, to join the cuts adding up to 600, 000 bpd.
The cuts were bigger than anticipated and equals around 1% of total global production. Oil prices soared and shares of oil companies surged more than 10% after the agreement was confirmed.
U.S. crude rose $4.21 or 9.3% and traded at $49.44 per barrel. Meanwhile, global benchmark Brent crude rose $4.09 or 8.8% and settled at $50.47.
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China Services PMI Jumps To 53.1 In November - Caixin
The services sector in China continued to expand in November, and at a faster pace, the latest survey from Caixin showed on Monday with a PMI score of 53.1.
That's up from 53.4 in October, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
The survey also showed that the composite index was unchanged at 52.9.
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British Government Unveils $634 Billion Infrastructure-Investment Plan
The U.K. mapped out its infrastructure-investment plan, disclosing 500 billion pounds or $634 billion worth of projects slated to be launched in the following years.
Government investment constitutes around 40% of the infrastructure-investment pipeline after British Finance Minister Philip Hammond detailed plans for a National Productivity Investment Fund in November estimated to amount to 23 billion pounds. Infrastructure projects included are the Thames Tideway Tunnel, smart meters and upgrading the A14 highway located in eastern England.
Funding from the private represents more than half of the pipeline to 2020-2021, aiding in delivering projects varying from transport and internet connectivity to flood defenses and housing, according to the Treasury.
In a statement, Treasury Chief Secretary David Gauke said the spending plan is a clear indication that the government is intent on ensuring that U.K.'s infrastructure is up to date.
Enhancing productivity using targeted investments was the major goal laid out by Hammond during his Autumn Statement as he readies the British economy from any Brexit-induced shocks.
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Australia Q3 Current Account Deficit A$11.358 Billion
Australia's seasonally adjusted current account deficit narrowed to A$11.358 billion in the third quarter of 2016, the Australian Bureau of Statistics said on Tuesday - owing to higher export commodity prices.
That follows the A$15.943 billion shortfall in the three months prior.
The balance on goods and services marked a deficit of A$4.682 billion following the A$7.381 billion shortfall in Q2.
Net exports of GDP eased 0.2 percent, unchanged from the previous quarter. The net goods and services surplus fell A$871 million (61 percent) to A$561 million.
Exports of goods and services climbed A$2.860 billion (4 percent) and imports of goods and services gained A$162 million. The primary income deficit fell A$1.946 billion (24 percent).
Australia's net international investment position was a liability of A$1,043.3 billion at 30 September 2016, increasing 1 percent on the revised 30 June 2016 position of A$1,037.9 billion.
Australia's net foreign debt liabilities increased A$0.8 billion to a net liability position of A$1,048.5 billion.
Australia's net foreign equity assets tumbled A$4.6 billion (47 percent) to a net asset position of A$5.2 billion.
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Oil Prices Retreat as Supply Rises Ahead of 2017 Production Cut
Oil prices fell in early Asian trading as crude production in almost all major export regions despite a planned production cut by OPEC and Russia, raising fears that an oil glut that has persisted in the market for more than two years might extend into its third year in 2017.
International Brent crude oil futures traded down 39 cents at $54.44 per barrel, declining 0.7% from their last finish. Meanwhile, the U.S. WTI crude futures were down 47 cents or 0.9%, at $51.32 a barrel.
Traders said the decline in prices were caused by the increasing production from OPEC and Russia. The producer cartel's production has posted another record high in the previous month, scaling to 34.19 million bpd in November from the 33.82 million bpd in October. On Friday, Russia said its average daily production reached 11.21 million bpd last month, its highest daily output in nearly three decades.
Their combined output alone attributed for almost half of total global oil demand, which is currently at the 95 million bpd level.
The alarmingly high production figures comes just after OPEC and Russia struck a historic deal to cap output in 2017 which caused oil prices to rally, causing investors to worry that the planned cut will not be big enough to dent the oil glut.
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Fxwirepro: Eur/krw Rejects Key Resistance at 1,260 Mark, Downside Limited
EUR/KRW is currently trading around 1,253 mark.
Pair made intraday high at 1,255 and low at 1,252 levels.
Intraday bias remains slightly bearish till the time pair holds immediate resistance at 1,254 mark.
A sustained close above 1,254 will take the parity higher towards key resistance around 1,260, 1,269 and 1,272 marks respectively.
Key supports are seen at 1,248, 1,242, 1,238, 1,227, 1,222 and 1,210 marks respectively.
Seoul shares open up 0.29 pct.
We prefer to go long on EUR/KRW around 1,250, with stop loss at 1,242 and target of 1,260/1,268/1,272.
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Oil Sinks on Skepticism Supply Cut Will Be Big Enough to End Glut
Prevailing apprehension that a planned crude output cut by OPEC and Russia would be strong enough to end the two-year oil glut in the market pulled down oil prices on Wednesday.
Benchmark Brent crude oil futures traded down 24 cents or 0.45% at $53.69 per barrel, while U.S. WTI crude futures slipped 19 cents or 0.37% from their last finish at $50.74 per barrel.
Oil prices rallied as high as 19% after OPEC and Russia struck a deal to jointly limit output in 2017 in a move to support the oil market.
However, skepticism have since surfaced about whether the planned production cuts will be strong enough to end oversupply as both parties involved in the agreement reported record production volumes in the previous month.
With virtually almost every crude exporting region producing at record amounts, there is persisting skepticism in the market how both parties will be able to commit to the Vienna production cut targets, analysts said, adding that the higher their production, the higher the starting point of the cut will be.
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China CPI +2.3% On Year In November
Consumer prices in China were up 2.3 percent on year in November, the National Bureau of Statistics said on Friday.
That exceeded expectations for 2.2 percent and was up from 2.1 percent in October.
On a monthly basis, inflation added 0.1 percent after easing 0.1 percent a month earlier.
The bureau also said that producer prices surged an annual 3.3 percent versus forecasts for 2.3 percent following the 1.2 percent gain in the previous month.
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Japan Core Machine Orders Jump 4.1% In October
Core machine orders in Japan were up 4.1 percent in October, the Cabinet Office said on Monday - coming in at 878.3 billion yen.
That beat forecasts for a gain of 1.1 percent following the 3.3 percent decline in September.
On a yearly basis, core machine orders tumbled 5.6 percent - shy of expectations for a fall of 4.9 percent following the 4.3 percent gain in the previous month.
The total number of machinery orders, including those volatile ones for ships and from electric power companies, added 1.2 percent on month but tumbled 15.8 percent on year to 984.2 billion yen.
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Iran-Boeing Deal Valued at $16.6 Billion
The agreement between Iran's national carrier and Boeing Co. regarding a purchase of 80 aircrafts that is valued at $16.6 billion, will eventually force both the Congress and President-elect Donald Trump to balance their diplomatic priorities with U.S. job expansion. According to a company statement, the deal will include 50 737 MAX 8s, 15 7777-300ERs and 15 777-9s.
The Islamic Republic News Agency has reported that the aircraft will be delivered over ten years and will start in 2018. The report has also cited Iran Air Chief Executive Officer Farhad Parvaresh. Boeing has remarked that the deal was acquired under the conditions of a U.S. government license that was issued in September and will also support nearly 100,000 jobs in the U.S. aerospace industry. The bill regarding the deal was recently approved by the House in November and currently awaits Senate action.
The value of the deal worth $16.6 billion is based on list prices ahead of large discounts that have been established for major airlines.
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