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NZ Dollar Climbs Against Majors
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The New Zealand dollar drifted higher against other major currencies in Asian deals on Tuesday. The kiwi strengthened to 0.8705 against the greenback for the first time since April 11. The kiwi advanced to near a 4-week high of 88.90 against yen and a 3-week high of 1.5937 against the euro. The kiwi spiked up to 1.0670 against the aussie, a level not seen since April 1. The next possible upside target for the kiwi is seen around 0.879 against the greenback, 89.5 against the yen, 1.58 against the euro and 1.06 against the aussie
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Australia Retail Sales Add 0.1% In March
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Total retail sales in Australia were up a seasonally adjusted 0.1 percent on month in March, the Australian Bureau of Statistics said on Wednesday - coming in at A$23.149 billion. That was shy of forecasts for a gain of 0.4 percent following the upwardly revised gain of 0.3 percent in February (originally 0.2 percent). For the first quarter of 2014, retail sales climbed 1.2 percent on quarter to A$67.519 billion - in line with expectations, but missing forecasts for 1.6 percent after gaining 1.1 percent in the three months prior.
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U.S. Dollar Advances Against Majors
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The U.S. dollar strengthened against its major rivals in Asian deals on Friday.
The greenback climbed to 0.8811 against franc, its highest since May 2. Against the euro and the pound, the greenback hit a weekly high of 1.3831 and a 3-day high of 1.6919, respectively.
Rebounding from an early low of 101.54 against the yen, the greenback edged up to 101.75.
The greenback may possibly face resistance around 102.5 against the yen, 0.89 against the franc, 1.375 against the euro and 1.68 against the pound.
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Euro At Near 3-month Low Against Pound
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The euro drifted lower against the pound in Asian deals on Monday. The euro slipped to 0.8158 against the pound, a level unseen since February 17. If the euro extends slide, it may face support around the 0.81 area. The pair was worth 0.8165 at Friday's close.
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Australia Home Loans Dip 0.9% In March
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he total number of home loans in Australia was down a seasonally adjusted 0.9 percent on month in March, the Australian Bureau of Statistics said on Tuesday, standing at 52,013. That was well shy of forecasts for an increase of 1.0 percent following the 2.3 percent gain in February. The value of housing loans was down 1.1 percent on month to A$27.346 billion. The number of first home buyer commitments as a percentage of total owner occupied housing finance commitments surged 12.6 percent on month in March.
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South Korea Export Prices Dip 2.5% In April
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Export prices in South Korea were down 2.5 percent on month in April, the Bank of Korea said on Wednesday, after easing 0.4 percent in March. On a yearly basis, export prices dropped 7.3 percent after shedding 4.3 percent in the previous month. Import prices also were down 2.5 percent on month following the 0.5 percent fall in the previous month. On a yearly basis, prices tumbled 7.0 percent after shedding 4.5 percent a month earlier.
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Yuan Rises To 8-day High Against U.S Dollar
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The yuan strengthened against the U.S dollar in the early Asian session on Thursday. Against the greenback, the yuan rose to an 8-day high of 6.2250, up from yesterday's closing quote of 6.2292. The next possible upside target of the yuan is seen at 6.21. The People Bank of China set today's central parity rate for yuan at 6.1653. per dollar, compared to Friday's reference rate of 6.1640. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level.
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Yen Little Changed Following Japan Industrial Production Data
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Japan's final industrial production data for March was released at 12:30 am ET Friday. Following the data, the Yen little changed against other major currencies. As of 12:32 am ET, the Yen was trading at 139.20 against the Euro, 170.38 against the Pound, 113.98 against the Swiss franc and 101.48 against the U.S dollar.
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Australian Dollar Falls Against Most Majors
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The Australian dollar weakened against the most major currencies in the late Asian session on Monday. The Australian dollar fell to a 4-day low of 1.0160 against the Canadian dollar. The pair closed last week's deals at 1.0169. Against the yen, the Australian dollar slipped to 94.86, from early multi-day high of 95.20. The pair closed last week's deals at 95.04. The Australian dollar fell to 1.4652 against the euro and 0.9352 against the U.S dollar, from early multi-day highs of 1.4607 and 0.9376, respectively. The aussie closed last week's deals at 1.4625 against the euro and 0.9364 against the greenback. If the Australian dollar extends its fall, it is likely to find support around 1.00 against the Canadian dollar, 94.54 against the yen, 1.48 against the euro and 0.92 against the greenback.
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Yen Slides Against Majors
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The Japanese yen weakened against the other major currencies in early Asian deals on Tuesday. The yen slipped to 113.88 against the franc, 170.81 against the pound and a session's low of 101.59 against the greenback. The yen hit 139.30 against the euro, its lowest since May 16. The yen fell to 93.41 against the loonie, compared to yesterday's closing quote of 93.29. If the yen extends slide, it may face support around 102.00 against the greenback, 172.00 against the pound, 140.00 against the euro, 114.6 against the franc and 93.6 against the loonie.
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Bank Of Japan Maintains Monetary Policy Unchanged
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Following the conclusion of a 2-day monetary policy meeting, the Bank of Japan maintained status quo position with respect to its monetary policy. The Monetary Policy Board led by Governor Haruhiko Kuroda opted to persist with its policy of increasing the monetary base at an annual pace of 60-70 trillion yen despite cautioning of a reduction in demand and risk to economic growth due to the sales tax hike that came into effect in April.
The decision was adopted by an unanimous vote. The central bank continued to hold its economic assessment by repeating that the domestic economy is continuing to recover moderately as trend. At the same time, the bank indicated that demand has been hurt by the front-loaded increase before the tax hike. Among the changes observed in the commentary on growth was on public investment, which was termed as having leveled off at a high level.
The inflation commentary was also maintained unchanged. Going forward, the central bank expects the economy to continue a moderate recovery, as a trend, and the annual inflation, excluding the effects of the consumption tax hike, to be around 1.25 percent for some time. There was a dissension with respect to the time frame for the quantitative and qualitative easing, with the majority of the view that the measures have to be persisted as long as the 2 percent price stability target is maintained in a stable manner. Meanwhile, board member Takahide Kiuchi, who dissented, called for a time frame of about 2 years for the easing measures.
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Canadian Dollar Strengthens Against Most Majors
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The Canadian dollar advanced against most major opponents in Asian deals on Thursday. The loonie hit a 2-day high of 93.12 against the yen, following a multi-week low of 92.47 touched on Wednesday. The loonie edged up to 1.0904 against the greenback and 1.4915 against the euro. If the loonie extends gain, it may seek resistance around 1.08 against the greenback, 94.00 against the yen and 1.48 against the euro.
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China Leading Index Slows In April - Conference Board
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China's leading economic index, measuring the future economic conditions, continued to rise in April though at a slower rate, a report from the Conference Board showed Friday. The leading index, at 288.1, was up 0.9 percent month-over-month in April following a 1.1 percent increase in March. The coincident index that measures the current economic situation rose 0.4 percent in April after rising 1.3 percent in March. The slower rate of increase of the leading index was driven by a decrease in total industrial activity and retail sales, said the report. "Its overall expansion remains weaker than the latter half of 2013 and underlying volatility in the economy has increased. Subdued LEI growth, combined with growth rates in industrial activity and retail sales running at their lowest since 2004, suggest that the slower trend of economic growth will continue into the third quarter at least," said Andrew Polk, Conference Board economist.
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Malaysian Ringgit Rises To 4-day High Against U.S. Dollar
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The Malaysian ringgit strengthened against the U.S. dollar in the Asian session on Monday. Against the greenback, the ringgit rose to a 4-day high of 3.2069, from last week's closing quote of 3.2120. If the ringgit extends it rise, it is likely to find resistance around the 3.19 area.
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Indian Rupee Slips To Nearly 2-week Low Against U.S. Dollar
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The Indian rupee dropped against the U.S. dollar in the morning deals on Wednesday. Against the greenback, the rupee fell to nearly a 2-week low of 59.2100, down from yesterday's closing quote of 58.9800. If the rupee extends its downtrend, it is likely to find support around the 59.70 area.
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Philippine Q1 GDP Growth Slows; Trails Expectations
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The Philippine economy grew at a slower-than-expected rate in the first quarter of 2014, figures from the National Statistical Coordination Board showed Thursday.
Gross domestic product for the first quarter rose 5.7 percent year-over-year, trailing expectations of a 6.4 percent increase. This follows the revised 6.3 percent rise in the previous quarter.
The industry sector, one of the three major sectors contributing to the GDP, grew at a year-over-year rate of 5.5 percent in the first quarter, lower by 11.3 percent compared to the same quarter of the previous year and 7.6 percent compared to the previous quarter.
The services sector contributed 3.8 percentage points to the GDP growth, followed by the industry sector and the agriculture sector contributing 1.8 and 0.1 percentage points, respectively.
The gross national income grew by 7.6 percent owing to an increase of 17.3 percent in the net primary income from the rest of the world.
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UK Consumer Confidence Hits Nine-Year High
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An index measuring consumer sentiment in the United Kingdom came in with a score of 0 in May, polling company GfK said on Friday.
That beat forecasts for a score of -2 and was up from -3 in April. The May reading represents a nine-year high score for the index.
Also on Friday, property tracking website Hometrack said that house prices in the UK were up 0.5 percent on month and 6.1 percent on year.
That follows the 0.6 percent monthly increase and the 6.0 percent yearly gain in April.
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Singapore Dollar Off Multi-week Low Against U.S. Dollar
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The Singapore dollar trimmed its early losses against the U.S. dollar in Asian deals on Tuesday. The Singapore dollar that fell to a multi-week low of 1.2571 against the greenback in early deals reversed direction with pair trading around 1.2556. The pair was worth 1.2569 at yesterday's close.
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Malaysian Ringgit Falls To Near 3-week Low Against U.S. Dollar
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The Malaysian Ringgit lost ground against the U.S. dollar in Asian deals on Wednesday. The ringgit fell to 3.2370 against the greenback, its weakest since May 14. On the downside, the ringgit may find support around the 3.24 zone. At yesterday's close, the pair was quoted at 3.2305.
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Philippines Producer Prices Rise For Second Month
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Philippine producer prices increased for the second straight month in April, led by the higher uptick of petroleum products, figures from the National Statistical Office showed Thursday. The producer price index rose 0.1 percent year-on-year in April, slower than March's revised 0.3 percent increase. In February , prices fell 0.6 percent. Prices of petroleum products jumped 13.6 percent annually in April. Cost of food manufacturing and electrical machinery also grew by 4.5 percent and 4.0 percent, respectively. At the same time, prices of furniture and fixtures logged a sharp decline of 27.9 percent. On a monthly basis, producer prices dropped 0.5 percent in April, in contrast to the 0.2 percent growth in the previous month.
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New Zealand House Prices Continue To Rise In May
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House prices in New Zealand continued to rise for the second consecutive month in May while sales volume declined, figures from Quotable Value, QV, showed Friday. The QV Residential Price Movement Index rose 8.2 percent year-over-year in May. The index stood 13.9 percent higher than the previous market peak of 2007. After adjusting for inflation, house prices fell 6.6 percent year-over-year and remained 2.2 percent below the 2007 peak. "Sales volumes around the country are 10 to 15 percent lower than they were this time last year which could be a normal winter seasonal effect but it could also be a precursor to values dropping," said QV National Spokesperson Andrea Rush. "The LVR lending restrictions continue to have an effect in many of the regions with activity significantly slower at the entry level end of the market."
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Australian Dollar Climbs Against Most Majors
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The Australian dollar advanced against most major currencies in early Asian deals on Monday. The aussie hit 95.91 against the yen for the first time since May 14. The aussie that closed Friday's deals at 0.9327 against the greenback and 1.0196 against the loonie rose to 0.9350 and 1.0224, respectively. The aussie edged up to 1.4590 against the euro, compared to last week's closing quote of 1.4606. If the aussie extends gain, it may face resistance around 0.94 against the greenback, 97.4 against the yen, 1.45 against the euro and 1.035 against the loonie.
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Australian Dollar Climbs Against Most Majors
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The Australian dollar advanced against most major currencies in early Asian deals on Monday. The aussie hit 95.91 against the yen for the first time since May 14. The aussie that closed Friday's deals at 0.9327 against the greenback and 1.0196 against the loonie rose to 0.9350 and 1.0224, respectively. The aussie edged up to 1.4590 against the euro, compared to last week's closing quote of 1.4606. If the aussie extends gain, it may face resistance around 0.94 against the greenback, 97.4 against the yen, 1.45 against the euro and 1.035 against the loonie.
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Philippine Export Growth Weakens Sharply In April
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Philippines merchandise export growth weakened considerably in April, defying expectations for a strong increase , preliminary figures from the Philippine Statistical Authority showed Tuesday.
Total exports of the country advanced 0.8 percent year-on-year in April, after a 12.4 percent climb in the previous month, well below economists' forecast for 10.0 percent of growth.
Shipments of electronic products dropped 2.5 percent annually in April. A year ago, exports of this category of goods had risen 12.2 percent. Exports of other manufactured products also declined by 12.2 percent. Meanwhile, exports of processed food and beverages jumped 110.1 percent in April and that of other mineral products by 30.9 percent.
In the first four month period, total merchandise exports expanded 5.4 percent to $ 18.859 billion from $17.894 billion in the same period last year.
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Yen Advances Against Majors
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The Japanese yen strengthened against its major counterparts in Asia on Wednesday. The yen bounced back to 102.29 against the greenback, from an early low of 102.38. The yen climbed to 138.33 against the euro, its strongest since May 30, and a 9-day high of 113.56 against the franc. The yen hit 171.23 against the pound, its strongest since June 2. The next possible upside target level for the yen is seen around 101.5 against the greenback, 170.5 against the pound, 113.00 against the franc and 137.4 against the euro.
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Australia Unemployment Rate Stable In May
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The unemployment rate Australia remained stable for the third consecutive month in May, a report from the Australian Bureau Of Statistics showed Thursday.
The unemployment rate came in at 5.8 percent in May, the same rate as in April and March. Compared to a year ago, the unemployment rate rose 0.3 percentage points in May.
The number of unemployed people rose by 3,200 over the month to 717,100 in May. Out of the total, the number of unemployed looking for full-time work rose 9,000 to 529,700 and for part-time it decreased 5,900 to 187,400.
The number of employed people fell 4,800 over the month to 11,564,600. The number of full-time employees rose 22,200 while number of part-time employees fell 27,000 in May.
However, the participation rate fell to 64.6 in May from 64.7 in April.
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Yuan Strengthens To 2-month High Against U.S. Dollar
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The Yuan strengthened against the U.S. dollar in the Asian session on Friday. Against the greenback, the yuan rose to a 2-month high of 6.2066. At yesterday's close, the yuan was trading at 6.2180. If the yuan extends its gain, it is likely to find resistance around the 6.19 area. The People Bank of China set today's central parity rate for yuan at 6.1503 per dollar, compared to Thursday's reference rate of 6.1516. The central bank sets the reference rate every morning and allows the currency to move upto 2 percent from that level. Traders focus on China's industrial production, retail sales and fixed asset investment data for May due shortly.
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New Zealand Growth To Accelerate In FY 2015 - NZ Institute For Economic Research
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The consensus forecast for New Zealand is optimistic for 2015, data from the New Zealand Institute of Economic Research showed Monday. According to consensus forecasts, economic growth is expected to accelerate to 3.8 percent in the year ending March 2015 from 3.1 percent in the previous year. Broad based growth across household spending, investment and exports is forecast. Economic growth is likely to moderate to 2.8 percent and 2.1 percent in 2016 and 2017, respectively. Residential construction surge is estimated to continue for the upcoming five years and exports are expected to rebound after remaining almost flat in the past year. An improvement in the labour market is forecast, with the unemployment rate likely to fall to an average of 5 percent from the historically high levels of 5.9 percent. Wages are expected to increase, growing 3.1 percent on an average over the upcoming 3 years, and supporting household spending. Consumer price inflation is expected to flatten over the next two years.
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Yen Declines Against Majors
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The Japanese yen lost ground against its key counterparts in Asian deals on Tuesday. The yen fell to 4-day lows of 138.45 against the euro, 113.64 against the franc and 94.02 against the loonie. The yen dropped to 173.13 against the pound and 102.06 against the greenback, compared to yesterday's closing values of 172.88 and 101.82, respectively. If the yen declines further, it may find support around 102.5 against the greenback, 114.00 against the franc, 174.00 against the pound, 139.5 against the euro and 94.7 against the loonie.
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Canadian Dollar Strengthens To Nearly 3-week High Against U.S. Dollar
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The Canadian dollar strengthened against the U.S. dollar in the Asian session on Thursday. Against the greenback, the loonie advanced to nearly a 3-week high of 1.0825. The loonie may test resistance near the 1.07 zone.
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Japan Manufacturing PMI Rises To 51.1 In May - Markit
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An index monitoring the manufacturing sector in Japan came in with a score of 51.1 in May, the latest survey from Markit Economics revealed on Monday - up from 49.9 in April.
That pushes the index into expansionary territory, as a score above 50 signals growth in a sector while a reading below means contraction.
Among the individual components of the survey, the output index rose for the first time in three months to 51.8 - signaling expansion.
New orders also moved into growth, while input prices, stocks of purchases, stocks of finished goods and quantity of purchases continued to expand.
New export orders, employment, backlogs of work and output prices slowed, and supplier delivery times were unchanged.
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China Leading Index Slows To 0.7% In May - Conference Board
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A leading economic index for China continued to expand in May, albeit at a slower pace, the latest survey from the Conference Board revealed on Tuesday.
The group's leading economic index was up 0.7 percent last month to a score of 290.2. That follows 1.0 percent increases in both April and March.
The coincident index was also up 0.7 percent in May, the data showed, with a score of 259.7. That was unchanged from the previous month and down from 1.5 percent in March.
"While the Leading Economic Index for China increased in May, its rate of increase has slowed considerably in recent months. The LEI, and its underlying components, suggest continued weaknesses in China's real economy in the coming months," said Jing Sima, Economist at The Conference Board.
"April's sharp improvement in the real estate sector was short-lived and consumers remain in a pessimistic mood. Moreover, the Coincident Economic Index indicates the rate of current economic activity is substantially lower than last year."
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Usd/sgd and Usd/myr Dip Overnight
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South Asia pairs set to open lower on Thursday as risk/carry rallies in NY
USD/SGD back below 1.25 in a modest affair after topside rejected in Asia
USD/MYR set to open ard 2.2200 after NDFs trade 6.2235-90 o/n
USD/IDR bucks trend - to open ard 12100 after NDFs trade 12150-12155 overnight
Thai trade data (0400GMT) and Spore mfg output (0500GMT) out today
Month end flows less influence on S Asia pairs than seen on N Asia pairs
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China Industrial Profits Slow In May
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Chinese industrial profit rose at a slower rate in May, figures from the National Bureau of Statistics showed Friday.
Total industrial profit rose 8.9 percent on year in May. This follows the 9.6 percent increase in April.
Industrial profit rose 9.8 percent in the period of January to May, a slower rate of increase than the 10 percent rise in the period of January to April.
Year-to-date profit of private enterprises increased most by 12.9 percent in May. This was followed by a 3.4 percent rise in state-owned enterprises and a 0.9 percent uptick in collective enterprises.
However, mining year-to-date profits declined 16.4 percent in May.
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New Zealand Business Confidence Tumbles In June - ANZ
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Business confidence in New Zealand declined sharply in June, the latest survey from ANZ revealed on Monday - falling from 53.5 in May to 42.8 in June.
Analysts suggest that the Reserve Bank of New Zealand's actions to raise interest rates are primarily responsible for the decline.
The activity outlook for June came in with a score of 45.8, down from 51.0 in the previous month.
"Growth signals remain strong and inflation messages are waning: a good mix for keeping the OCR on the low side and the economy on a roll," said ANZ Chief Economist Cameron Bagrie.
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Japan HSBC/Markit PMI Rebounds In June
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Japan manufacturing activity rebounded in June on account of increases in output and new orders, results of a survey by Markit Economics and the Japan Materials Management Association (JMMA) revealed Tuesday. The Markit/JMMA manufacturing purchasing managers' index increased to 51.5 in June, more than the flash estimate of 51.1, from 49.9 in May. This was the first expansion in three months. Manufacturing production and new business increased for the first time since March in June. Meanwhile, new export orders declined, though at a slower pace than in the previous month. Purchasing activity rose for the first time in three months in June. Input costs increased at a stable pace in June while output prices declined, though at a slower rate than in the previous month. Growth in staffing levels was slowest since October 2013. "The implementation of the sales tax in April looks to have had only a temporary effect on Japanese manufacturers." Amy Brownbill, Economist at Markit, said. "Shinzo Abe has been trying to address the employment issue by implementing a number of reforms, which many are calling the"third arrow?. The positive effects, however, of these reforms have not been fully felt."
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Malaysian Ringgit Rises To More Than 3-week High Against U.S. Dollar
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The Malaysian ringgit strengthened against the U.S. dollar in the Asian session on Wednesday. Against the greenback, the ringgit rose to more than a 3-week high of 3.2028. At yesterday's close, the ringgit was trading at 3.2069 against the greenback. If the ringgit extends its uptrend, it is likely to find resistance around the 3.18 area.
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Japan Service Sector Activity Contracts In June
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Japan's service sector activity declined further in June, results of a survey by Markit Economics showed Thursday.
The Markit Japan Services PMI edged down to 49.0 in June from 49.3 in May, signaling contraction for the third consecutive month. The decrease in service sector output was driven by the recent increase in sales tax, the survey showed.
Staffing levels declined for the first time since December 2013 in May. Input costs, which have been on the rise since November 2012, continued to increase and output prices grew for the fifth successive month in May, marking the longest stretch of inflation in survey history for both.
In contrast to the decreasing trend, new orders increased for the first time in three months in May.
Perceptions on business activity for the upcoming year were more positive than in the current year.
The composite output index, a combined measure of manufacturing activity and service sector activity, came in at 50 in May, indicating stagnation. In April, the index posted 49.2.
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Aud Worst Performing Currency Past 48 Hours Despite Favorable External Factors
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Investor risk appetite buoyed by "goldilocks" US payroll report Volatility as measured by the VIX & currencies volatilities at rock bottom historically Copper and iron ore are on a recovery path and China growth fears have receded Normally AUD a main beneficiary from carry trade demand in current environment Australia economic concerns and RBA jawboning trumping positive externals for now Close below 0.9354 would result in bearish outside week from significant high
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New Zealand House Prices Rise Faster In June
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New Zealand house prices rose at a faster rate in June, data from Quotable Value, or QV, showed Monday. Property prices rose 2.1 percent sequentially in the three months ended June following the 0.7 percent increase in the three months ended May. Current house prices were 15 percent above the previous market peak of late 2007. Meanwhile, house prices rose at a slower rate of 8 percent year-over-year in June after the 8.2 percent growth in May. "The nationwide index is still increasing but the picture around the country is mixed." Andrea Rush, QV National Spokesperson, said. "Residential property values in Auckland and Christchurch are still increasing at a similar rate to what they were in June last year. While values in Wellington and Dunedin are showing a downward trend this month, as are a number of other provincial centres around the country." "Sales volumes and home loan approvals (new and existing) are also down considerably at between 15-20% less than at this time last year." She added.
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