Forex News from InstaForex

**InstaForex Gertrude** · 12-01-16, 03:59

Singapore bond market sees default despite unrecognized notes

Singapore's bond market may default for the second time following lenders said Pacific Andes Resources Development Ltd. has not recognized some obligations on S$200 million ($139 million) of notes. In a January 10 filing, the Hong Kong-based company said it received a letter from HSBC Holdings Plc, alleging it breached on the 2017 securities. Investors, under the bond's terms, can request full immediate repayment in the event the firm's shares are suspended. Since November 25, Pacific Andes has halted trading in the country.

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**InstaForex Gertrude** · 12-01-16, 07:02

Fxwirepro: Usd/jpy Bounces Off Trendline Support, But Unable to Hold Gains Above the 118 Handle

USD/JPY bounce overnight from trendline support failed near 118 handle and the major dropped to new session lows towards the mid-point of 117 handle. Yen back in demand amid falling Japanese stocks, Asian stocks have been volatile triggering risk-off trades. Strong support for the pair lies at 116.65 (trendline) and further below at 116 levels, while on the upside resistance is seen at 118.02 (Jan 11 & session highs) ahead of 118.75 (Jan 7 highs). Price action is well below the cloud and moving averages biased lower. RSI and Stochs on dailies are deeply in oversold territories. The data calendar is rather empty today, nothing of note for the JPY in terms of macro news except for the BOJ Governor Kuroda's speech.

Recommendation: We will wait for further technical confirmation to initiate any trade

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**InstaForex Gertrude** · 18-01-16, 03:11

Oil Slides to Lowest Since 2003 As Iran Sanctions Lifted

Brent and U.S. crude futures fell to the lowest since 2003 following the lifting of the sanctions at the weekend. Iran is ready to increase its crude exports by 500,000 barrels a day, the deputy oil minister said on Sunday, hours after international sanctions on Tehran were lifted, removing an obstacle to exports. NYMEX crude for February delivery was down 86 cents at $28.56 a barrel, after falling more than $1 earlier to $28.36, the lowest since Oct. 30, 2003. London Brent crude for March delivery was down $1.14 at $27.80 a barrel by 2333 GMT, after touching an intraday low of $27.70 earlier, the lowest since Nov. 25, 2003.

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**InstaForex Gertrude** · 18-01-16, 04:56

UK House Prices Rise For First Time In 3 Months: Rightmove

British house prices climbed at the start of the year, after declining in the previous two months, the latest house price balance from property tracking website Rightmove showed on Monday. The house price index rose slightly by 0.5 percent month-over-month in January, in contrast to a 1.1 percent decrease in December. "With their asking prices pretty much the same as a month ago, perhaps the knock-on effects of the more punitive landlord tax regime have arrived early and they now face a dilemma over whether to buy now or wait to see if prices drop in this sector over the next few months," Miles Shipside, co-founder of Rightmove, said. On an annual basis, house prices house prices grew at a slower pace of 6.5 percent in January, following a 7.4 percent surge in the prior month.

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**InstaForex Gertrude** · 19-01-16, 05:00

Australian Dollar Falls Against Majors

The Australian dollar weakened against the other major currencies in the Asian session on Tuesday. The Australian dollar fell to a 4-day low of 0.9945 against the Canadian dollar, from yesterday's closing value of 0.9993. Against the U.S. dollar, the yen and the euro, the aussie dropped to 0.6839, 80.19 and 1.5943 from yesterday's closing quotes of 0.6865, 80.51 and 1.5861, respectively. If the aussie extends its downtrend, it is likely to find support around 0.98 against the loonie, 0.67 against the greenback, 79.00 against the yen and 1.61 against the euro.

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**InstaForex Gertrude** · 20-01-16, 05:09

NZ Dollar Drops Against Majors

The New Zealand dollar weakened against the other major currencies in the Asian session on Wednesday. The NZ dollar fell to more than a 3-month low of 1.7165 against the euro and a 5-day low of 74.61 against the yen, from yesterday's closing quotes of 1.7000 and 75.38, respectively. Against the U.S. and the Australian dollars, the kiwi dropped to nearly a 4-month low of 0.6366 and more than a 5-week low of 1.0841 from yesterday's closing quotes of 0.6408 and 1.0775, respectively. If the kiwi extends its downtrend, it is likely to find support around 1.73 against the euro, 73.00 against the yen, 0.62 against the greenback and 1.10 against the aussie.

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**InstaForex Gertrude** · 20-01-16, 06:51

Oversupply may saturate oil market, says IEA

Oversupply may submerge the overall crude oil market until at least in the latter part of 2016 due to increasing supply and unusual warm weather. Based on the International Energy Agency's monthly report, such factors could push oil prices lower than its present 12-year troughs. It also warned of more price declines ahead. Also, the IEA said oil supply worldwide could surpass demand by 1.5 million barrels per day in the first half of the year, with Iran adding 600,000 bpd by mid-2016 and other nations keeping current output. Brent futures LCOc1, sliding below $30 a barrel, have hit its lowest level since late 2003 after the Organization of the Petroleum Exporting Countries decided not to reduce output to stop the price decline amid oversupply.

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**InstaForex Gertrude** · 21-01-16, 03:44

Fitch: Rising Interest Rates to Ease Taiwan Life Insurers' Negative Spreads

Fitch Ratings says in a new report that a persistent decline in the costs of insurance liabilities and improvements in recurring investment yields on rising market interest rates will reduce Taiwanese life insurers' negative interest spreads. However, the Sector Outlook remains Negative as Fitch expects that the high guaranteed rates of legacy policies will still constrain the sector's profitability at least in the near term. Life insurers' costs of insurance liabilities have been dropping by about 10 bp per year with inflows of low-guaranteed-rate policies. Fitch estimates that large insurers have lower funding costs at below 3.5% after including mortality/morbidity and loading gains, versus above 4.5% for some small insurers. Rising interest rates would help improve returns from life insurers' assets, which have shorter duration than their insurance liabilities. Asset risk is the key concern in the life sector, as life insurers have taken significant overseas investments at 55.7% of invested assets at end-August 2015. They are increasingly involved in corporate bonds, financial debentures and sovereign bonds of emerging markets, shifting from treasuries and agency bonds issued by developed countries. Their capitalisation, therefore, is vulnerable to unfavourable movements in the capital and currency markets. For non-life insurers, their Stable Sector Outlook is supported by strong capital buffers and satisfactory underwriting performance, with combined ratios generally below 95%. Non-life insurers' aggregate equity-to-assets ratio was 32% at end-August 2015. They had also accumulated claims equalisation reserves of 13% of total assets by end-2014. The sector's underwriting leverage remains low, at around 1x between 2011 and 2014, as measured by net premiums written/shareholders' equity.

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**InstaForex Gertrude** · 26-01-16, 08:20

Franc Little Changed After Swiss Trade Data

Swiss Federal Customs Administration published foreign trade data for December in the pre-European session on Tuesday at 2:00 am ET. After the data, the Swiss franc changed little against its major rivals. As of 2:01 am ET, the Swiss franc was trading at 1.0993 against the euro, 1.4393 against the pound, 1.0128 against the U.S. dollar and 116.33 against the yen.

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**InstaForex Gertrude** · 27-01-16, 06:34

OPEC, Russia discuss likely joint action on supply glut

Senior OPEC and Russian officials talked over a potential joint act to resolve one of the worst supply gluts in decades. But Saudi Arabia implied its stance to letting the oil market rebalance itself. OPEC Secretary General Abdalla El-Badri said other producers should cooperate in order to settle oversupply for prices to recuperate. The Organization of the Petroleum Exporting Countries previously said it would only consider reducing output if others pledge to do so. So far, Russia has refused to collaborate, saying its fields and weather conditions are not similar to those in the Gulf region even as prices below $30 a barrel are way below what they need to break even.

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**InstaForex Gertrude** · 28-01-16, 03:43

Federal Reserve leaves rates unchanged, accounts market selloff

The Federal Reserve, acknowledging a stock market selloff, kept interest rates unchanged and would closely monitor global economic and financial improvements, saying it cannot afford to ditch a plan to tighten this year's monetary policy. The decision by the Federal Open Market Committee was widely anticipated following stock markets in the United States and around the globe sustained month-long plunge, raising concerns a sudden global slowdown could dent US growth. In a statement, policymakers, after their two-day meeting, will be looking into the effects of global economic and financial growths in inflation and job market.

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**InstaForex Gertrude** · 05-02-16, 06:39

Obama to proffer $10 per barrel tax on crude oil

Next week, President Barack Obama will unveil a proposal to levy $10 a barrel on crude oil which would finance the rebuilding of the country's transportation infrastructure. According to the White House, the new tax would enable Obama's plan to create a precise concession for private sector transformation to invest in clean energy technologies and cut the country's dependence on oil. Legislators in the Congress, however, swifty criticized Obama's proposal. Obama has emphasized the United States must stop subsidizing fossil fuels and concentrate on clean fuels which do not worsen climate change.

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**InstaForex Gertrude** · 15-02-16, 04:48

Japan GDP Slides 1.4% On Year In Q4

Japan's gross domestic product contracted an annualized 1.4 percent on year in the fourth quarter of 2015, the Cabinet Office said in Monday's preliminary reading. That missed forecasts for a decline of 0.8 percent following the upwardly revised 1.3 percent increase in the third quarter (originally 1.0 percent). On a quarterly basis, GDP was down 0.4 percent - also shy of expectations for a decline of 0.2 percent following the 0.3 percent gain in the three months prior. Nominal GDP slipped 0.3 percent on quarter versus expectations for a fall of 0.1 percent following the upwardly revised 0.6 percent increase in the previous three months (originally 0.4 percent). The GDP deflator advanced 1.5 percent on year - also beneath forecasts for 1.6 percent and down from 1.8 percent in the third quarter. Private consumption tumbled 0.8 percent on quarter versus forecasts for a fall of 0.6 percent after gaining 0.4 percent in the previous three months. Capital expenditure gained 1.4 percent on quarter - topping expectations for a decline of 0.2 percent and accelerating from the 0.7 percent increase in the three months prior. Domestic demand shaved 0.5 percentage points from GDP growth, while net exports added 0.1 point.

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**InstaForex Gertrude** · 01-03-16, 05:20

Taiwan Manufacturing Sector Turns To Contraction - Nikkei

The manufacturing sector in Taiwan swung to contraction in February, the latest revision from Nikkei showed on Tuesday with a PMI score of 49.4. That was down from 50.6 in January, and it slips beneath the boom-or-bust line of 50 that separates expansion from contraction. Among the individual components of the survey, output and new orders both contracted for the first time in three months. Outstanding work declined at its fastest rate since August, while deflationary pressures eased but remain marked.

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**InstaForex Gertrude** · 10-03-16, 07:35

China Inflation Accelerates To 2.3% In February

Consumer prices in China were up 2.3 percent on year in February, the National Bureau of Statistics said on Thursday. That exceeded forecasts for an increase of 1.8 percent, which would have been unchanged from the January reading. It also marked the fastest rate since July 2014. Ona monthly basis, CPI jumped 1.6 percent after adding 0.5 percent a month earlier. The bureau also reported that producer prices were down 4.9 percent on year - in line with expectations following the 5.3 percent contraction in the previous month. Producer prices have been mired in deflation for more than four years now.

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**InstaForex Gertrude** · 12-05-16, 06:04

Fxwirepro: Usd/krw Trading in Tight Range, Intraday Bias Remains Neutral

USD/KRW is currently trading around 1164 levels.
Intraday bias remains neutral till the time pair holds key support at 1162 marks.
Pair is trading in tight range from 1162 to 1172 marks.
A break of either side will provide further direction to the parity.
A daily close above 1172 will drag the parity up towards key resistances at 1176/1180/1193 (20, 30 and 55D EMA crossover)/1211 marks.
A sustained close below 1162 will test key supports at 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
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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**InstaForex Gertrude** · 30-05-16, 04:47

Fxwirepro: Usd/krw Hovers Around Key Resistance at 1194, Intraday Bias Remains Neutral

USD/KRW is currently trading around 1190 levels.
It made intraday high at 1190 and low at 1189 levels.
Intraday bias remains neutral for the moment.
A daily close above 1194 is required to drag the parity higher towards key resistances at 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
Alternatively, a sustained close below 1182 will tests key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.
Today South Korea released Manufacturing BSI index with positive numbers at 72 m/m vs 69 m/m previous release.
We prefer to take long position in USD/KRW only above 1194, stop loss 1177 and target 1209 marks.

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**InstaForex Gertrude** · 18-11-16, 02:46

Usd/krw opened at 1181.0, Higher Than implied Ny Ndf Closing

Pair rises up to 1181.5, prints new 5 month high, last at 1180.6
USD bullish after Yellen's testimony hints at Dec rate hike
UST 10y yield climbs to highest since Dec 2015
Pair likely to test stoploss orders above 1200 psychological level

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**InstaForex Gertrude** · 23-11-16, 03:46

Australia Construction Work Slides 4.9% In Q3

The total value of construction work done in Australia was down a seasonally adjusted 4.9 percent on quarter in the third quarter of 2016, the Australian Bureau of Statistics said on Wednesday - coming in at A$46.147 billion.

That follows the 3.7 percent decline in the previous three months.

On a yearly basis, the value of construction work tumbled 11.1 percent.

The value of building work was down 5.7 percent on quarter and up 1.4 percent on year to A$25.886 billion.

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**InstaForex Gertrude** · 19-10-18, 07:46

China GDP Climbs 1.6% On Quarter In Q3

China's gross domestic product expanded a seasonally adjusted 1.6 percent on quarter in the third quarter of 2018, the National Bureau of Statistics said on Friday.

That was in line with expectations and down from 1.8 percent in the three months prior.

On a yearly basis, GDP climbed 6.5 percent - shy of estimates for 6.6 percent and down from 6.7 percent in the previous three months.

The bureau also said that industrial production climbed 5.8 percent on year in September, shy of forecasts for 6.0 percent and down from 6.1 percent in August. Retail sales climbed an annual 9.2 percent, beating forecasts for 9.0 percent - which would have been unchanged.

Fixed asset investment gained 5.4 percent on year, topping expectations for 5.3 percent - which again would have been unchanged.

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