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China Industrial Output Jumps 6.2% In November
Industrial production in China was up 6.2 percent on year in November, the National Bureau of Statistics said on Tuesday.
That exceeded expectations for an increase of 6.1 percent, which would have been unchanged from the October reading.
The bureau also said that retail sales jumped an annual 10.8 percent - again topping forecasts for 10.2 percent and up from 10.0 percent in the previous month.
Also, fixed asset investment advanced 8.3 percent on year - in line with expectations and unchanged from the previous month.
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U.S. Stocks Lower as Dow Hits Record Close
Stocks ended mostly lower as oil prices surged and Treasury yields jumped prior to the Federal Reserve meeting. The Dow Jones Industrial Average reached a 15th record finish, while financial firms pulling down major U.S. stock indexes.
The Dow Jones Industrial Average gained 0.2 percent at 19,796.43, the S&P 500 slipped 0.11 percent at 2,256.96 while the Nasdaq Composite fell 0.59 percent at 5,412.54. The blue-chip index climbed for the sixth straight session to reach another record high, as advances in Exxon Mobil and Johnson & Johnson helped counterbalance the lows in American Express and Goldman Sachs Group. The S&P 500's financial sector finished lower in four sessions since Nov. 8. The Nasdaq Biotechnology Index edged down 0.7 percent.
Energy shares rallied alongside oil prices following an announcement from a group of oil producers who agreed to reduce their output with the Organization of Petroleum Exporting Countries. The S&P 500's energy sector gained 0.7 percent. Exxon Mobil was up 2.2 percent to $90.98. FMC Technologies climbed two percent to 36.08 while Helmerich & Payne added 1.7 percent to 83.18.
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Australia Jobless Rate Climbs To 5.7%
The unemployment rate in Australia was a seasonally adjusted 5.7 percent in November, the Australian Bureau of Statistics said on Thursday.
That missed forecasts for 5.6 percent, which would have been unchanged from the October reading.
The Australian economy added 39,100 jobs in November, far surpassing forecasts for a gain of 17,500 following the addition of 9,800 jobs in the previous month.
The participation rate jumped to 64.6 percent, beating expectations for 64.5 percent and up from 64.4 percent a month earlier.
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GM, Ford Shares Tumble After Report China Will Penalize Unnamed U.S. Carmaker
Shares of U.S. automakers stumbled after Zhang Handong, a senior Chinese state planning official, cautioned that Beijing could slap penalties on an unnamed U.S. carmaker over price-fixing.
The warning, which was delivered via the China Daily newspaper, came in the heels of U.S. President-elect Donald Trump's remarks questioning whether America should standby its commitment to the “One China” policy.
Chinese authorities have been probing and reviewing the pricing practices of carmakers ahead of Trump's remarks, sources stated.
Trump's controversial remarks which have broken diplomatic protocols have shaken U.S. corporations who are dependent on the steady U.S.-sino relations. A spokesperson for Trump's transition team said they are aware of the report but stated that it would be premature to respond.
GM shares lost 2.2% while Ford fell 1.0% following the report's publication. In a statement, GM did not confirm if it was being investigated by the Chinese government. Meanwhile, Ford's Asia-Pacific business said the firm was not knowledgeable of the issue.
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Fxwirepro: Eur/krw Breaks Key Support at 1,232 Mark, Stay Bearish
EUR/KRW is currently trading around 1,230 mark.
Pair made intraday high at 1,232 and low at 1,229 levels.
Intraday bias remains bearish till the time pair holds immediate resistance at 1,242 mark.
A sustained close above 1,242 will take the parity higher towards key resistance around 1,255, 1,260, 1,269 and 1,272 marks respectively.
On the other side, a consistent close below 1,230 will drag the parity down towards key supports around 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Seoul shares open up 0.03 pct at 2037.35.
We prefer to go short on EUR/KRW around 1,235 with stop loss at 1,242 and target of 1,222/1,209.
News are provided by InstaForex
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Oil Prices Rise on Reports of Kuwait’s Deeper-than-Expected Production Cuts
Oil prices rose on Friday as sentiment was lifted by reports that Kuwait was cutting its production by more than initially anticipated beginning January as it fulfills its commitment to a coordinated effort by crude producers to curb a global oil glut.
International Brent crude oil futures traded up 20 cents or 0.37% from their last close at $54.22 per barrel. U.S. WTI crude futures also rose 24 cents or 0.47%, trading at $51.14 per barrel.
Prices edged up after OPEC member Kuwait told its customers that it will reduce its supply starting January as part of its commitment to a deal between OPEC and other producers to lower output by around 1.8 million bpd to help rebalance the oil markets.
Kuwait Petroleum Corporation stated that it has told its customers that it will cap its production in accordance with the OPEC deal. Traders observed that prices rose as KPC indicated that it was cutting supplies more than previously anticipated and beyond the operational capacity
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Japan November Trade Surplus Y152.513 Billion
Japan posted a merchandise trade surplus of 152.513 billion yen in November, the Ministry of Finance said on Monday.
That was shy of expectations for a surplus of 227.4 billion yen following the 496.2 billion yen surplus in October.
Exports were down 0.4 percent on year to 5.956 trillion yen, beating expectations for a decline of 2.3 percent following the 10.3 percent fall in the previous month.
Exports to all of Asia gained 3.4 percent on year to 3.235 trillion yen, while exports to China alone climbed 4.4 percent to 1.103 trillion yen.
Exports to the United States skidded an annual 1.8 percent to 1.211 trillion yen, while exports to the European Union slid 2.2 percent to 633.258 billion yen.
Imports slipped an annual 8.8 percent to 5.804 trillion yen versus expectations for a decline of 12.1 percent following the 16.5 percent tumble a month earlier.
Imports from the rest of Asia dropped 7.7 percent on year to 2.883 trillion yen, while imports from China alone slid 9.9 percent to 1.4876 trillion yen.
Imports from the United States fell 5.1 percent to 630.121 billion yen, while imports from the European Union dropped 13.3 percent to 716.954 billion yen.
The adjusted trade surplus was 536.1 billion yen, missing expectations for 590.5 billion yen and up from 474.3 billion yen in October.
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Japan Exports Edged Up in November as Yen Weakens
Japan's export performance rose robustly in November as the yen continued to weaken and the improvement in overseas demand buoyed shipments from the trade sector. Exports slipped 0.4 percent in the year to November, according to the Ministry of Finance (MOF) data. However, it exceeded economists' expectations of a 2.0 percent annual decline.
The value of exports to China increased at an annual 4.4 percent, the first rise in nine months as a result of higher shipments of automobile parts. Exports in terms of volume climbed 7.4 percent from a year earlier, as external demand begin to show signs of regaining ground. Data has shown that exports dropped in November at a slower pace due to the declining value of car and steel shipments in comparison to the previous month. Exports to the United States edged down 1.8 percent year-on-year against the 11.2 percent annual decline in October.
The trade balance arrived at a surplus of 152.5 billion yen ($1.29 billion). The yen dropped 8.4 percent in November, which resulted in pulling up the value of Japanese exports.
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New Zealand GDP Expands 1.1% In Q3
New Zealand's gross domestic product was up 1.1 percent on quarter in the third quarter of 2016, Statistics New Zealand said on Thursday.
That beat forecasts for an increase of 0.8 percent following the 0.7 percent gain in the previous three months.
Business services advanced 2.0 percent on quarter, due to scientific, architectural and engineering services, the bureau said.
Transport was up 3.7 percent, due to increases in road, air, and transport support services.
Manufacturing was up 1.2 percent, due to food, beverage, and tobacco manufacturing; and transport equipment, machinery and equipment manufacturing.
Construction was up 2.1 percent, due to increases in all the construction sub-industries. In all, 13 of the 16 GDP industries saw an increase in the third quarter.
Expenditure on gross domestic product grew 1.4 percent in Q3.
Household consumption expenditure was up 1.6 percent, driven by spending on services and non-durable goods.
Investment in fixed assets was up 1.4 percent, due to increased investment in transport equipment and residential building. Exports of goods and services fell 0.7 percent.
Imports of goods and services added 1.2 percent, due to imports of transport equipment, including aircraft purchases.
Inventories ran down $200 million, due to a decrease in manufacturing inventories.
Also on Thursday, the bureau said that New Zealand posted a seasonally adjusted current account deficit of NZ$1.899 billion in the third quarter of 2016.
The services surplus fell NZ$16 million to NZ$1,006 million in the third quarter. The investment income deficit added NZ$71 million to NZ$2,040 million in the latest quarter.
The balance of goods was a NZ$686 million deficit (NZ$190 million larger than Q2 deficit).
For the year ended September 2016, the current account deficit was NZ$7.5 billion.
New Zealand's external debt position was NZ$148.5 billion (58.0 percent of GDP) at 30 September 2016, up from a revised NZ$141.4 billion (55.9 percent of GDP) at 30 June 2016.
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Fxwirepro: Usd/krw Remains Well supported Above 1,200 Mark, sustained Close Above 1,206 Targets 1,220
USD/KRW is currently trading around 1,203 levels.
It made intraday high at 1,203 and low at 1,201 marks.
Intraday bias remains neutral till the time pair holds key support at 1,195 levels.
A daily close above 1,206 will drag the parity higher towards key resistances at 1,209 (20D EMA), 1,220 (March 03, 2016 high) and 1,244 marks respectively.
On the other side, a sustained close below 1,195 will test key supports at 1,182/1,172/1,168/1,160/1,152/1,146/1,132/1,127/1,117/1,111/1,101 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position in USD/KRW around 1,201, stop loss at 1,195 and target of 1,220/1,228.
News are provided by InstaForex
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Philippines Manufacturing PMI Slows In December - Nikkei
The manufacturing sector in the Philippines continued to expand in December, although at a slower rate, the latest survey from Nikkei revealed on Tuesday with a PMI score of 55.7.
That's down from 56.3 in November, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output growth quickened while total new orders rose at a slower rate.
Vendor performance deteriorated for the first time in survey history, while input cost inflation was at a survey record high.
News are provided by InstaForex
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Tesla Postpones Brexit Price Increases for U.K. Buyers
The plans of Tesla Motors Inc. to raise prices by five percent in the U.K. was postponed until Jan. 15 from the initial start of the year deadline, according to its latest statement. Vehicles that were previously ordered and built by mid-April will still have free access to to the firm's Supercharger battery network which is otherwise subject to new fees.
Tesla is raising prices in Britain in regards to the pound's decline since the U.K.'s referendum in June to leave the European Union. The Palo Alto has given clients a week's notice of the change. According to its website, the Model S currently costs 58,900 pounds ($72,400), that claims drivers save nearly 6,500 pounds on gasoline and taxes in a five-year period.
Consumers from the U.K. were hit by price increases from several firms since the June's referendum. Apple Inc. increased the price of a few of its laptops by almost 20 percent, while Tesco Plc pulled out items from its shelves in October as a result of the Brexit-inspired price discord with Unilever Plc.
News are provided by InstaForex
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Japan Manufacturing Sector Picks Up Steam - Nikkei
The manufacturing sector in Japan continued to expand in December and at a faster rate, the latest survey from Nikkei revealed on Wednesday with a manufacturing PMI score of 52.4.
That's up from 51.3 in November, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, operating conditions improved at the sharpest rate since December 2015. Production and new orders both expanded at their quickest rates of the year.
In addition, cost inflationary pressures accelerated to a 17-month high.
News are provided by InstaForex
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Gold Prices Edge Down as Dollar Hovers Near 14-Year Highs
Gold prices were lower after reaching a three-week peak during the previous session, as the U.S. dollar wavered near 14-year highs against a basket of major currencies. Spot gold was 0.2 percent lower at $1,156.96 per ounce.
U.S. gold futures slid 0.4 percent to $1,157.70 an ounce. The dollar index was last at 103.34 after rising to 103.82 the previous day, its strongest since December 2002. Holdings of the SPDR Gold Trust fell 1.01 percent to 813.87 tonnes. In December, $2.27 billion was pulled out of the world's biggest exchange-traded fund backed by the precious metal. This was the the third consecutive monthly loss and the largest since May 2013.
Platinum futures climbed by over four percent at $944.20 per troy ounce while palladium was 3.9 percent higher at $709.90 per troy ounce. Silver prices closed up 2.6 percent to $16.409 per troy ounce.
News are provided by InstaForex
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Singapore Private Sector PMI Slows In December - Nikkei
The private sector in Singapore continued to expand in December, albeit at a slower pace, the latest survey from Nikkei revealed on Thursday with a PMI score of 52.0.
That's down from 52.8 in November, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, expansion in both output and total new orders continued at slower rates, although employment climbed at a survey record pace.
December also saw the largest recorded monthly increase in changes amid rising costs.
News are provided by InstaForex
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Gold Reaches 4-Week Peak as Dollar Slips
Gold climbed to its highest level in four weeks as the U.S. dollar fell from its 14-year high it previously touched. Spot gold rose 0.4 percent at $1,167.98 per ounce.
U.S. gold futures were up 0.3 percent to $1,168.70 an ounce. The dollar index edged down 0.5 percent to 102.170. The relatively weaker dollar lifted gold prices higher. The precious metal is priced in dollars and also becomes cheaper for foreign buyers when the U.S. currency weakens. Gold imports to Turkey increased to 36.7 tonnes in December, higher from 4.65 tonnes during the same period in the previous year, according to data from the Istanbul bourse. Perth Mint's sales of gold products climbed in December as sales of silver more than halved.
Holdings of the SPDR Gold Trust fell by nearly 14 percent since the U.S. presidential election in November. It was last unchanged at 813.87 tonnes.
News are provided by InstaForex
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Bitcoin Slides Over 23% After Scaling Record-High Levels
The bitcoin fell as much as 23% after bordering a historic high earlier in the trading session.
According to Coindesk data, the cryptocurrency exchanged as low as $887.47, retreating from the day's peak price of $1, 153.02. The high for the session was close to the $1,165.89 hit on November 30, 2013. The price managed to regain footing from the low to around $973.89.
Still, the digital currency managed to top its high on some cryptocurrency exchanges. In contrast to CoinDesk price index which takes into account a number of bitcoin exchanges, individual exchanges reported their own highest prices were surpassed. Among these was the BTC China.
Experts say the rally surge in bitcoin prices created a 'volatile little bubble' which has now broken down. Despite this, industry experts say the long-term outlook for the e-currency continues to be positive. Bitcoin prices are anticipated to regain footing and steady close to the $850 to $1, 000 range depending on the conditions.
News are provided by InstaForex
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Anyone who truly hates his own money is going to invest here, as such arrogant support is here especially the Anti-Fraud department, it deserves an Oscar for arrogance, and I truly and deeply hate it! And, it’s my humble request to innocent traders not to waste money here.
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Gold Prices Flat on U.S. Rate Hike Expectations
Gold prices were under pressure early on Monday, after slipping from a one-month peak the previous week on prospects of further interest rate hikes, as investors focus on more outlooks from the U.S. Federal Reserve. Spot gold was stable at $1,173.06 per ounce. U.S. gold futures were flat at $1,173.80 per ounce.
The dollar index inched up 0.1 percent at 102.27. The latest data showed that U.S. employment climbed less than expected in December however, a rebound in wages indicated sustained labor market momentum which sets the economy for robust growth and more interest rate hikes in 2017. Hedge funds and money managers trimmed their bullish position in COMEX gold contracts for the eighth consecutive week in the week to Jan. 3, according to the U.S. Commodity Futures Trading Commission (CFTC) data.
Gold demand in Asia picked up last week on wedding season purchases in India, as prices moved to a premium in the country for the first time in more than a month. Traders anticipate demand to strengthen as a result of the upcoming Chinese New Year.
News are provided by InstaForex
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China CPI Rises 2.1% In December
Consumer prices in China were up 2.1 percent on year in December, the National Bureau of Statistics said on Tuesday.
That was shy of expectations for 2.2 percent, and down from 2.3 percent in November.
On a monthly basis, inflation added 0.2 percent after gaining 0.1 percent a month earlier.
The bureau also said that producer prices jumped an annual 5.5 percent versus expectations for 4.6 percent and up from 3.3 percent in the previous month.
News are provided by InstaForex
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Alibaba Chairman Meets with Trump to Discuss U.S. Job Creation
Jack Ma, the chairman of Chinese giant Alibaba Group Holding Ltd. met with U.S. President-elect Donald Trump to talk on how the online retailer could aid in generating one million new jobs in America.
The e-commerce company said the posts would be created through Alibaba adding around one million small and medium-sized enterprises across its platforms. The additional commerce is estimated to add the matching number of employees.
Other top executives from other firms have met with the incoming U.S. leader in his headquarters in New York with a pledge to create jobs. However, Ma's sit-down with Trump comes after Trump threatened to slap high tariffs on trade with China and accused the country of stealing job opportunities from Americans. Alibaba has also been penciled back on the U.S. Notorious Markets list, after it was deemed that the company did not put in enough effort to tackle counterfeits in its Taobao website.
Alibaba is now attempting to grow a positive working tie with Trump as it looks to expand internationally.
The company's shares advanced 0.9% and closed at $94.72.
News are provided by InstaForex
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Fxwirepro: Singapore Dollar Marginally Lower in Early Hours of Asia, Bias Remains Neutral
USD/SGD is currently trading around 1.4370 marks.
It made intraday high at 1.4373 and low at 1.4355 levels.
Intraday bias remains neutral for the moment.
A daily close above 1.4361 will test key resistances at 1.4392, 1.4437, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
Alternatively, a consistent close below 1.4361 will drag the parity down towards key supports at 1.4317/1.4269/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. We prefer to take long position in USD/SGD only above 1.4383, stop loss 1.4317 and target of 1.4500.
News are provided by InstaForex
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U.S. Stock Closed Mixed Ahead of Trump Conference
U.S. stocks finished mixed, as the dollar weakened against the yen while investors were cautious ahead of U.S. President-elect Donald Trump's news conference. The Nasdaq Composite hit an intraday high, extending its rally as healthcare stocks advanced for the sixth consecutive session.
The Dow Jones industrial average edged down 0.2 percent to 19,855.53, the S&P 500 was little changed at 2,268.90 while the Nasdaq Composite climbed 0.4 percent to 5,551.82. Caution surrounded the financial markets as the elation regarding Trump's anticipated pro-growth policies faded with Congress holding hearings for his proposed cabinet members. Delta Air Lines Inc. is scheduled to begin the S&P 500 earnings season, with analysts predicting profits for firms in the index grew by 3.8 percent the last quarter.
Seven of the 11 major S&P sectors gained, led by advances of 0.69 percent in industrials. However, the 0.66 percent rise of the financials gave the largest boost. Healthcare stocks was 0.44 percent higher while biotechs climbed 0.5 percent. The Russell 2000 rose by one percent to pull up its post-election advances back towards 15 percent. The measure gained as much as 20 percent in the months following Trump's victory.
News are provided by InstaForex
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Japan Has Y1.415 Trillion Current Account Surplus
Japan had a current account surplus of 1.415 trillion yen in November, the Ministry of Finance said on Thursday - up 28.0 percent on year.
The headline figure was shy of expectations for a surplus of 1.460 trillion yen and down from 1.719 trillion yen in October.
The trade balance showed surplus of 313.4 billion yen - exceeding forecasts for 254.4 billion yen and down from 587.6 billion yen in the previous month.
Exports were down 0.8 percent on year to 5.890 trillion yen, while imports tumbled 10.7 percent to 5.577 trillion yen.
News are provided by InstaForex
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Gold Edged Higher After Trump Conference
Gold inched higher to hold near 7-week peaks it hit in the previous session, while the dollar fell after Donald Trump gave some form of clarity regarding future fiscal policies during his first press conference as U.S. president-elect. U.S. gold futures were down 0.2 percent to $1,193.70 an ounce. Spot gold climbed 0.2 percent at $1,193.31 an ounce.
Bullion hit a peak of $1,198.40, its best since Nov. 23. Trump's campaign calls for lower taxes and further infrastructure spending have boosted the dollar, along with a driving selloff in Treasuries, however, his protectionist remarks and the series of off-the-cuff Tweets kept many investors from adding to risky positions. Meanwhile, investors expect palladium to gain benefit from tax cuts and higher government spending in the major car markets of the U.S. and China to raise auto sales.
Silver climbed 0.5 percent at $16.70, however, remained below Tuesday's four-week peak of $16.90. Platinum was down 0.4 percent to $974.50 from a previous two-month high at 982.60 while palladium fell 1.3 percent to $754.20 per ounce, slightly near Monday's five-week peak of $768.10.
News are provided by InstaForex
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Yen Falls Against Majors
The Japanese yen weakened against the other major currencies in the Asian session on Friday.
The yen fell to 122.14 against the euro, 139.93 against the pound and 113.85 against the Swiss franc, from yesterday's closing quotes of 121.72, 139.45 and 113.42, respectively.
Against the U.S. and the Canadian dollars, the yen dropped to 115.11 and 87.54 from yesterday's closing quotes of 114.71 and 87.25, respectively.
If the yen extends its downtrend, it is likely to find support around 124.00 against the euro, 146.00 against the pound, 115.00 against the franc, 119.00 against the greenback and 89.00 against the loonie.
News are provided by InstaForex
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US court renews battle over iPhone apps monopoly
Apple Inc. is facing a renewed battle claiming it attempted to dominate the market for iPhone applications between 2007 and 2013.
On Thursday, a San Francisco-based appeals court in rekindled the planned class-action suit following a lower federal court judge rejected it. The panel stipulated the judge committed a mistake in stating the consumers hold insufficient standing to file a case as direct buyers of apps.
A spokesperson for the tech giant refused to shed light on the court's verdict. Initially lodged in 2011, consumers argued Apple breached the US antitrust legislation by obligating iPhone apps to be sold at the App Store and restricting independent app developers from advertising the software outside the platform.
Plaintiffs' lawyer Mark Rifkin said million of customers should manage to regain most of the company's 30% cut from sales in the app store.
Although it has not yet secure a class-action status, Rifkin said they may attempt to expand the scope of the lawsuit to include those who have purchase iPhone apps to the present.
News are provided by InstaForex
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Fxwirepro: Usd/jpy Trades in Narrow Range After Japan’s Core Machinery Orders, Ppi Data
USD/JPY is currently trading around 114.33 marks.
It made intraday high at 114.45 and low at 114.09 levels.
Intraday bias remains neutral till the time pair holds key support at 114.00 levels.
A daily close above 115.50 will take the parity higher towards key resistances around 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
On the other side, a sustained close below 113.98 will drag the parity down towards key supports around 113.13, 112.05, 111.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively.
Japan’s November machinery orders m/m decreases to -5.1 % (forecast -1.7 %) vs previous 4.1 %. Japan’s November machinery orders y/y increases to 10.4 % (forecast 8.1 %) vs previous -5.6 %. Japan’s December corporate goods price m/m increases to 0.6 % (forecast 0.3 %) vs previous 0.4 %.
News are provided by InstaForex
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JPMorgan Asset Management Fund Outperforms as it Kept Shorter-Maturity Securities
JP Morgan's own $2.4 billion Global Bond Opportunities Fund has trimmed its average duration in U.S. securities to three years from more than five in July, and has leaped into the domestic debt of Russia and Brazil. Bond investors are facing some hurdles since the global-reflation trades that ignited following the November U.S. presidential election victory for a fiscal-stimulus proposal by Donald Trump.
The firm is upbeat on the local-currency bonds of Russia and Brazil as their economies are expected to rebound, according to Stealey. The domestic debt issued by Russia returned 2.2 percent while Brazil returned 4.7 percent in the previous month as of Jan. 12, as shown by indexes compiled by Bloomberg. Brazil's 10-year notes offer a yield of nearly 11 percent while Russia's is at almost eight percent, in comparison with nearly 2.4 percent for similar-maturity U.S. debt.
The fund's strategy includes the mix of both local currency and dollar-denominated emerging-market bonds which have been increased to 15 percent of the portfolio from 12 percent.
News are provided by InstaForex
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Australia Home Loans Advance 0.9% In November
The total number of new home loans in Australia issued in November climbed a seasonally adjusted 0.9 percent on month, the Australian Bureau said on Tuesday - standing at 54,603.
That beat forecasts for a flat reading following the 0.8 percent decline in October.
Loans for the purchase of established dwellings gained 0.6 percent to A$46.139 billion, while loans for the purchase of new dwellings jumped 3.3 percent to A$2.755 billion and loans for the construction of new dwellings gained 2.3 percent to A$5.710 billion.
The number of first home buyer commitments jumped 13.4 percent to 8,281 in November from 7,302 in October. The number of first home buyers as a percentage of total owner occupier commitments rose from 13.7 percent to 13.8 percent.
The value of loans was up 0.4 percent on month to A$19.930 billion after sliding 0.8 percent in the previous month.
Investment lending advanced 4.9 percent to A$13.269 billion after gaining 0.7 percent a month earlier.
The total value of dwelling finance commitments excluding alterations and additions gained 2.2 percent to A$33.199 billion.
Also on Tuesday, the ABS said that the total number of new motor vehicle sales in Australia was up a seasonally adjusted 0.3 percent on month in December, standing at 97,305. That follows the 0.6 percent decline in November.
By category, sales for passenger vehicles shed 0.2 percent on month, while and Sports utility vehicles fell 1.0 percent and sales for other vehicles gained 0.3 percent.
By region, sales fell 1.4 percent on month in Western Australia and advanced 1.7 percent in the Australian Capital Territory.
On a yearly basis, new car sales were up 0.2 percent after slipping 1.1 percent in the previous month.
News are provided byInstaForex.
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High-Speed Traders Drive 80% of Bitcoin Trading
Professional traders loaded with cutting-edge technology currently drive nearly 80 percent of bitcoin trading, resembling strategies done by some of the major players on Wall Street. Volumes followed by Bitcoinity.org have soared to a record high in January, which raises the chances for high-speed traders to gain profit.
The market structure of the cryptocurrency provides arbitrage opportunities across multiple exchanges, zero transaction costs on Chinese venues, day and night trading, and co-location services which allow individuals to place their servers right next to the exchange. Chen Zhenguo, who founded China's biggest platform for facilitating bitcoin strategies, claimed he's generated annualized gains of 50 percent for his own account. The cryptocurrency's price fluctuations have impeded some high-speed companies, as the increasing dominance of trades raises the question of how long the opportunities will last.
Bitcoin's current market value is around $13.5 billion, against $6.5 trillion for Chinese equities. The cryptocurrency climbed 0.1 percent to $833.92.
News are provided by InstaForex
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Fxwirepro: Eur/krw Hits Fresh 4-Week Low at 1,239, Upside Limited
EUR/KRW is currently trading around 1,246 mark.
Pair made intraday high at 1,246 and low at 1,239 levels.
Intraday bias remains neutral till the time pair holds immediate resistance at 1,257 mark.
A consistent close below 1,241 will drag the parity down towards key supports around 1,232, 1,229, 1,222, 1,218, 1,209, 1,203, 1,199 and 1,163 marks respectively.
Alternatively, a sustained close above 1,241 will take the parity higher towards key resistances around 1,257, 1,262, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open up 0.09 pct at 2073.77.
We prefer to take short position on EUR/KRW around 1,248, stop loss at 1,257 and target of 1,239/1,232.
News are provided by InstaForex
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Gold Prices Drop on Yellen Remarks
Gold prices remained under pressure following Federal Reserve Chair Janet Yellen's remarks that supported gradual U.S. interest rate hikes. Spot gold was little changed at $1,203 an ounce. The bullion previously reached an eight-week peak of $1,218.64, however, it dropped one percent in the earlier session as the dollar firmed.
U.S. gold futures were 0.7 percent lower at $1,203.50 an ounce. Several Fed officials were seen supporting the case for a gradual increase in U.S. interest rates. The precious metal extended losses following the latest release of the Fed's Beige Book which indicated a rise in manufacturing and tight labor markets showing upbeat U.S economic health. According to Capital Economics analyst Simona Gambarini, higher rates will likely add pressure to gold, as it is highly sensitive to increasing interest rates which raise the opportunity cost of holding non-yielding bullion.
Prices of Silver were higher as March silver added 0.7 percent to $17.274 per ounce while palladium shed 0.3 percent to $751 per ounce. In ETF trading, the SPDR Gold Trust retreated 0.6 percent while the iShares Silver Trust edged down 0.1 percent.
News are provided by InstaForex
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Fxwirepro: Aud/jpy Breaks Channel Top, Intraday Bias Higher, Stay Long
AUD/JPY has broken major channel top resistance at 86.60, intraday bias higher.
Momentum with the bulls, RSI strong at 67 levels with further room to run.
Stochs and MACD suggest further upside, with directional support from ADX.
87.53 (Dec 15 high) is next target for bulls. Break higher could see test of 87.64 (50% Fib retrace of 102.844 to 72.437 fall) and then 89.89 (weekly 200-MA).
Support levels - 86.06 (5-DMA), 85.19 (converged trendline and 20-DMA), 84.63 (50-DMA) Resistance levels - 87.53 (Dec 15 high), 87.64 (50% Fib), 88.20 (Dec 31 high)
Call update:
Our previous call (http://www.econotimes.com/FxWirePro-...g-setup-495949) has hit TP1&2.
Recommendation:
Book partial profits at highs. Raise trailing stops to 86, hold for further upside.
FxWirePro Currency Strength Index:
FxWirePro's Hourly AUD Spot Index was at 13.4926 (Neutral), while Hourly JPY Spot Index was at -118.345 (Highly Bearish) at 0150 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
News are provided by InstaForex
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New Puerto Rico leader eyes sealing amicable debt agreement
Puerto Rico and its lenders have resumed negotiations this week. But Governor Ricardo Rosselló wants to reset talks following a rancorous two years between the two parties.
The new governor, who succeeded Alejandro García Padilla after winning the election in November, said Thursday he was aiming for a rational change from the previous administration's management of discussions and assert their willingness to repay debts.
Rosselló mentioned officials are willing to sit down and to employ an actual fiscal oversight. He added they are steps to implement bold reforms.
Since he assumed office on January 2, the Puerto Rican leader has enacted executive orders which will pressure government agencies to slash operating expenditures by 10% this year and cut political appointees by a fifth.
News are provided by InstaForex
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Fxwirepro: Thai Baht Gains in Early Hours of Asia, Faces Strong Support at 35.27
USD/THB is currently trading around 35.32 marks.
It made intraday high at 35.41 and low at 35.31 marks.
Intraday bias remains bearish till the time pair holds key resistance at 35.44 marks.
On the top side key resistances are seen at 35.44, 35.61, 35.74, 35.84, 35.93, 36.01, 36.08, 36.39 and 36.66 marks respectively.
Alternatively, a daily close below 35.27 will drag the parity down towards key supports around 35.04, 34.83, 34.64, 34.51 and 34.20 marks respectively.
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 take short position in USD/THB around 35.35, stop loss 35.44 and target of 35.22/35.04.
News are provided by InstaForex
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Fxwirepro: Japanese Yen Marginally Lower Despite Higher Than expected Manufacturing Pmi Data
USD/JPY is currently trading around 112.80 marks.
It made intraday high at 112.93 and low at 112.52 levels.
Intraday bias remains neutral till the time pair holds key support at 112.57 levels.
A daily close above 112.57 will take the parity higher towards key resistances around 114.42, 115.61, 117.21, 118.18, 118.66, 119.52 and 120.46 levels respectively.
On the other side, a sustained close below 112.57 will drag the parity down towards key supports around 112.05, 111.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively. Japan’s Nikkei manufacturing PMI increases to 52.8 vs previous 52.4.
Japan’s January new export orders rise at quickest pace in over a year
News are provided by InstaForex
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Gold Reached Two-Month Peak as Trump Uncertainty Looms
Gold climbed on Monday, hitting its highest in two months as uncertainty regarding the economic policies of U.S. President Donald Trump pressured investors to turn to safer assets. Uncertainty concerning Trump's policies drove the dollar to a 1-½ month low against a basket of currencies.
Spot gold was 0.56 percent higher at $1,216.33 per ounce. It previously reached $1,219.43, its highest since Nov. 22. U.S. gold futures was up at $1,215.60. The precious metal ended one percent higher last week for its fourth consecutive week of gains and longest stretch of weekly rises since July. Data from the U.S. Commodity Futures Trading Commission (CFTC) showed that speculators increased their net long positions in COMEX gold contracts for a second week in the week to Jan. 17.
Among other precious metals, silver climbed 0.93 percent to $17.19 and platinum added 0.77 percent to $983.50. Palladium was 1.57 percent lower at $776.00, as it previously hit $795.60, its highest since May 2015.
News are provided by InstaForex
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Dollar, U.S. Yields Higher Amid Uncertainty on Trump’s Protectionist Stance
The dollar held gains as Treasury yields rebounded, lifting the greenback from recent lows against the yen and euro amid unease regarding U.S. President Donald Trump's protectionist stance. The dollar index dropped as low as 99.922 on Tuesday, as the initial enthusiasm tempered by Trump's inaugural speech from the previous week was pointing towards trade protectionism. The index was last at 100.270.
The U.S. currency was 0.1 percent higher, it had added nearly one percent the day earlier, jumping from 112.520, its lowest since late November. The euro was steady at $1.0730. The common currency has shed nearly 0.3 percent overnight, retreating from a near seven-week peak of $1.0755. The pound was 0.1 percent higher. It had weakened to as low as $1.2420 overnight before rebounding after the British Supreme Court ruled that the government will pass through parliament.
The Australian dollar climbed 0.2 percent at $0.7591. However, the dollar's overnight rise kept the Aussie away from a 10-week peak of $0.7609 touched the day earlier. U.S. Treasury yields rose as investors seized equities on better outlook on latest corporate profits, reducing their safe-haven demand for bonds triggered by Trump's protectionist trade stance.
News are provided by InstaForex
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Strong Quarterly Results, Upbeat 2017 Forecast Boost Boeing Shares
Boeing Co. reported positive quarterly profit and operating cash and issued an optimistic outlook for the performance of the company in 2017 as it benefits from its aggressive cost-cutting measures, increasing productivity and President Donald Trump's pro-growth stance.
The company's stock surged almost 5% to $168.50 on Wednesday after the firm reported it is projecting to generate a record $10.75 billion in operating cash this 2017.
The total is higher compared to the record $10.5 billion in 2016 and is significantly higher than the $10.4 billion that analysts had projected for the current year.
Boeing projected core earnings of $9.10 to $9.30 per share this year, up from the $7.24 in 2016. It expects to deliver around 760-764 commercial carriers in 2017 and surpass its 748 deliveries in 2016.
After experiencing a slowdown in orders for new jetliners, Boeing has concentrated on streamlining plants to reduce costs and increase profits. The company also took advantage of the lower cost of parts for its 787 jet as the plane hit crucial production milestones, as it delivered its 500th 787 jet in December.
CEO Dennis Muilenburg said an increase in cost-savings and productivity was behind the company's strong performance and revenue guidance. He assured that the progress will not slow down in these aspects.
News are provided by InstaForex
