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Myanmar Manufacturing PMI Jumps To 51.9 - Nikkei
The manufacturing sector in Myanmar continued to expand in February, and at a faster rate, the latest survey from Nikkei showed on Wednesday with a manufacturing PMI score of 51.9.
That was up from 51.7 in January, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, the growth was spurred by solid growth of output and new work although optimism weakened to a survey-record low.
The exchange rate fluctuations contributed to another steep rise in input costs.
News are provided by InstaForex
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Australia Has A$1.302 Billion Trade Surplus
Australia had a seasonally adjusted merchandise trade surplus of A$1.302 billion in January, the Australian Bureau of Statistics said on Thursday.
That was shy of expectations for a surplus of A$3.80 billion and was down from A$3.334 billion in December.
Exports were down 3.0 percent on month to A$31.796, while imports advanced 4.0 percent to A$30.494 billion.
News are provided by InstaForex
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Yahoo executives familiar with 2014 hack prior to Verizon deal
Yahoo admitted its senior executives were knowledgeable about a hack by a state-backed attacker in 2014 before it struck a $4.8 billion agreement with Verizon last summer.
Based on a probe by a separate panel, the technology company's senior officials and relevant legal staff were familiar with the incident but did not investigate it to the full extent of what was known by the firm's information security group.
It did not conclude that concealing these details was done intentionally.
Chief Executive Marissa Mayer announced she will relinquish her annual bonus and equity grant to Yahoo employees to compensate for the security breaches that took place in 2013 and 2014.
Yahoo's general counsel Ronald Bell left the company without any payoffs.
News are provided by InstaForex
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China Services PMI Falls To 52.6 In February - Caixin
The services sector in China continued to expand in February, although at a slightly slower pace, the latest survey from Caixin showed on Friday with a PMI score of 52.6.
That was down from 53.1 in January, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.
The composite index also checked in at 52.6, up from 52.2 in the previous month.
Individually, new business picked up, while employment also expanded but at a slower pace.
Inflationary pressures continued to ease, while business sentiment ticked slightly higher.
News are provided by InstaForex
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Fxwirepro: Eur/krw Hits Fresh 4-Week High at 1,225 Mark, Faces Strong Resistance at 1,228
EUR/KRW is currently trading around 1,224 mark.
Pair made intraday high at 1,225 and low at 1,219 levels.
Intraday bias remains bullish till the time pair holds key support at 1,221 mark.
A daily close below 1,221 will drag the parity down towards key supports around 1,207, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
Alternatively, a sustained close above 1,221 will take the parity higher towards key resistances around 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open down 0.27 pct at 2073.20.
South Korea’s February FX reserves increase to 373.91 bln $.
We prefer to take short position in EUR/KRW around 1,225, stop loss at 1,235 and target of 1,205.
News are provided by InstaForex
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U.S. Energy Sector Slides in 2017
The energy sector is the stock market's biggest failure so far this year after it showed a stellar performance the previous year, as the rest of 2017 might also be a rough period for investors due to uncertainty. Shares of energy have been weak after surging in mid-December and have been the worst-performing of the S&P 500's 11 stock sectors this year.
Producers of oil have been the weakest among energy sub-industries, due to skepticism regarding the demand outlook as well as the unexpectedly high level of crude and finished product inventories. This year, energy has declined five percent, compared to the six percent increase for the overall S&P 500. However, analysts claim that production firms might be in the best position for gains. Investors have raised their wages on the sector, around $263 million has flowed into U.S.-listed energy mutual and exchange-traded-funds this year through February, according to data from Lipper. The Energy Sector Select SPDR Fund has attracted $400 million of new investment, it said.
Energy surpassed all other sectors in 2016, up by almost 24 percent due to the late-year rally following the election of Donald Trump as U.S. president which fuelled investor hopes for industry-friendly policies. Since the election, refiners have gained over 9.5 percent, while oil producers added less than two percent, the weakest energy sub-sector.
News are provided by InstaForex
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Fxwirepro: Aussie Marginally Higher Against Major Peers ahead of Rba’s Cash Rate Decision
AUD/NZD is currently trading around 1.0852 marks.
Pair made intraday high at 1.0856 and low at 1.0829 marks.
Intraday bias remains bullish till the time pair holds immediate support at 1.0779 marks.
A daily close below 1.0838 will take the parity down towards key supports around 1.0779, 1.0713, 1.0670, 1.0616, 1.0594, 1.0552, 1.0516, 1.0460, 1.0412 and 1.0370 marks respectively.
On the other side, a sustained close above 1.0838 will drag the parity higher towards key resistances at 1.0976 (January 2016 high) /1.1062 (30D EMA) levels respectively.
RBA will release cash rate decision at 0330 GMT.
News are provided by InstaForex
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Snap Shares Experience First Slide on Analysts’ Downgrade
Following a strong market debut, Snap Inc. fell for the first time and edged down below the opening price of $24 during its first day of public trading after analysts started expressing their stance regarding the firm's true valuation.
The Snapchat-parent prices shares in its IPO which was warmly received by the market, surging by 44% on their first day of trading due to the strong demand. Its dramatic rally continued on Friday, rising further by 11%.
However, by Monday, majority of the seven analysts who are assigned to Snap had a sell recommendation on the stock, while two adviced to hold. Data showed no analyst stamped the stock with a 'buy' rating.
An analyst at Needham & Co. said the shares were overpriced during its IPO and estimated the firm will see a declining trend in earnings and valuation adjustments in the first two years of its public trading, stating that Snap's value was actually at $19 to $23 per share. A Morningstar Inc. analyst said that the company's monetization capabilities are not as strong as its valuation implies, and priced it at $15.
Snap sank 12 percent to trade at $23.77 at the close of New York trading, bringing down its value to around 28 billion.
News are provided by InstaForex
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Fxwirepro: South Korean Won Erases Previous Loss Against Euro, Stay Bearish Below 1,211
EUR/KRW is currently trading around 1,212 mark.
Pair made intraday high at 1,214 and low at 1,211 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1,222 mark.
A daily close below 1,213 will drag the parity down towards key supports around 1,206, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
Alternatively, a sustained close above 1,213 will take the parity higher towards key resistances around 1,222, 1,229, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open down 0.09 pct at 2092.27.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in EUR/KRW only below 1,211, stop loss at 1,222 and target of 1,205/1,199.
News are provided by InstaForex
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China Consumer Prices Rise 0.8% In February
Consumer prices in China were up just 0.8 percent on year in February, the National Bureau of Statistics said on Thursday.
That was well shy of forecasts for an increase of 1.7 percent, and down sharply from 2.5 percent in January.
The bureau also said that producers prices spiked an annual 7.8 percent - exceeding forecasts for 7.7 percent and up from 6.9 percent in the previous month.
News are provided by InstaForex
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Dow, S&P 500 Extend Declines as Energy Shares Plunge
Wall Street ended mostly lower as investors tackled declining oil prices and assessed the latest employment data. Oil prices plunged over five percent in the aftermath of a much stronger-than-expected increase in U.S. inventories.
The Dow Jones Industrial Average retreated 0.33 percent at 20,855.73, as Caterpillar led losses while Wal-Mart was the top gainer. The S&P 500 dropped 0.23 percent to close at 2,362.98, as energy sectors led seven sectors down while consumer discretionary outperformed. The Nasdaq Composite edged up 0.06 percent to close at 5,837.55.
The energy sector tumbled 2.5 percent, its largest loss since mid-September. Caterpillar was down 2.8 percent following a report from the New York Times which stated that it reviewed a report commissioned by the U.S. government, accusing the company of carrying out tax and accounting fraud. Shares of H&R Block jumped by almost 15 percent for their best day in more than eight years as the firm reported its quarterly results.
News are provided by InstaForex
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Fxwirepro: Eur/krw Hovers Around Key Resistance at 1,228 Mark, sustained Close Above Targets 1,242
EUR/KRW is currently trading around 1,226 mark.
Pair made intraday high at 1,227 and low at 1,224 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1,228 mark.
A daily close below 1,225 will drag the parity down towards key supports around 1,214, 1,209, 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
Alternatively, a sustained close above 1,225 will take the parity higher towards key resistances around 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open down 0.11 pct at 2088.67.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
South Korea’s January L-money supply growth decrease to 6.8 % vs previous 7.5 %.
We prefer to take short position in EUR/KRW around 1,228, stop loss at 1,242 and target of 1,214/1,209/1,199.
News are provided by InstaForex
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AirBnB Clinches $1 Billion in Latest Funding Round
AirBnB has managed to raise over $1 billion investment in its latest funding round, according to sources, which was later confirmed via a filing to the U.S. SEC.
The company managed to raise roughly an additional $450 million as part of its series of funding rounds, making the round almost double its original value during the last fall. According to the filing, the total amount came in at $1, 003, 312, 065.
Since its establishment in 2008, AirBnB has raised over $3 billion. The company was last reported to be raising investment fund at around $30 billion valuation. The most recent funding round brings the company's total valuation to around $31 billion.
AirBnB also swung to profit during the second quarter of 2016, according to sources. The company expects to continue being profitable this year.
Sources also reported that the home-sharing start-up firm has no plans to offer its shares on the stock market in the short-term.
The firm did not provide details on how it would utilize the raised money, but it is seen to further grow its operations globally.
News are provided by InstaForex
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Toshiba Tec Rallies on Reported Stake Sale
Toshiba Tec Corp. shares advanced more than 6% in early Asian trading, lifted by a report that Toshiba Corp., its owner company, is mulling to sell shares in the firm. Toshiba Tec shares were last seen trading at 645 yen, rising 5.2% from its finish on Friday.
Toshiba Corp. denounced a Nikkei business daily report that it was eyeing to share shares in the cash register systems maker, as it looks to raise cash for an upcoming $6.3 billion massive writedown for its U.S. nuclear business unit.
The Japanese conglomerate reportedly chose an advisory company to help seek out a buyer for Toshiba tec, Nikkei said. According to the paper, the seen sale of 50.02% stake in the company would be valued around 100 billion yen or $870 million.
Toshiba is currently laying the groundwork for the sale of a majority or the entirety of its stake in its memory chips business, which is currently valued by the company at $13 billion. Earlier this March, the company has also sold all of its shares in its subsidiary Toshiba Machine Co. for $134 million to raise money.
News are provided by InstaForex
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Australia New Motor Vehicle Sales Sink 2.7% In February
New motor vehicle sales in Australia were down a seasonally adjusted 2.7 percent on month in February, the Australian Bureau of Statistics said on Wednesday - standing at 94,786.
That follows the 0.6 percent increase in January.
By category, sales for passenger vehicles fell 0.6 percent, while sports utility vehicles were down 0.5 percent and other vehicles shed 0.3 percent.
By region, the largest downward movement was in Tasmania (-2.6 percent), while the biggest gain came in the Northern Territory (0.1 percent).
On a yearly basis, sales dropped 4.1 percent after falling 0.9 percent in the previous month.
News are provided by InstaForex
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Australia Unemployment Rate Jumps To 5.9%
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The unemployment rate in Australia climbed to a seasonally adjusted 5.9 percent in February, the Australian Bureau of Statistics said on Thursday.
That missed forecasts for 5.7 percent, which would have been unchanged from January.
The Australian economy lost 6,400 jobs last month to 11,998,800 versus expectations for the addition of 16,000 jobs following the gain of 13,700 in January.
Full-time employment increased 27,100 to 8,158,900 and part-time employment decreased 33,500 to 3,840,000.
Unemployment increased 26,000 to 748,100. The number of unemployed persons looking for full-time work increased 10,800 to 523,800 and the number of unemployed persons only looking for part-time work increased 15,100 to 224,300.
The participation rate was 64.6, matching forecasts and unchanged from the previous month.
Monthly hours worked in all jobs decreased 20.5 million hours to 1,661.9 million hours. The labor force underutilization rate increased 0.4 pts to 14.6 percent.
The male labor force underutilization rate increased 0.3 pts to 12.6 percent and the female labor force underutilization rate increased 0.6 pts to 16.8 percent.
News are provided byInstaForex.
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Fxwirepro: South Korean Won falls in Early Asia on the Back of Lower Than expected Ppi Data
EUR/KRW is currently trading around 1,213 mark.
Pair made intraday high at 1,213 and low at 1,208 levels. Intraday bias remains bullish till the time pair holds key support at 1,208 mark.
A daily close below 1,208 will drag the parity down towards key supports around 1,199, 1,191, 1,184, 1,178 and 1,163 marks respectively.
Alternatively, a sustained close above 1,208 will take the parity higher towards key resistances around 1,219, 1,228, 1,233, 1,242, 1,252, 1,268, 1,272, 1,280, 1,287 and 1,304 marks respectively.
Seoul shares open down 0.20 pct at 2160.32.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
South Korea’s February PPI growth m/m decreases to 0.3 % vs previous 1.4 % (revised from 1.3 %).
South Korea’s February PPI growth y/y increase to 4.2 % vs previous 3.9 % (revised from 3.7 %).
We prefer to take long position in EUR/KRW around 1,210, stop loss at 1,205 and target of 1,219.
News are provided by InstaForex
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Australia House Prices Jump 4.1% In Q4
House prices in Australia advanced 4.1 percent on quarter in the fourth quarter of 2016, the Australian Bureau of Statistics said on Tuesday.
That beat forecasts for a gain of 2.5 percent following the 1.5 percent increase in the third quarter.
On a yearly basis, prices spiked 7.7 percent - again beating estimates for 6.3 percent and up from 3.5 percent in the three months prior.
Melbourne saw the largest through the year at 10.8 percent, followed by Sydney at 10.3 percent.
Attached dwellings prices fell in Perth (1.7 percent), Brisbane (1.3 percent) and Darwin (2.5 percent), while prices rose in all other capital cities.
The total value of Australia's 9.8 million residential dwellings increased A$274.2 billion to A$6.4 trillion.
News are provided by InstaForex
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Snap Jumps as its Bags First ‘Buy’ Rating
Snap shares rose after securing its first 'buy' recommendation from a Wall Street analyst, giving the social media tech company a reprieve from the sell-off it has seen since its market debut.
The $3.4 billion IPO initially received strong demand from investors, with the stock posting dramatic gains during the first two days after its official market debut. However, the stock steadily lost footing as investors concerns regarding the Snapchat owner's high valuation and lack of profitability induced doubts of analysts on Wall Street.
Based on the median recommendations of analysts comprised of three categories: buy, sell and neutral, Snap is currently the worst-rated stock among listed U.S. firms with a market cap of at least $20 billion.
But the stock was given a lift by Crespi, Hardt & Co. analyst James Cakmak, who gave the firm its first-ever “buy" rating and put the price target at $25. Its shares traded up 2.09 percent at $19.96 in midday trading.
In a report, Cakmak said that Snap is perceived as a firm with the potential to speed up its rate of revenue growth by seven fold. It is also projected with a sharp margin trajectory, while its peers have most likely reached their peak already.
News are provided by InstaForex
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Japan Has Y813.389 Billion Trade Surplus
Japan had a merchandise trade surplus of 813.389 billion yen in February, the Ministry of Finance said on Wednesday.
That surpassed expectations for 807.2 billion yen following the downwardly revised 1,087.9 billion yen deficit (originally -1,086.9 billion yen) in January.
Exports jumped 11.3 percent on year, beating forecasts for 10.1 percent following the 1.3 percent gain in the previous month.
Imports added an annual 1.2 percent, missing expectations for 1.3 percent and down from 8.5 percent a month earlier.
News are provided by InstaForex
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Gold Prices Steady as Stocks Decline on Trump Agenda Concerns
Gold prices held strong, near 3-week peaks it notched the previous session, bolstered by the dollar's weakness while Wall Street tumbled on doubts over U.S. President Donald Trump's economic policy.
Spot gold edged up 0.1 percent at $1,245.21 an ounce, it reached its strongest since March 2 at $1,247.60. U.S. gold futures settled 0.1 percent lower at $1,245.60. Holdings of SPDR Gold Trust increased by 0.50 percent to 834.40 tonnes from 830.25 on Monday.
Russia's biggest gold producer, Polyus, has finally agreed to sell it 82.34 percent stake in a joint venture with Polymetal, which holds rights to develop the Nezhdaninskoye gold deposit. Hong Kong's net gold exports to Switzerland reached its highest in February since records started five years ago, according to the Swiss customs bureau. Overall shipments from the territory more than doubled to a three-month peak.
Intercontinental Exchange (ICE) delayed the launch of clearing for London's benchmark gold price since all of the participants in the auction remain unprepared, according to two sources familiar with the topic.
News are provided by InstaForex
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Fxwirepro: Taiwanese Dollar Trades Marginally Higher ahead of Taiwan’s Interest Rate, Industrial Production Data
USD/TWD is currently trading around 30.45 marks.
It made intraday high at 30.51 and low at 30.39 marks.
Intraday bias remains neutral till the time pair holds key resistance at 30.57 marks. A daily close above 30.47 will drag the parity up towards key resistances around 30.57, 30.72, 30.90, 31.02, 31.15, 31.26, 31.78, 31.98, 32.12, 32.25, 32.43 and 32.63 marks respectively.
On the other side, key support levels are seen at 30.35, 30.24 and 30.05 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Taiwan will release industrial production data at 0800 GMT and interest rate decision at 0830 GMT.
We prefer to take long position in USD/TWD only above 30.57, stop loss at 30.35 and target of 30.97.
News are provided by InstaForex
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HNA Group to Buy Stake in Old Mutual U.S. Unit
Chinese travel-to-financial services conglomerate HNA Group has agreed to purchase a 25 percent stake in Old Mutual Plc's U.S. asset management unit for around $445 million. Old Mutual will then trim its stake in OM Asset Management to 26 percent, lower from 51 percent.
The financial services conglomerate is selling its holdings in OMAM to HNA Group in two tranches, according to a statement from Old Mutual. The first, which consists of 9.95 percent at $15.30 a share, will be completed within 30 days while the following 15 percent stake at $15.75 will take place in the second half, the UK-based company said. The Hainan-based conglomerate has invested in financial services as part of its effort to expand its portfolio beyond tourism and aviation. The stake is the latest in HNA's $30 billion haul of deals since 2016.
Old Mutual has received several offers to purchase a part of its stake in OMAM, which includes TPG and Advent. HNA Group is also leading a deal to procure Manhattan's 245 Park Ave. for $2.21 billion, according to two people with knowledge of the talks.
News are provided by InstaForex
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Japan Retail Sales Gain 0.2% On Month In February
Retail sales in Japan were up a seasonally adjusted 0.2 percent on month in February, the Ministry of Economy, Trade and Industry said on Wednesday.
That missed forecasts for 0.3 percent but was unchanged from the January reading following a downward revision from 0.5 percent.
On a yearly basis, retail sales added just 0.1 percent - again shy of expectations for 0.7 percent and down from 1.0 percent in the previous month.
Sales from large retailers sank an annual 2.7 percent versus forecasts for a fall of 1.8 percent after sliding 1.1 percent a month earlier.
News are provided by InstaForex
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Wall Street Finished Mostly Higher as Brexit Process Eyed
U.S. equities ended mostly higher, as energy led gains, while investors priced in recent economic data and the beginning of the U.K.'s exit from the European Union. Strength in the energy and consumer sectors counterbalanced losses in financial shares while investors also looked ahead to first-quarter earnings season.
The Dow Jones industrial average slipped 0.2 percent at 20,659.32, as UnitedHealth led losses while Chevron was the top gainer. The S&P 500 climbed 0.11 percent at 2,361.13, with energy leading five sectors up while financials lagged behind. The Nasdaq composite advanced 0.38 percent at 5,897.55.
The energy sector was up 1.2 percent after Energy Information Administration data revealed a smaller-than-expected crude inventory build. The consumer discretionary sector climbed 0.6 percent, with retailers like Kohl's and Nordstrom soaring. Shares of Amazon.com gained 2.1 percent to notch an all-time peak, providing the largest lift to the S&P 500 and Nasdaq. Financial shares retreated 0.5 percent a day after leading the rally.
Among stocks active on corporate news, Vertex Pharmaceuticals surged 20.5 percent after its cystic fibrosis treatment was a success in a study. The stocks lifted the S&P and helped propel the Nasdaq Biotechnology index to climb 0.9 percent.
News are provided by InstaForex
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Fxwirepro: Usd/thb Rejects Key Resistance at 34.55 After Bot Kept Interest Rate Steady
USD/THB is currently trading around 34.48 marks.
It made intraday high at 34.49 and low at 34.41 marks.
Intraday bias remains neutral till the time pair holds key resistance at 34.55 mark. On the top side, key resistances are seen at 34.55, 34.61, 34.72, 34.85, 34.97, 35.11, 35.20, 35.32, 35.42, 35.62, 35.74, 35.84, 35.93, 36.01, 36.08 and 36.39 marks respectively.
Alternatively, a daily close below 34.41 will drag the parity down towards key supports around 34.32, 34.20 and 34.01 marks respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take short position in USD/THB only below 34.41, stop loss at 34.55 and target of 34.32.
News are provided by InstaForex
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Dudley: Fed Rate Hikes Suitable to Counter Overheating Risk
Interest rate rises are appropriate to curb the threat of overheating, according to a Federal Reserve official.
New York Fed President William Dudley said Thursday it deems suitable to cut down on monetary policy accommodation gradually to lower the peril of the economy overhearing as well as avert a substantial inflation overshoot in the medium-term.
He noted the federal funds rate are still unusually low even after the Fed increased rates this month.
Noting significant uncertainties and risks overseas, the Fed official said the economic view abroad seems to improve and the dangers are largely lower than before.
Dudley also said the American economy has continued to grow moderately above its attainable long-term rate. He added inflation and growth threats are off to the upside.
News are provided by InstaForex
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Australia Retail Sales Slip 0.1% In February
The total value of retail sales in Australia was down a seasonally adjusted 0.1 percent on month in February, the Australian Bureau of Statistics said on Monday - coming in at A$25.691 billion.
That missed forecasts for an increase of 0.3 percent following the 0.4 percent gain in January.
By category, food retailing was up 0.3 percent, followed by cafes, restaurants and takeaway food services (0.1 percent), and other retailing (0.1 percent).
Clothing, footwear and personal accessory retailing was unchanged (0.0 percent). Household goods retailing (-0.1 percent), and Department Stores (-0.1 percent) were down.
News are provided by InstaForex
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Gold Prices Steady, Bolstered by Lacklustre U.S. Data
Gold prices were steady after posting their best quarter in a year, buoyed by tepid economic data from the U.S. and dovish comments from Federal Reserve officials on Friday.
Spot gold was mostly flat at $1,2480.50 an ounce while U.S. gold futures settled at $1,251. Spot gold touched a quarterly gain of nearly 8.4 percent on Friday, posting its best quarter in a year.
The U.S. mint sold 21,000 ounces of American Eagle gold coins in March, lower by 23.6 percent from the month earlier, according to new data. The demand for the precious metal in India increased this week as a result of a festival and as local prices adjusted to an appreciating rupee, while higher prices held demand elsewhere in Asia.
Hedge funds and money managers increased their net long position in COMEX gold for the second consecutive week in the week to March 28, and raised it slightly in silver, according to U.S. Commodity Futures Trading Commission data on Friday.
News are provided by InstaForex
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South Korea March Inflation +0.3% On Month
Consumer prices in South Korea were up 0.3 percent on month in March, Statistics Korea said on Tuesday - in line with expectations and unchanged from the previous month's reading.
On a yearly basis, inflation jumped 2.2 percent - exceeding expectations for 1.8 percent and up from 1.9 percent in the previous month.
Core CPI, which excludes volatile food prices, gained 0.2 percent on month and 1.4 percent on year.
That follows the 0.2 percent monthly increase and the 1.5 percent yearly gain in the previous month.
News are provided by InstaForex
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Fed Official Stands Pat on Two More Rate Hikes this 2017
An official reiterated the Federal Reserve should increase rates for at least two times this 2017 in order to avert moving behind the curve or hastening its toughening plans.
Philadelphia Fed President Patrick Harker noted Monday he still presumes it is the sound judgment, adding the rate hike tempo is slowly and is conforming with expectations.
Last month, the Fed escalated interest rates again following three months, nodding to stable jobs expansion and cues the inflation may be increasing.
News are provided by InstaForex
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UK Shop Prices Slide 0.8% In March - BRC
Shop prices in the United Kingdom were down 0.8 percent on year in March, the British Retail Consortium said on Wednesday.
That was in line with expectations following the 1.0 percent decline in February.
Food prices were up 1 percent on year in March, while non-food prices were down 2.0 percent.
In all, non-food prices have been mired in deflation for four years.
News are provided by InstaForex
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Hong Kong Business PMI Climbs To 49.9 - Nikkei
The private sector in Hong Kong continued to contract in March, albeit barely, the latest survey from Nikkei revealed on Thursday with a PMI score of 49.9.
That's up from 49.6 in February, although it remains below the boom-or-bust line of 50 that separates expansion from contraction.
Individually, output expanded for the first time in nearly two years, although new orders continued to decline.
Also, firms cut prices despite ongoing cost inflation.
News are provided by InstaForex
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Australia Construction Sector Slows In March - AiG
The construction sector in Australia continued to expand in March, although at a slower pace, the latest survey from the Australian Industry Group showed on Friday with a Performance of Construction Index score of 51.2.
That's down from 53.1 in February, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Individually, the slowdown was attributed to softness in apartment, commercial and building activity - although house building picked up steam.
News are provided by InstaForex
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Wall Street Slightly Higher, Investors Focus on Trump-Xi Meeting
U.S. equities finished off session peaks after comments about North Korea while investors focused on upcoming talks between U.S. President Donald Trump and Chinese President Xi Jinping. Trump said he is willing to act alone on North Korea if China does not step up.
The Dow Jones industrial average edged up 0.07 percent at 20,662.95, as Caterpillar led gains while Procter & Gamble was the top decliner. The S&P 500 added 0.19 percent at 2,357.49, as energy led seven sectors up while telecommunications lagged behind. The Nasdaq composite climbed 0.25 percent at 5,878.95. The three major indexes were nearly 0.5 percent higher prior to Trump's comments, which were done as he braced for the key meeting with the Chinese president.
Four of the 11 major S&P sectors closed lower. The energy index was up 0.8 percent as oil prices increased to near one-month peaks. Comcast Corp gave the largest boost to the S&P with its 2.1 percent advance to $38.13 following its announcement of a wireless service.
Investors are cautious ahead of the corporate earnings season next week due to lofty valuations. The S&P 500 index is trading at around 19 times ahead earnings estimates, above its long-term average of 15.
News are provided by InstaForex
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China Moves to Avoid Trade War with America
China will offer concessions aimed at avoiding a trade war with the United States, according to American and Chinese officials engaged in negotiations between the two governments.
Chinese leader Xi Jinping and US President Donald Trump met last week at the latter's beach resort in Florida. Officials said both leaders agreed they need swift trade talks to produce results in 100 days.
Chinese officials said the Asian country is willing to escalate investment ceilings in the bilateral investment treaty, as well as lift a ban on US beef imports and purchase additional grains and other agricultural products.
Trump has not yet divulged if he seeks to push through with the deal, which American mediators hoped would resolve China market access issues in various industries.
News are provided by InstaForex
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Wall Street Retreats as Geopolitical Concerns Persist
U.S. equities dropped as investors remained worried about geopolitical developments, which eventually pushed safe-havens higher. Adding to the sour mood, North Korea state media warned of a nuclear attack on the United States once provoked, as a U.S. Navy strike group moved towards the western Pacific.
The Dow Jones industrial average slipped 0.03 percent to 20,651, with Apple leading losses while McDonald's was the best performer. The S&P 500 shed 0.14 percent to 2,353, as technology led seven sectors down while real estate was the top gainer. The Nasdaq composite tumbled 0.24 percent to 5,886.
The CBOE Volatility Index (VIX), considered the best gauge of fear in the market, is up more than seven percent at 15.14. The index has traded over ten percent higher earlier in the session. Investors are counting on strong corporate earnings to help justify pricey valuations.
The financial sector fell 0.3 percent and the technology dropped 0.4 percent. Among shares active on corporate news, United Continental slipped 1.1 percent following a worldwide backlash against the airline as a passenger was reportedly pulled off of one of its flights. Late in the trading session, its chief executive issued an apology.
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Fxwirepro: Eur/krw Hovers Around Key Resistance at 1,218 Mark, Stay Bullish
EUR/KRW is currently trading around 1,217 mark.
Pair made intraday high at 1,218 and low at 1,212 levels.
Intraday bias remains bullish till the time pair holds key support at 1,208 mark.
A daily close below 1,212 will drag the parity down towards key supports around 1,208, 1.200, 1,189, 1,178, 1,163 and 1,154 marks respectively.
Alternatively, a sustained close above 1,212 will take the parity higher towards key resistances around 1,218, 1,228, 1,233, 1,242 and 1,252marks respectively.
Seoul shares open up 0.20 pct at 2128.17.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
South Korea’s March unemployment rate decrease to 3.7 % vs previous 4.0 %.
We prefer to take long position in EUR/KRW around 1,215, stop loss at 1,208 and target of 1,228.
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Fxwirepro: Chinese Yuan Strengthens in Early Asia on Robust Trade Balance Data
USD/CNY is currently trading around 6.8744 marks.
It made intraday high at 6.8889 and low at 6.8729 levels.
Intraday bias remains bearish till the time pair holds key resistance at 6.90 mark.
A sustained close above 6.8914 marks will test key resistances at 6.9037, 6.9146, 6.9204, 6.9336, 6.9496, 6.9615, 6.9778 and 6.9883 marks respectively.
Alternatively, a daily close below 6.8914 will drag the parity down towards key supports at 6.8683, 6.8550, 6.8465, 6.8333, 6.8298, 6.8090 and 6.7769 marks respectively.
PBOC sets Yuan mid-point at 6.8651/dollar vs last close 6.8930.
China’s Q1 trade balance +454.94 bln yuan.
China’s Q1 yuan-denominated exports +14.8 pct y/y.
China’s Q1 yuan-denominated imports +31.1 pct y/y.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
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Fxwirepro: South Korean Won Marginally Lower After Trade Balance Data
EUR/KRW is currently trading around 1,204 mark.
Pair made intraday high at 1,204 and low at 1,201 levels.
Intraday bias remains neutral till the time pair holds key support at 1,203 mark.
A daily close below 1,203 will drag the parity down towards key supports around 1.201, 1,194, 1,189, 1,178, 1,163 and 1,154 marks respectively.
Alternatively, a sustained close above 1,203 will take the parity higher towards key resistances around 1,207, 1,211, 1,218, 1,228, 1,233, 1,242 and 1,252marks respectively. Seoul shares open up 0.28 pct at 2140.87.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
South Korea’s March export growth revised decrease to 13.6 % vs previous 13.7 %.
South Korea’s March import growth revised increase to 27.7 % vs previous 26.9 %.
South Korea’s March trade balance revised decrease to 6.27 bln $ vs previous 6.60 bln $.
We prefer to take long position in EUR/KRW around 1,203, stop loss at 1,200 and target of 1,208/1,211/1,218.
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