Thread: Forex News from InstaForex
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13-08-14, 07:29 #261
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Japan GDP Dips 6.8% On Year In Q2
Japan's gross domestic product tumbled 6.8 percent on year in the second quarter of 2014, the Cabinet Office said in Wednesday's preliminary reading. That beat forecasts for a decline of 7.1 percent following the downwardly revised 6.1 percent gain in the first quarter (originally 6.7 percent). On an annualized quarterly basis, GDP dipped 1.7 percent - also beating expectations for a contraction of 1.8 percent following the downwardly revised 1.5 percent increase in the previous three months (originally 1.6 percent). The GDP deflator was up 2.0 percent on year, beating forecasts for 1.6 percent after easing 0.1 percent in the first quarter.
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14-08-14, 07:02 #262
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New Zealand Manufacturing Sector Slows Slightly
The manufacturing sector in New Zealand continued to expand in July, albeit at a slightly slower pace, the latest Performance of Manufacturing Index from Business NZ revealed on Thursday with a score of 53.0. That's down marginally from the upwardly revised 53.4 in June (originally 53.3). A reading above 50 signals expansion in a sector, while a score below means contraction. The index has been in expansionary territory for 22 straight months. All five individual components expanded in July, including new orders, production, employment, finished stocks and deliveries.
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19-08-14, 09:14 #263
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RBA Keeps Rates Unchanged
The Reserve Bank of Australia, or RBA, decided on Tuesday to keep its key interest rate unchanged. The monetary policy board decided to maintain the cash rate at 2.5 percent in its August meeting. The same rate has been maintained since August 2013. "Members noted that there was inevitably a significant degree of uncertainty about the outlook, given the number of forces working in different directions." the RBA said in the minutes. Despite recent higher readings, inflation is expected to be in line with the target of 2-3 percent over the next two years, the Board said. The Board assessed that the current monetary policy was appropriately configured and remained accommodative and supportive of demand. The most prudent course is likely to be a period of stability in interest rates, the Board said.
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20-08-14, 04:57 #264
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Australia Leading Index Slows In July - Westpac
The Australian economy remained slightly below trend in July, the latest leading index from Westpac Bank/Melbourne Institute revealed on Wednesday - easing 0.1 percent on month. That follows the 0.1 percent increase in June. "The index continues to indicate that we can expect growth in the Australian economy to stay below trend in the second half of 2014 and into 2015," Westpac said. "We do not expect to see the Reserve Bank changing rates anytime over the next year."
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22-08-14, 11:57 #265
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Australian Dollar Rises Ahead Of Yellen's Jackson Hole Speech
The Australian dollar strengthened against the other major currencies in the Asian session on Friday ahead of Fed Chair Janet Yellen's speech at the economic symposium in Jackson Hole, Wyoming. The two-day Economic Symposium that began on Thursday in the Kansas City Federal Reserve Bank's economic symposium in Jackson Hole, Wyoming, is attended by central bankers, finance ministers, academics, and financial market participants from around the world in the New York session. The meetings are closed to the press but officials usually talk with reporters throughout the day. Comments and speeches from central bankers and other influential officials can create significant market volatility. Yellen will speak on the labor market at the summit. Traders look ahead to the speech for further cues on the monetary policy outlook. European Central Bank's governor Mario Draghi and Bank of Japan's governor Haruhiko Kuroda are also due to deliver some potential market moving headlines. The Asian policymakers are closely monitoring to get some clues from the discussion of setting next week's labor market dynamics from Yellen's speech. Traders are more concerned of any sign of rising global rates will spark a new wave of outflows. The Australian dollar rose to a 14-month high of 96.76 against the yen, from an early low of 96.56. If the aussie extends its uptrend, it is likely to find resistance around the 96.90 area. Against the euro, the aussie rallied to a 1-month high of 1.4248 from an early low of 1.4279. The aussie may test resistance near the 1.41 area. The aussie, which closed yesterday's deals at 0.9301 against the U.S. dollar, firmed to a 3-day high of 0.9318. This may be compared to an early low of 0.9299 against the greenback. On the upside, 0.937 is seen as next resistance level for the aussie. Moving away from an early low of 1.0174 against the Canadian dollar, the aussie advanced to a 2-day high of 1.0193. Continuation of bullish trend may lead the aussie to a resistance around the 1.02 mark. Against the NZ dollar, the aussie edged up to 1.1092 from an early low of 1.1062. At yesterday's close, the aussie was trading at 1.1062 against the kiwi. The aussie is likely to find resistance around the 1.11 area. Looking ahead, Canada CPI for July and retail sales data for June are due to be released in the New York session.
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25-08-14, 07:31 #266
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German Business Climate Data Due On Monday
The results of IfO's survey on German business climate and Spain's producer prices are among the handful of economic data scheduled for release on Monday. At 4 am ET, research institute IfO is due to release the results of its business climate survey for Germany. The business climate index is expected to decrease to 107 in August from 108 in July. The current conditions index is estimated to drop to 112 in August from 112.9 in July. The expectations index is forecast to slide to 102 from 103.4 in July. At 3 am ET, the Czech Statistical Office is scheduled to release its consumer confidence report for August. In July, the consumer confidence index was at -2.3. The business confidence index stood at 10.1 in July and the combined index measuring consumer and business confidence was at 7.6. Around the same time, Spain's national statistical office INE is due to release its producer prices report for July. In June, producer prices had risen 0.4 percent year-over-year and 0.9 percent month-over-month. Statistics Netherlands will release its producer confidence report for August at 3:30 am ET. In July, the producer confidence index stood at 1.2. At 7:30 am ET, the Central Bank of the Republic of Turkey is scheduled to release its capacity utilization data for August. In July, the capacity utilization was at 74.9. The National Bank of Belgium, or BNB, will release its report on business confidence for August at 9 am ET. In July, the business sentiment index based on BNB's survey was at -7.5.
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26-08-14, 10:25 #267
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NZ Dollar Slides After Trade Data
The NZ dollar weakened against the other major currencies in the Asian session on Tuesday as nation's trade data showed a wider-than-expected deficit for April.
Data from the Statistics New Zealand showed that New Zealand saw a merchandise trade deficit of NZ$ 692 million in July. This was wider than the shortfall of NZ$ 475 million expected by economists and followed the NZ$ 247 million surplus in June. Exports were down 3.3 percent, while imports tumbled 4.8 percent.
The NZ dollar fell to nearly a 9-month low of 1.1168 against the Australian dollar and a 6-month low of 0.8310 against the U.S. dollar, from early highs of 1.1137 and 0.8346, respectively and held steady thereafter.
Against the yen and the euro, the kiwi dropped to a 6-day low of 86.49 and a 5-day low of 1.5863, from early highs of 86.85 and 1.5801, respectively and held steady thereafter.
Looking ahead, U.S. durable goods orders for July, house price indexes for June based on two separate surveys by the Federal House Finance Agency and the S&P/Case-Shiller and consumer confidence index for August are due to be released in the New York session.
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27-08-14, 05:33 #268
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South Korea Consumer Confidence Rises In August
An index measuring consumer confidence in South Korea was up in August, the Bank of Korea said on Wednesday, coming in with a score of 107.0 - up from 105.0 in July. Consumer sentiment on current living standards was one point higher than in the previous month at 92, while that for their outlook remained the same at 100. Consumer sentiment regarding current domestic economic conditions was up by six points compared to July, at 81, while that for their future outlook was eight points higher at 100. Consumer sentiments on prospective changes in household income and on expected spending stood at 101 and 109 respectively, unchanged from the month before. The expectation for inflation over the following year was 2.8 percent.
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28-08-14, 03:13 #269
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South Korea Has $7.91 Billion Current Account Surplus
South Korea posted an unadjusted current account surplus of $7.91 billion in July, the Bank of Korea said on Thursday - remaining in the black for the 29th consecutive month. The headline figure is little changed from June's surplus of $7.92 billion. The goods account surplus widened to $6.86 billion, from $6.65 billion in the previous month. The services account deficit narrowed to $0.01 billion from $0.58 billion a month earlier as deficit on the use of intellectual property account improved, the bank said. The primary income account surplus narrowed to $1.49 billion from $2.23 billion in the previous month due to a substantial decrease in income on the equity account. The secondary income account recorded a deficit of $0.43 billion. The financial account recorded a net outflow of $5.92 billion, down from $9.84 billion in June. Direct investment recorded a net outflow of $1.01 billion down from $2.06 billion a month earlier, as residents' outward investment decreased. Portfolio investment recorded a net outflow of $1.74 billion, down from $4.22 billion in June, due primarily to a large net inflow of foreign investors' equity securities investment. Financial derivatives posted a net inflow of $0.50 billion. Other investment shifted to a net outflow of $0.34 billion, from a net inflow of $0.28 billion in the previous month due mostly to increased lending by domestic financial institutions. Reserve assets increased by $3.33 billion. Through the first seven months of 2014, the current account surplus is $47.1 billion.
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29-08-14, 02:41 #270
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UK Consumer Confidence Index Rebounds In August
An index measuring consumer confidence in the United Kingdom climbed back into positive territory in August with a score of +1, GfK said on Friday. That beat expectations for a score of -1 following the -2 reading in July. The August reading matched the nine-year high mark in June. "There is no guarantee how long this stable position will last - a rush of good or bad economic news could set off a marked rise or fall, but things could stay like this for a while," said Nick Moon, managing director of social research at GfK.
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01-09-14, 08:41 #271
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Taiwan Aug Manufacturing PMI Rises At Fastest Rate Since 2011
Taiwan's manufacturing activity grew at the fastest pace in more than three years in August, results of a survey by Markit Economics and HSBC Bank showed Monday. The HSBC Purchasing Managers' Index for the manufacturing sector rose to 56.1 in August from 55.8 in July. This marked the fastest rate of improvement in manufacturing activity since April 2011. A reading above 50 signals expansion in activity. New orders increased at the fastest pace since the start of 2011 in August. The increase in new work supported the sharp rise in manufacturing production, though the rate of increase was slightly slower than in the previous month. This marked the twelfth consecutive month of growth in production. Also, staffing levels improved for the fifteenth straight month in August. The rate of increase was little changed from the 39-month high recorded in July. Input costs inflation eased in August from July's peak. Meanwhile, output prices fell for the seventh consecutive month.
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02-09-14, 07:48 #272
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Japan July Labor Cash Earnings Growth Quickens Unexpectedly
Total labor cash earnings in Japan grew at a faster rate in July, defying expectations of a slow down, a report from the Ministry of Health, Labor and Welfare showed Tuesday. Total earnings increased 2.6 percent year-over-year in July following the revised 1 percent rise in June. Economists had expected earnings to grow 0.9 percent. Contractual earnings climbed 0.9 percent, after the 0.4 percent increase in June. Scheduled earnings rose 0.7 percent in July, which was faster than the revised 0.2 percent growth in the previous month.
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03-09-14, 02:11 #273
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New Zealand Building Value Gains 1.0% In Q2
The value of all building in New Zealand added a seasonally adjusted 1.0 percent on quarter in the second quarter of 2014, Statistics New Zealand said on Wednesday. The unadjusted value of all building activity in Q2 was NZ$3.8 billion, including NZ$2.3 billion residential building work, and NZ$1.4 billion non-residential building work. The headline figure beat expectations for a flat reading on quarter following the downwardly revised 15.0 percent surge in the first quarter (originally 16.0 percent). Non-residential building activity volume climbed a seasonally adjusted 2.5 percent, while residential building activity was unchanged from last quarter. "The trend for all building activity has been generally rising for nearly three years, and is just 0.7 percent lower than the series high in the June 2005 quarter," said business indicators manager Neil Kelly. On a yearly basis, building activity grew most in Auckland and Canterbury regions this quarter. The non-residential buildings volume trend is now 19 percent higher than the most recent low point in the September 2013 quarter, the bureau said, and is just 1.3 percent lower than the series high eight years ago in the March 2006 quarter. Growth continues in the residential building volume trend; however, it is still 7.0 percent lower than the series high in the June 2004 quarter. The all buildings volume trend has been generally rising for 11 quarters, and is now just 0.7 percent lower than the series high in the June 2005 quarter.
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04-09-14, 02:09 #274
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South Korea GDP Expands 3.5% In Q2
South Korea's gross domestic product expanded 3.5 percent on year in the second quarter of 2014, the Bank of Korea said in Thursday's preliminary reading. That was a slight downward revision from July's advance estimate which suggested an increase of 3.6 percent. It also slowed from the 3.9 percent gain in the first quarter. On a seasonally adjusted annualized quarterly basis, GDP expanded 0.5 percent - also a downward revision from the 0.6 percent increase originally reported. GDP was up 0.9 percent on quarter in Q1.
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05-09-14, 03:06 #275
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Construction Sector Expands Again In August - AiG
The construction sector in Australia expanded at an accelerated pace in August, the latest survey from the Australia Industry Group revealed on Friday with a performance of construction index score of 55.0. That touches a nine-month high for the index, which came in at 52.6 in July. A reading above 50 signals expansion in a sector, while a score below means contraction. Among the individual components of the survey, apartment building, house building and commercial construction all continued to expand, while engineering construction remained in contraction.
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08-09-14, 02:21 #276
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New Zealand Q2 Manufacturing Activity Slows
The total volume of sales for manufacturing activity dropped a seasonally adjusted 0.7 percent in the second quarter of 2014 compared to9 the previous three months, Statistics New Zealand said on Monday - following the 0.5 percent gain in Q1. Excluding meat and dairy product manufacturing, sales were up 0.1 percent on quarter. Meat and dairy product manufacturing fell 1.4 percent. "Meat and dairy manufacturing sales have edged down in the last two quarters following a large rise in the December 2013 quarter," business indicators manager Neil Kelly said. Among the other components of the data, sales for chemical, polymer, and rubber product manufacturing fell 3.0 percent, while sales for petroleum and coal product manufacturing advanced 2.4 percent. By value, total manufacturing tumbled 1.9 percent on quarter, or NZ$481 million. Excluding meat and dairy product manufacturing, sales eased 0.2 percent. Meat and dairy product manufacturing dropped 5.7 percent, or NZ$485 million. The trend for the total manufacturing sales volume, which gives a longer-term picture of movements, has flattened after recent rises, the bureau said.
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10-09-14, 03:07 #277
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Japan Corporate Goods Prices Ease 0.2%
An index measuring domestic corporate goods prices in Japan was down a seasonally adjusted 0.2 percent on month in August, the Bank of Japan said on Wednesday. That missed forecasts for a flat reading following the upwardly revised 0.4 percent increase in July (originally 0.3 percent). On a yearly basis, corporate goods prices were up 3.9 percent - also shy of expectations for a gain of 4.1 percent following the 4.3 percent increase in the previous month.
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11-09-14, 02:46 #278
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UK House Price Balance Tumbles In August - RICS
The house price balance in the United Kingdom fell all the way to 40 percent in August, the Royal Institution of Chartered Surveyors said on Thursday. That was well shy of forecasts for 47 percent and down sharply from the downwardly revised 48 percent in July (originally 49 percent). In the London area, house prices were higher for a balance of nine percent of agents - slowing from 11 percent in the previous month. "Some of the momentum has come out of the housing market of late reflecting in part concerns over a likely rise in the cost of borrowing at some point in the not too distant future," said Simon Rubinsohn, RICS chief economist.
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15-09-14, 02:37 #279
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New Zealand Services Sector Continues To Expand In August
The services sector in New Zealand continued to expand in August, albeit at a slightly lower pace, the latest survey from Business NZ revealed on Monday with a performance of services index score of 59.7. That's down from 58.4 in July, although it remains well above the line of 50 that separates expansion from contraction. Among the individual components of the survey, all five elements were in expansion, including employment, stocks and inventories, and new orders. By region, growth was strongest in the Northern region, Central, Canterbury and Otago.
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16-09-14, 04:10 #280
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Calpers Scraps Hedge Fund Strategy, Pulls Usd4 Bln from Funds
USD300 bln pension fund aims to reduce "complexity and costs" Will exit 24 hedge funds & 6 hedge fund-of-funds over next year Has signaled for months it would cut hedge fund allocation Small amount but could spur other pension funds to review strategy
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