Forex News from InstaForex

**InstaForex Gertrude** · 26-06-21, 08:32

DOLLAR RECOVERS AFTER MID SESSION SETBACK

The U.S. dollar depreciated against its most major counterparts in the European session on Friday, as the nation's personal income slumped in May, easing fears over a faster tightening of monetary policy by the U.S. Federal Reserve. .

The currency recovered from lows post noon and even managed to gain some ground against some of its rivals.

In economic news today, a report from the Commerce Department showed the annual rate of core consumer price growth in May matched economist estimates. The reading on inflation said to be preferred by the Fed showed the annual rate of core consumer price growth accelerated to 3.4% in May from 3.1% in April.

According to the data released by the Commerce Department, personal income slumped by 2% in May after plunging by 13.1% in April. Economists had expected personal income to tumble by 2.5%.

Meanwhile, the report showed personal spending was virtually unchanged in May after climbing by 0.9% in April. Personal spending was expected to rise by 0.4%.

A report from the University of Michigan said that its consumer sentiment reading for the US was revised lower to 85.5 in June from a preliminary reading of 86.4. Although market had expected to score to come in at 87.4, it still remained the second-highest since start of the pandemic.

The currency was further weighed by stimulus optimism, after President Joe Biden announced that the White House has reached an infrastructure deal with U.S. Senators worth $579 billion.

The agreement proposes spending to rebuild roads, bridges and other traditional infrastructure over the next five years.

The package is expected to generate "millions" of jobs and will be funded through unused coronavirus aid money and returned state jobless benefits.

The dollar index dropped to 91.53 around mid morning, but rallied to 91.88 later on in the day. It was last seen at 91.80, down slightly from the previous close.

Against the Euro, the dollar was slightly weak at $1.1937, after recovering from $1.1977.

Against Pound Sterling, the dollar firmed to $1.3879, gaining from $1.3922.

The Yen gained marginally at 110.79 a dollar.

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**InstaForex Gertrude** · 19-08-21, 08:37

FRANC LITTLE CHANGED AFTER SWISS TRADE DATA

At 2.00 am ET Thursday, foreign trade figures for Switzerland have been released.

The franc changed little against its major rivals after the data. The franc was trading at 119.77 against the yen, 0.9193 against the greenback, 1.0731 against the euro and 1.2601 against the pound around 2:05 am ET.

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**InstaForex Gertrude** · 15-09-21, 08:17

POUND FIRMS AFTER U.K. CPI, PPI

At 2.00 am ET Wednesday, the Office for National Statistics has published UK consumer and producer price data for August.

The pound rose further against its major counterparts after the data. The pound was trading at 1.3820 against the greenback, 151.43 against the yen, 1.2714 against the franc and 0.8544 against the euro around 2:02 am ET.

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**InstaForex Gertrude** · 17-01-22, 09:03

Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for January 17, 2022

The corrective consolidation is now complete and the underlying impulsive rally higher to our first target level of 160.54 is taking place. If bulls assert strength, GBP/JPY may go higher to our second target level of 163.39.

Keep the focus on the upside and a break above minor resistance at 157.69 for a continuation towards 160.54 and maybe even higher.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

**InstaForex Gertrude** · 17-01-22, 09:15

Musk says Tesla to accept dogecoin

On Friday, Musk announced on Twitter that Tesla Inc would accept Dogecoin as payment for its products, such as the Giga Texas belt buckle and mini-model electric cars.

The news sent the value of Dogecoin soaring more than 14%. The move comes a month after Musk said Tesla would test out the digital token as a payment option.

Musk had already hit Bitcoin prices hard in the spring of 2021 with the same announcement, promising that the company would accept Bitcoins to buy its cars. However, he later changed his mind. So, some analysts believe this is Elon Musk's way of covering up the slump after the postponement of Cydertrack.

Thus, production of Tesla's much-anticipated Cybertruck will start in the first quarter of 2023, pushing back plans to start production in late 2022.

However, Tesla products, including the recently launched Cyberwhistle and Cyberquad for Kids, have been in steady demand and typically sell out within hours of being put up for sale, even when paid for in regular currencies. But some analysts are predicting a new surge in popularity for Tesla merchandise once token payment is introduced.

Due to Musk's tweets about Dogecoin, the little-known digital currency, which began as a social media joke, has become one of the most recognizable and well-growing tokens. Its price has risen by around 4,000% in 2021.

Last year, Tesla said it had bought $1.5 billion worth of Bitcoins. Musk also mentioned that he had Bitcoins and Dogecoins. However, as early as May, it was revealed that Elon had gotten rid of many cryptocurrency assets. This information confuses investors.

This may be an attempt to put competitive pressure on rivals, as traditional carmakers such as Ford Motor Co, as well as start-ups including Rivian Automotive, are set to launch their electric cars this year.

However, it is not yet clear how this trade move will be received by lawmakers, who have recently become concerned about crypto regulation.

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**InstaForex Gertrude** · 04-12-23, 09:28

YEN RISES AGAINST MAJORS

The Japanese yen strengthened against other major currencies in the Asian session on Monday.

The yen rose to a 1-month high of 159.11 against the euro and a 4-day high of 168.32 against the Swiss franc, from last week's closing quotes of 159.76 and 168.86, respectively.

The yen advanced to a 2-week high of 185.53 against the pound and nearly a 3-month high of 146.24 against the U.S. dollar, from Friday's closing quotes of 186.57 and 146.81, respectively.

Against the Australia, the New Zealand and the Canadian dollars, the yen rose to 4-day highs of 97.65, 90.89 and 108.39 from last week's closing quotes of 97.98, 91.14 and 108.76, respectively.

If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro, 164.00 against the franc, 180.00 against the pound, 143.00 against the greenback, 94.00 against the aussie, 87.00 against the kiwi and 105.00 against the loonie.

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**InstaForex Gertrude** · 15-12-23, 05:08

CHINA INDUSTRIAL OUTPUT CLIMBS 6.6% ON YEAR IN NOVEMBER

Industrial production in China was up 6.6 percent on year in November, the National Bureau of Statistics said on Friday.

That beat forecasts for an increase of 5.6 percent and was up from 4.6 percent in October.

The bureau also said that retail sales jumped an annual 10.1 percent - shy of expectations for 12.5 percent but up from 7.6 percent in the previous month.

Fixed asset investment rose 2.9 percent on year - unchanged from October, but missing forecasts for a gain of 3.0 percent.

The unemployment rate came in at 5.0 percent, in line with expectations and unchanged from the previous month.

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**InstaForex Gertrude** · 21-12-23, 06:33

YEN RISES AGAINST MAJORS

The Japanese yen strengthened against other major currencies in the Asian session on Thursday.

The yen rose to 2-day highs of 156.38 against the euro and 180.44 against the pound, from yesterday's closing quotes of 157.03 and 181.42, respectively.

Against the U.S. dollar and the Swiss franc, the yen advanced to 2-day highs of 142.81 and 165.66 from yesterday's closing quotes of 143.56 and 166.37, respectively.

Against Australia, the New Zealand and the Canadian dollars, the yen climbed to 2-day highs of 96.34, 89.27 and 106.94 from yesterday's closing quotes of 96.60, 89.65 and 107.35, respectively.

If the yen extends its uptrend, it is likely to find resistance around 153.00 against the euro, 178.00 against the pound, 140.00 against the greenback, 162.00 against the franc, 94.00 against the aussie, 87.00 against the kiwi and 104.00 against the loonie.

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**InstaForex Gertrude** · 29-12-23, 05:41

NZ DOLLAR RISES AGAINST MAJORS

The New Zealand dollar strengthened against other major currencies in the Asian session on Friday.

The NZ dollar rose to a 4-day high of 1.0767 against the Australian dollar and a 2-day high of 1.7427 against the euro, from yesterday's closing quotes of 1.0781 and 1.7460, respectively.

Against the U.S. dollar and the yen, the kiwi advanced to 0.6351 and 89.84 from Thursday's closing quotes of 0.6330 and 89.50, respectively.

If the kiwi extends its uptrend, it is likely to find resistance around 1.06 against the aussie, 1.73 against the euro, 0.64 against the greenback and 91.00 against the yen.

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**InstaForex Gertrude** · 17-01-24, 04:02

CHINA GDP GAINS 5.2% ON YEAR IN Q4

China's gross domestic product expanded 5.2 percent on year in the fourth quarter of 2023, the National Bureau of Statistics said on Wednesday - shy of expectations for 5.3 percent but up from 4.9 percent in the third quarter.

On a seasonally adjusted quarterly basis, GDP rose 1.0 percent - in line with expectations and slowing from 1.3 percent in the three months prior.

Also, the NBS said that industrial production climbed 6.8 percent on year, beating forecasts for 6.6 percent - which would have been unchanged from the November reading.

Retail sales grew an annual 7.4 percent, missing forecasts for 8.0 percent and down from 10.1 percent in the previous month.

Fixed Asset Investment was up 3.0 percent on year, beating forecasts for 2.9 percent, which would have been unchanged.

The jobless rate in China was 5.1 percent in December versus forecasts for a steady reading of 5.0 percent.

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**InstaForex Gertrude** · 23-01-24, 06:10

Oil Loses Altitude: How the Economic Downturn Affects the Market

Brent crude oil futures dropped by 14 cents, or 0.2%, to $79.92 per barrel by 01:25 GMT, while West Texas Intermediate (WTI) crude oil futures last declined by 10 cents, or 0.1%, to $74.66 per barrel.

Both contracts had risen by approximately 2% on Monday as a Ukrainian drone strike on Novatek's fuel terminal in Ust-Luga raised supply concerns and led to a price surge. Analysts suggest that Novatek is likely to resume full-scale operations within a few weeks.

While the damage to loading docks at the Ust-Luga terminal only "briefly impacted exports," this move increases the likelihood of the Russian-Ukrainian conflict "shifting into a new phase, with both sides targeting key energy infrastructure," stated analysts at ANZ Research in their report.

Geopolitical tensions were overshadowed by ongoing concerns about the slowdown in China's economic recovery, raising worries about global oil demand, given that the Asian giant is the world's largest crude oil importer.

China has implemented measures to support its economy, but domestic consumption remains sluggish, making oil traders nervous about demand prospects.

In the Middle East, the United States urged Israel to protect innocent people in hospitals, medical staff, and patients as Israeli forces assaulted one hospital and besieged another, advancing into the western Khan Yunis sector in Gaza.

American and British forces also conducted a new round of strikes on the Houthi rebels' underground storage and missile and reconnaissance capabilities linked to Iran.

Houthi attacks on ships in the Red Sea region have disrupted global navigation and heightened concerns about inflation. The group claims their attacks are in solidarity with Palestinians when Israel strikes Gaza.

Additionally, crude oil inventories in the United States are expected to decrease by approximately 3 million barrels by January 19. Distillate stocks were anticipated to decrease last week, while gasoline stocks are expected to increase.

Managers seem to conclude that ongoing economic growth in the United States will continue to exert pressure on prices, while the conflict in the Middle East will provide some support to prices in Europe and Asia.

Funds appear to be betting on contrasting economic outlooks between the ongoing U.S. economic growth and a protracted recession in Europe.

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**InstaForex Gertrude** · 09-02-24, 10:41

Global challenges: rising oil prices in response to the Gaza crisis and data from the United States

On Thursday, oil prices surged more than 3% due to concerns about the potential expansion of conflict in the Middle East after Israel rejected a ceasefire offer from HAMAS.

The price of Brent crude oil increased by $2.42 to $81.36 per barrel, while West Texas Intermediate crude rose by $2.36 to $76.22 per barrel. As a result, the cost of Brent surpassed the $80 mark, and WTI exceeded $75 per barrel for the first time in February.

The escalation of the situation affects the rise in oil prices, with Brent and WTI prices expected to increase by more than 5% over the week.

"We are watching further developments, assessing potential consequences," said John Kilduff from Again Capital LLC, highlighting the impact of attacks by Houthi rebels supported by Iran on global oil trade.

For peace agreement discussions, HAMAS representatives arrived in Cairo, where they met with Egyptian and Qatari mediators.

A stronger-than-expected decrease in US gasoline and distillate inventories also supported oil prices.

Aker BP reported that production at the Johan Sverdrup field, the largest in the North Sea, would be maintained at 755,000 barrels per day until the end of the year, exceeding the initially planned 660,000 barrels per day.

According to UBS analyst Giovanni Staunovo, the demand for oil remains high among the largest consumers, including India and the US.

The US Department of Labor reported a decrease in unemployment claims, indicating the labor market's underlying strength.

IG analyst Tony Sycamore expressed that deflation risks in China, the world's largest crude oil importer, are pressuring global oil prices.

"The decline in oil prices in Asia is largely related to recent challenges in the Chinese stock markets and the unexpected consumer price index figure, undermining confidence ahead of the Lunar New Year," he added.

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**InstaForex Gertrude** · 16-02-24, 09:27

Intraday Price Movement of Litecoin Cryptocurrency, Friday February 16 2024

If we look at the 4-hour chart of the Litecoin cryptocurrency, we can see a Bearish 123 pattern followed by the apperance of a Bearish Ross Hook (RH) pattern and a Rising Wedge pattern, all of which confirms that in the near future Litecoin has the potential to weaken down to level 68.16. If this level is successfully broken downwards then Litecoin will have the potential to continue weakening to level 66.45, but if on its way down there suddenly occurs an upward correction which breaks above level 72.93 then all the decline scenarios that have been described previously will automatically cancel themselves.

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**InstaForex Gertrude** · 02-05-16, 07:49

Fxwirepro: Usd/inr Breaks Key Support at 66.32, Good to Sell on Rallies

USD/INR is currently trading at 66.32 marks. It made intraday high at 66.41 and low at 66.32 levels. Intraday bias remains bearish for the moment. A daily close below 66.32 will take the parity down around key supports at 66.10/65.95/65.81 marks respectively. On the other side, key resistance levels are seen at 66.48/66.72/ 66.86/ 66.95/ 67.15 levels. Today India will release Nikkei market manufacturing PMI data at 0500 GMT. In addition, Indian stock markets are trading on a lower note. As BSE Sensex was trading 0.71% lower at 25,428 while NSE Nifty fell by 0.73% to 7,792 points. We prefer to take short position in USD/INR only below 66.30, stop loss 66.72 and target 66.05 marks.

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**InstaForex Gertrude** · 05-07-16, 06:54

Line Lifts IPO Price Range to Meet High Demand

Japan's Line Corp., the nation's biggest messaging application operator moved its price range for an upcoming IPO by as much as 115.5 billion yen or $1.12 billion due to the strong demand.

Line lifted its price range from 2,700 yen to 3,200 yen a share up to 2,900 yen to 3,300 yen or $28.50-$32.50 a share. The company is targeting a dual listing in Tokyo and New York scheduled on July 14 and 15. It is expected to be the biggest technology listing so far in 2016.

Line stated in a news release that its decision to lift its price range has factored in demand trends and the current stock market environment that revealed that investors remain interested on the IPO regardless of the market disruption post-Brexit.

The Japanese firm is offering 13 million shares and 22 million shares in Japan and New York, respectively. An additional 5.25 million shares could be offered via a “green shoe” option, which enables the offering of more shares in case of exceptional demand.

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**InstaForex Gertrude** · 03-05-16, 06:01

Fxwirepro: Nikkei225 Consolidates in Narrow Range, Good to Sell on Rallies

Major intraday resistance - 16200 Major support - 15800 Nikkei index slightly recovered after making a low of 15837.It is currently trading around 16016. Short term trend is bearish as long as resistance 16600 holds. The index minor resistance is around 16200 and any break above will take the index to next level 16375(55 day H EMA)/16600/16800. On the lower side major support is around 15800 and break below will drag the index down till 15500/15325 in short term. . Short term trend reversal can be seen only below 15000. It is good to sell on rallies around 16300 with SL around 16600 for the TP of 16000/15550

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**InstaForex Gertrude** · 05-05-16, 06:18

Asian shares plummet as global economic growth woes remain

Asian shares recorded its longest losing run in nearly five months as it declined for seventh consecutive days on escalating global economic growth anxieties. The MSCI Asia Pacific Index closed at 405.69, down 0.4%. The Shanghai Composite Index lost 0.2%. The Hang Seng China Enterprises Index lost 1.2%. Hong Kong's Hang Seng Index slipped 0.8%. Taiwan's Taiex index tumbled 0.5%. Global stock markets have hit its lowest troughs in nearly a month despite worries over disappointing corporate earnings and dim labor and manufacturing data. Meanwhile, China's measure services data will be released Thursday.

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**InstaForex Gertrude** · 10-05-16, 03:50

Usd/jpy Trade up to 108.60 in Ny

Stops at 108.00+, 108.25+ tripped
Gotobi demand supportive
Option expiries to help cap - USD884 mln 108.50, 505 mln 108.75, more above Daily Ichimoku tenkan-kijun converging at 108.71-72.

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**InstaForex Gertrude** · 11-08-16, 03:46

Singapore GDP Climbs +2.1% On Year In Q2

Singapore's gross domestic product expanded 2.1 percent on year in the second quarter of 2016, the Ministry of Trade and Industry said on Thursday - accelerating from the 1.8 percent gain in the three months prior.

On a quarterly annualized basis, the Singapore economy expanded 0.3 percent - up from 0.2 percent in the previous three months.

Upon the release of the data, the MTI narrowed its GDP forecast for 2016 to 1 to 2 percent from 1 to 3 percent.

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**InstaForex Gertrude** · 11-05-16, 05:52

Fxwirepro: Usd/jpy Fails to Sustain Above Key Resistance 109.32, Intraday Bias Remains Neutral

USD/JPY is currently trading around 109.10 marks.
It made intraday high at 109.36 and low at 109.04 levels.
Intraday bias remains neutral for the moment.
A daily close above 109.32 will drag the parity up towards 111.23, 112.60 and 113.42 levels respectively.
Alternatively, reversal from key resistance will drag the parity down towards key supports at 108.27, 106.15, 105.71, 105.45 and 104.55 levels respectively. Japan will release leading indicator data at 0500 GMT. Market anticipates reading around 96.4 vs 96.8 previous release.

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