Forex News from InstaForex

**InstaForex Gertrude** · 05-06-17, 05:51

Dollar Nurses Losses after Weak U.S. Data, Pound Slips after London Attacks

The dollar came close near a seven-month low touched after latest U.S. jobs growth in May fell short of expectations while terror attacks in London which left nearly seven people dead and 48 injured ahead of the national election dented the sterling.

The dollar index against a basket of six major currencies touched its lowest level since the November election. It last stood little changed in early Asian trading at 96.736, but not far from Friday's low of 96.654, its weakest since Nov. 9.

The sterling inched down, under pressure after the third terrorist attack in Britain. It fell as much as 0.3 percent against the dollar. Sterling trimmed losses to trade 0.2 percent lower at $1.2871 early on Monday.

The pound was battered over the past two weeks with polls showing a tightening race, which raises the possibility of a hung parliament. Leveraged clients await the results of new polls taken after the incident, according to a trader.

The greenback was stable at 110.40 yen, after slipping 0.8 percent on Friday.

The U.S. 10-year Treasury yield was at 2.1547 on Monday, having dropped from Thursday's close of 2.217 before the jobs data was released.

The euro was down 0.1 percent to $1.12745 on Monday, holding on to most of Friday's 0.6 percent gain.

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**InstaForex Gertrude** · 06-06-17, 04:03

Treasury Yields Jumps Amid Mixed Economic Data

U.S. government bond yields rallied amid a string of data that did not help clarify U.S. economic prospects after a disappointing jobs report helped trim growth expectations.

The 10-year Treasury note yield advanced 2.2 basis points to 2.182 percent. Despite its rally, the benchmark yield's closing was still its lowest close this year. Yield on the two-year note rose 1.8 basis point to 1.308 percent, while the yield on the 30-year bond or the long bond advanced 3.1 basis point to 2.840 percent.

The movement in yields came after the ISM services index for May slid to 56.9 percent against the 57.5 percent seen in the previous month. However, April's reading marked a 12-year high and the index continued to be above the adjusted annual average of 55.9 percent.

Another report showed that U.S. productivity growth during the first quarter of the year was revised upward from 0.6 percent, indicating that economic data in Q1 was not as soft as initially reported.

In the last few weeks, muted economic data, underlined by a dismal May nonfarm payrolls report, has barely discouraged investors from betting a June rate hike. Traders are now wagering in a 95.8 percent odds of a rate increase during the Fed's next policy meeting, based on the Chicago Mercantile Exchange's FedWatch tool.

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**InstaForex Gertrude** · 07-06-17, 04:01

Macy’s Warning Triggers Retail Sector Selloff

Macy's finance chief Karen Hoguet cautioned analysts that the department store's gross margin might continue to erode in February, triggering renewed panic in the already struggling retail sector.

Hoguet warned that gross margins of the retailer would decline by around 1 percent in its current quarter compared to the same period a year prior. She added that it will drop less than 1 percent for the full fiscal year.

In February, the firm said it expected margin declines but did not specify the level of the drop. It assured that it is not downgrading its sales and profit targets and looks to make up the difference via cost-cutting and efforts to enhance the performance of its stores.

The executive said margins are under pressure because Macy's is taking a longer time than expected to get rid of surplus inventory. She also noted that Macy's was experiencing the impact of increased promotions of beauty products and stagnant watch sales.

The comments caused Macy's shares to tumble 8.2 percent to trade at $21.90, the company's lowest close in over six years. The remarks also triggered a selloff in the sector, underlining the sector's fragility. Other retailers were dragged down by the dim guidance, as J.C. Penney Co., Kohl's Group, Nordstrom Inc., Target Corp. and Wal-Mart Stores Inc. all experienced declines during the session.

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**InstaForex Gertrude** · 09-06-17, 04:27

Dow Touches Record High but Ends Flat After Comey Testimony

U.S. equities finished mostly higher on Thursday as Wall Street priced in former FBI Director James Comey's testimony. The “Trump trade” made a comeback but the S&P and Dow industrials eventually ended little changed.

The Dow Jones industrial average climbed 0.04 percent to finish at 21,182.53, as Caterpillar led gains while Walt Disney lagged behind. The S&P 500 added 0.03 percent to 2,433.79, with financials leading five sectors up and utilities was the largest decliner. The Nasdaq composite rose 0.39 percent to end at 6,321.76.

The Trump 'reflation trade' was back for the day with the S&P 500 financial sector gaining 1.1 percent.

The S&P 1500 construction and engineering index climbed 1.4 percent while the measure of construction materials stocks rose 1.5 percent. The S&P 1500 steel sector index advanced 4.1 percent, the most since April 20.

The announcement of Commerce Secretary Wilbur Ross that a national security review of the U.S. steel industry will be made to protect interests of domestic steel producers and consumers had bolstered infrastructure stocks.

Utilities stocks dropped the most on the S&P 500 as Treasury yields rose. The S&P utilities sector fell 0.88 percent, the most since mid March.

Among stocks active in corporate news, Alibaba jumped 13.3 percent to $142.34 after the company said it sees revenue growth of 45 to 49 percent in the 2018 fiscal year. Yahoo, which has a 15.5 percent stake in Alibaba, advanced 10.2 percent to $55.71.

Chipmaker Nvidia bounced 7.3 percent to $159.94 after Citigroup cited its bullish outlook on the stock and said in the long term it could reach $300.

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**InstaForex Gertrude** · 20-06-17, 04:36

Dow, S&P 500 Log Record Close as Tech Stocks Regain

US equities rallied on Monday as technology stocks recuperated following their not-so-impressive performance in the last session.

The S&P 500 and Dow Jones glided higher as the technology sector climbed 1.7%, pushing equity indices higher. Previously, the sector lost 3.4% in the last few weeks.

Major tech shares including Facebook, Apple, and Alphabet all inched higher. Also, Amazon logged an all-time high as the trading session started.

The Dow stood at 21,528.99, up 0.83%, with Apple leading the advances. The Nasdaq ended at 6,239.01, up 1.42%. The S&P 500 closed at 2,453.46, with the IT leading eight sectors to their surge.

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**InstaForex Gertrude** · 27-06-17, 04:12

Bitcoin, Ethereum Headline Plunge of Digital Currencies

Bitcoin and ethereum spearheaded the decline of virtual currencies after posting record highs and experiencing a flash crash last week.

Data showed that bitcoin stood at a low of about $2,255.44 in intraday trading, its lowest since June 15. Ethereum traded at $221.45, down 26%. Also, ripple has lost around 13% to about 26 cents.

Ether, a cryptocurrency based on the ethereum blockchain, dropped June 21 following the congestion on its network slowed down deals, prompting digital currency exchange operators such as Bitfinex to stop transactions.

Still, the two largest digital currencies have soared in value this year. Bitcoin has gained around 150% year to date. Ether started 2017 about $8.

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**InstaForex Gertrude** · 28-06-17, 03:43

Wall Street Stumbles After Senate Delays Health Vote

U.S. equities faltered with large-cap technology stocks losing over one percent after a healthcare bill was delayed by the U.S. Senate which fueled policy uncertainty. The S&P 500 recorded its largest one-day decline in nearly six weeks and ended at its weakest point since May 31.

The Dow Jones industrial average retreated 0.46 percent to finish at 21,310.6, as Verizon led losses while JPMorgan Chase the best performer. The S&P 500 fell 0.81 percent to close at 2,419.38, with information technology leading ten sectors lower while financials being the only gainer. The Nasdaq composite dropped 1.61 percent to end at 6,146.62.

Major indexes extended declines after U.S. Senate Republican leader Mitch McConnell delayed a planned vote on a bill to take down the Affordable Care Act until after the Senate's July 4 recess.

The tech sector fell 1.7 percent. Google-parent Alphabet lost over two percent. The European Union fined the company a record $2.7 billion, with regulators ruling Google with a violation of antitrust rules.

Shares of Facebook, Netflix and Amazon also retreated, ending nearly 1.5 percent lower.

However, technology stocks continue to be the best-performing major group in 2017 as the sector gained almost 20 percent so far.

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**InstaForex Gertrude** · 11-07-17, 04:08

British Consumers Spend More on Essentials as Inflation Climbs

UK consumers spent more money on food and other essentials in June but cut back on less urgent purchases amid growing prices, according to two sets of industry figures.

Payments firm Barclaycard said year-on-year consumer spending growth softened to a 15-month low of 2.5 percent in June from 2.8 percent in May, while spending on household goods and entertainment also slowed.

According to the British Retail Consortium, its gauge of retail spending growth climbed to 2.0 percent in June from 0.2 percent in May, above its average of 1.4 percent in the previous six months.

However, BRC's chief executive, Helen Dickinson, said the pick-up emulated a temporary boost from warmer weather lifting clothing sales, along with the higher costs of food.

On a like-for-like basis, the BRC said sales rose by 1.4 percent year-on-year following a 0.4 percent decline in May.

Both figures from Barclaycard and BRC are not adjusted for inflation, which is running at an almost four-year peak of 2.9 percent as stated in the consumer price index. Therefore, the contribution of consumer spending to second-quarter economic growth could be limited.

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**InstaForex Gertrude** · 12-07-17, 04:07

Amazon.com On Track to Break Sales Record

Amazon.com Inc said its Prime Day sale is poised to be the largest shopping event in its history by sales. The world's biggest online retailer said customers ordered over three times as many Echo-family speakers than the previous year's Prime Day, which at the time broke records for Amazon devices.

Third-party sellers have sold over 50 percent more items on the site by noon compared with the same timeframe in 2016, according to a statement by Amazon.

Analysts estimated the previous year's event had brought in more than $500 million.

The news highlights Amazon's rapid pace of growth as more shoppers ordered online rather than going to stores.

Customers had to join Amazon Prime to get discounts in the 30-hour event. U.S. members of the club pay $99 a year for benefits like two-day shipping, and they tend to buy more goods, more often from Amazon. A timer showing when the deals will expire has encouraged shoppers to buy more.

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**InstaForex Gertrude** · 14-07-17, 04:22

Oil Prices Stabilizes on Solid Chinese Demand

Oil prices were steady as China's strong appetite for fuel eased worries of an ongoing supply overhang.

Brent crude futures traded at $47.75 per barrel, rising by 1 cent from their last settlement. Meanwhile, U.S. WTI crude futures traded at $45.48 per barrel, falling 1 cent from the previous session's close.

China imported 212 million tonnes of crude oil, equivalent to 8.55 million bpd from January to June of the year. This is up 13.8 percent during the same period last year, according to customs data, making china the biggest importer of crude products ahead of the U.S.

The solid demand from China allayed worries regarding an ongoing fuel supply glut.

On Wednesday, OPEC said that the world would require 32.20 million bpd of crude from its producer members next year, down 60, 000 bpd from the current year, as consumers have increasing options of supply from outside the cartel. But the group also said its output climbed by 393, 000 bpd in June to 32.611 million bpd, with gains led by Nigeria and Libya.

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**InstaForex Gertrude** · 17-07-17, 04:50

Hammond Warns of Brexit Uncertainty's Impact

Chancellor Philip Hammond told BBC that firms are postponing their investments in the UK due to the uncertainty regarding Brexit.

Hammond's comments came as a Confederation of British Industry (CBI) survey indicated that 42 percent of UK firms believe Brexit has affected their investment plans, prompting the business group to call on the government to swiftly secure a future EU trade deal.

He said that businesses are holding off from putting more money in the country until they see more clarity regarding the future relationship of the UK with the Europe will look like.

He said that government ministers were becoming increasingly resolved that there is a need for a transitional deal in order to avoid shaking up business conditions too much as the UK withdraws from the EU.

He noted that five weeks ago the concept of a transition period was relatively new, but not the majority of the cabinet now sees the need for some kind of transition period.

The second round of Brexit talks will occur on Monday in Brussels.

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**InstaForex Gertrude** · 24-07-17, 04:34

UK Consumers Face Highest Pressure in 3 Years - IHS Markit

The financial situation of British consumers has weakened at its quickest rate in three years in July, with families increasingly shying away from bigger purchases like automobiles, holidays and household appliances, a survey revealed.

Financial data firm IHS Markit said its monthly Household Finance Index fell to 41.8 from June's 43.7, its lowest since July 2014, which reveals a persistent squeeze on household incomes as inflation increases quicker than wages.

IHS Markit said only 27 percent of the households it surveyed expects rates to increase in the next six months, the weakest rate since October. The latest survey also revealed the willingness of households to make large purchases, which has dropped to its weakest since December 2013.

British consumer price inflation hit its highest in almost four years at nearly three percent in May, before softening in June. However, annual wage growth is less than two percent.

Official data set to be released on Wednesday is seen to show that economic growth accelerated only slightly in the three months to the end of June.

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**InstaForex Gertrude** · 01-08-17, 03:55

European Stocks Ends July Lower, Weighed Down by Earnings Sentiments

European shares closed lower on the final trading day of July, as declines among tobacco stocks and some broker downgrades added pressure on shares. Analysts priced in what appears to be an “underwhelming” earnings season.

The STOXX Europe 600 Index fell 0.1 percent as eurozone stocks and blue chips dropped 0.3 to 0.4 percent. The U.K.'s FTSE 100 index held on to 0.1 percent gains. France's CAC 40 fell to its lowest in three months.

Financials weighed down main European indexes. HSBC rose 1.9 percent, as it reported a forecast-exceeding five percent increase in its first half pretax profit and announced a third buyback in a year.

Consumer goods added the most pressure on the benchmark, falling 1.1 percent as cigarette makers extended losses on a regulatory crackdown in the United States.

British tobacco companies Imperial Brands and British American Tobacco continued to decline from the session earlier, tumbling 5.8 percent and 4.7 percent respectively.

Mining companies gained as copper prices increased on the back of China's manufacturing data.

Nearly 46 percent of MSCI Europe companies have posted results, 59 percent of which have either met or exceeded analysts' expectations, according to data from Thomson Reuters. The figure is marginally lower for eurozone firms. Only more than half of them have met or exceeded expectations.

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**InstaForex Gertrude** · 02-08-17, 04:29

European Stocks Climbed, Buoyed by Earnings, Economic Data

European shares advanced on Tuesday as corporate earnings reports incited quick trading while recent data indicated a strong euro-area economy.

The pan-European Stoxx 600 climbed 0.6 percent. Blue chips rose 0.9 percent, their best one-day gain in three weeks. Germany's DAX was up 1.1 percent and Britain's commodities-heavy FTSE 100 added 0.7 percent as oil stocks increased.

The European second-quarter earnings season is nearing the halfway mark and so far 60 percent of MSCI Europe companies have met or exceeded analysts' expectations, according to Thomson Reuters data.

BP climbed 2.4 percent, which pushed energy shares towards the best performance among industry groups.

Rolls-Royce rose ten percent after its first-half profit more than doubled. The company was the largest contributor to gains in the Stoxx 600.

Testing company Intertek Group, insurer Direct Line and Dutch chemicals firm DSM, which all added between 5.8 percent to nine percent on the back of well-received results.

Lender CYBG gained 9.3 percent after it said that mortgages increased in the second quarter and the net interest margin improved.

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**InstaForex Gertrude** · 03-08-17, 06:05

Wall Street Gains as Dow Breached 22,000 Mark

The Dow Jones industrial average breached the 22,000 mark for the first time ever on Wednesday, lifted by a rally in Apple's shares.

The 30-stock index rose 0.22 percent at 22,011.55. The S&P 500 climbed 0.07 percent at 2,478.18 while the Nasdaq Composite advanced 0.46 percent at 6,391.96.

Apple surged 6.02 percent to a record peak, after the world's biggest publicly listed company posted strong results and iPhone sales. The company also indicated that its upcoming 10th-anniversary phone is on schedule. The stock has gained nearly 30 percent in 2017.

The S&P 500 information technology index is 22 percent higher for the year to date, leading other sectors. It was the only S&P advancer with a one percent gain.

Ten of the 11 major S&P 500 sectors were lower. The energy index fell 0.81 percent and led decliners.

Two-thirds of S&P 500 firms have posted their second-quarter earnings so far and 72 percent have exceeded Wall Street's expectations, according to Thomson Reuters.

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**InstaForex Gertrude** · 04-08-17, 04:33

Dow Posts 7th Record in a Row as Amazon, Apple Weighs on S&P 500

U.S. stocks fluctuated on Thursday as the Dow Industrials rose to a seventh consecutive record peak. The S&P 500 and the Nasdaq declined, pulled down by Amazon.com, Apple and other technology stocks.

Stocks lost quite some ground late in the session following a report from the Wall Street Journal which stated that Special counsel Robert Mueller has impaneled a grand jury in Washington to probe into allegations of Russia's interference in the 2016 presidential elections.

The Dow Jones industrial average edged up 0.04 percent to close at 22,026.10.

The S&P 500 and the Nasdaq composite dropped to session lows on the report. However, both managed to pare losses before the close.

The S&P 500 slipped 0.22 percent to 2,472.16, as energy led decliners.

The Nasdaq fell 0.35 percent to 6,340.34. Investors may be taking a break ahead of the monthly employment report from the Bureau of Labor Statistics.

The S&P 500 information technology index fell 0.35 percent. Apple shed 1.0 percent after notching a record peak on Wednesday.

Silicon Valley electric carmaker Tesla soared 6.50 percent after posting its quarterly results which were above Wall Street's expectations.

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**InstaForex Gertrude** · 07-08-17, 04:22

Gold Steady Near 2-Week Low as Dollar Strengthens

Gold prices held steady near two-week lows early on Monday, weighed down by the rebound in the U.S. dollar following better-than-expected U.S. jobs data from last week.

Spot gold was flat at $1,257.31 an ounce. On Friday, it reached its lowest in over a week and recorded its first weekly drop in four.

U.S. gold futures for December delivery were down 0.1 percent to $1,263.00 an ounce.

SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, said its holdings dropped 0.60 percent to 787.14 tonnes on Friday from 791.88 tonnes the previous day. The fund saw its holdings decline by over seven percent in July, as investors dumped bullion for other assets and propelled it to its largest monthly drop since April 2013.

Hedge funds and money managers raised their net long position in COMEX gold for the third consecutive time to the highest in seven weeks in the week to Aug. 1, and raised it to a record peak in copper, according to data from the U.S. Commodity Futures Trading Commission.

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**InstaForex Gertrude** · 08-08-17, 04:11

Wall Street Gains as Dow Hits 9th Record Close in a Row

U.S. stocks climbed on Monday, as corporate earnings and acquisitions propelled some of the largest moves in individual shares.

The Dow Jones industrial average touched intraday and closing records, as it contributed to the previous week's record-setting performance. The 30-stock index climbed 0.12 percent to 22,118.42 as Boeing and Goldman Sachs contributed most of the gains.

The S&P 500 rose 0.16 percent to 2,480.91, its first record close since July 26. The Nasdaq composite jumped 0.51 percent to 6,383.77.

The energy sector led declines with a 0.9 percent fall as oil prices slipped on a rebound in production from Libya's biggest oil field, along with concerns regarding higher output from OPEC and United States.

The S&P consumer staples index rose 0.7 percent while the technology index climbed 0.6 percent, both were the benchmark's leading sectors on the day. Tyson Foods, one of the consumer staple sector's largest boosts on the day, gained 5.7 percent to $66.90 after the company posted better-than-expected profit and revenue for the recent quarter. Shares of Wal-Mart rose nearly one percent.

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**InstaForex Gertrude** · 09-08-17, 04:42

Oil Continues to Retreat as Skepticism over OPEC Cuts Persist

Oil futures slid for a third day in morning Asian trading as the market brushed off a bigger than expected decline in U.S. stockpiles by an industry group as skepticism remain over OPEC's ability to limit output as pledged.

Brent crude fell 21 cents or 0.4 percent, bringing it at $51.93 per barrel. In the prior session, the international benchmark finished 0.4 percent down.

U.S. WTI traded down 15 cents or 0.3 percent at $49.02 per barrel after ending down 0.4 percent on Tuesday.

U.S. crude stockpiles fell more than anticipated in the previous week as imports decreased and refinery runs rose, while gasoline inventories unexpectedly increased, according to API's latest report.

Crude stockpiles slid by 7.8 million barrels in the latest week to 478.4 million, compared with analysts expectations for a decline of 2.7 million barrels.

The U.S. EIA will publish its weekly fuel status report later today.

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**InstaForex Gertrude** · 17-08-17, 04:36

UK Employment Notched Record Peak but Pay Remains Under Pressure

British employment reached a record peak, but workers' wages are still being squeezed as productivity drops.

Official statistics that were recently published signified the resilience of the UK jobs markets and its constant underlying problem. The workforce has been less productive than it was a decade ago, while employers are reluctant to increase salaries.

In the three months to the end of June, another 125,000 people have found jobs. This means that 75.1 percent of all people between the ages of 16 and 64 were in work, the highest employment rate since records started in 1971.

The jobless rate dropped from 4.5 to 4.4 percent in the quarter, the lowest marked rate since 1975.

The majority of new jobs were full-time, while the count of people on insecure zero-hours contracts fell by 20,000 to 883,000.

The productivity of Britain's workers dropped 0.1 percent in the second quarter after a 0.5 percent decline in the first.

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