Forex News from InstaForex

**InstaForex Gertrude** · 22-08-17, 04:31

Canada Wholesale Trade Down 0.5% in June

The value of Canadian wholesale trade dropped 0.5 percent in June following eight straight months of growth, weighed down by lower sales of food and motor vehicles, according to Statistics Canada.

Five of the seven sub sectors, representing 73 percent of wholesale trade, reported declines as sales dropped in six provinces. In volume terms, sales fell 0.7 percent.

The food, beverage and tobacco subsector dropped 1.0 percent. Motor vehicles and parts dealers were also down 1.0 percent.

Sales in the western energy-producing province of Alberta tumbled 3.7 percent, its first decline in nine months.

Inventories reported their 10th increase in 11 months, climbing 0.6 percent to hit a record peak on the back of a 3.2 percent growth in the personal and household goods subsector.

The Canadian dollar remains strong against the U.S. dollar despite the sharp drop in oil prices. Last week, the loonie hit a two-week peak against the greenback pulled down by political uncertainty, after Canadian data revealed a rise in the rate of underlying inflation while oil prices increased.

In Canada, investors will also pay attention to the release of the retail sales data due on Tuesday.

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**InstaForex Gertrude** · 23-08-17, 06:25

Bitcoin Recover after Shortly Sliding into Correction Territory

Bitcoin and Bitcoin Cash prices regained footing on Tuesday, while its peer ethereum continued to be pressured, further sliding from recent record-highs.

Bitcoin rallied by 2 percent on the day at $4,139.87 after falling to as low as $3,687 in morning trade. During session lows, the digital currency has briefly fallen into correction territory. This is defined by analysts as a 10 percent or steeper decline from a recent record level in an asset.

The cryptocurrency skidded to $3,687 earlier on the day, denoting a 16.7 percent drop from its mid-August record of closing above $4,425, according to Coindesk.com. At its current trading levels, it is 8 percent lower from its peak level.

The ethereum's ether token declined, climbing down from a recent peak, falling 0.5 percent at $322.33 on the day. It hit a record high in mid-June at around $380 per token. Industry experts tried to downplay the decline across digital currencies, as the drop is mainly seen as due to profit-taking.

The trend in bitcoin price comes as the industry found a resolution for the so-called scaling issues, enabling bigger transaction sized in the blockchain network.

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**InstaForex Gertrude** · 24-08-17, 04:48

Wall Street Declines after Trump Threatens Government Shutdown

U.S. equities dropped on Wednesday after President Donald Trump said he is willing to let the government shutdown if Congress fails to fund a Mexico border wall.

The Dow Jones industrial average dropped 0.40 percent to 21,812.09, as Boeing and Johnson & Johnson contributed the most losses. The S&P 500 slipped 0.35 percent to 2,444.04, as consumer discretionary and industrials led losses.

The Nasdaq composite shed 0.30 percent to close at 6,278.41, with huge tech stocks like Amazon and Facebook retreating.

The CBOE Volatility index, a broadly-followed measure of market anxiety, rose 6.0 points to 12.03, its first increase in four days.

The consumer discretionary closed 0.8 percent lower, pulled down by a 3.71 percent loss in Lowe's Companies following weak results and forecast.

Home Depot fell 0.54 percent to $149.10.

Wal-Mart climbed earlier in the session after it announced a partnership with Google to offer voice shopping.

Advertising company Omnicom fell over 6.94 percent to $72.71 and Interpublic Group tumbled 6.32 percent to $72.71 after WPP trimmed its sales forecast after consumer goods giants tightened spending.

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**InstaForex Gertrude** · 29-08-17, 05:56

Wall Street Flat as Tropical Storm Crippled Texas

Shares of oil refinery firms climbed on Monday after Tropical Storm Harvey forced refineries in Houston to shut down.

The Dow Jones industrial average dropped 0.02 percent to 21,808.40, as insurance giant Travelers contributed the most to the losses. The S&P 500 fluctuated between gains and losses before ending 0.05 percent higher at 2,444.24, as health care led six sectors up. The Nasdaq composite jumped 0.28 percent to 6,283.02.

Harvey, a hurricane that was downgraded to a tropical storm, ravaged Houston and other parts of Texas over the weekend, with over 30 inches of rain falling in some parts in just 48 hours. Houston is home to several major refineries in the U.S.

Oil majors Exxon and Chevron fell 0.3 percent and 0.4 percent respectively. Valero Energy, Phillips 66 and Marathon Petroleum all finished higher.

The S&P 500 financial sector was the biggest weight on the index, with a 0.5 percent decline.

Home Depot, which climbed 1.2 percent, and other companies likely to benefit from rebuilding efforts in the region.

Insurer Travelers weighed the most on the Dow with a 2.6 percent decline to $123.23, as Allstate dropped 1.5 percent to $90.6 while investors priced in the likely impact of Harvey on the sector.

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**InstaForex Gertrude** · 30-08-17, 03:53

Wall Street Recovers as Investors Brush off North Korea Tensions

U.S. stocks recovered on Tuesday following North Korea's launch of a ballistic missile over Japan which jolted global markets.

The missile was the first Pyongyang has fired over Japan's main island since 2009 and the latest in a series of direct provocations that have briefly added pressure on financial markets in recent weeks.

The Dow Jones industrial average pared earlier losses to close 0.26 percent higher to 21,865.37, as United Technologies and Boeing contributed the most gains. The 30-stock index dropped as much as 134.82 points earlier in the session.

The S&P 500 was in positive territory in afternoon trade, finishing the session 0.1 percent higher at 2,446.30, with industrials leading four sectors higher. The Nasdaq composite also trimmed losses to end 0.3 percent higher at 6,301.89 after Apple notched a record peak.

United Technologies rose 2.9 percent to $118.70 after The Wall Street Journal reported that the aircraft-equipment maker was near a deal to buy Rockwell Collins for over $20 billion.

Tech firms within the S&P 500 added 0.4 percent, led by Micron Technology, which climbed 1.3 percent, while Akamai Technologies advanced 1.3 percent.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, briefly increased over 20 percent before holding nearly 4 percent higher.

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**InstaForex Gertrude** · 31-08-17, 04:12

Wall Street Advanced as S&P 500 Hits 4-Day Winning Streak

U.S. stocks climbed on Wednesday following stronger-than-expected U.S. economic growth which counterbalanced concerns on heightened tensions between the United States and North Korea as well as uncertainty in the wake of Hurricane Harvey.

The Dow Jones industrial average rose 0.12 percent to 21,892.43, as Goldman Sachs contributed the most gains to the index.

The S&P 500 rose 0.46 percent to end at 2,457.59, with information technology leading eight sectors higher. The S&P also marked a four-day winning streak, its longest since late May.

The tech-heavy Nasdaq composite advanced 1.05 percent to 6,368.31, leading other major U.S. indexes, and touched a three-day winning streak.

Netflix lifted the Nasdaq higher as it climbed over three percent after Bernstein analysts said that Disney pulling its content from the platform will not impede the stock performance of Netflix.

Apple also contributed to the Nasdaq's gains, gaining 0.2 percent to notch a record peak earlier in the session.

Other major stocks in the tech sector also advanced, including Facebook and Google-parent Alphabet. The sector is by far the best-performing sector in 2017, gaining over 20 percent.

Among shares in corporate news, Tax preparation service provider H&R Block dropped 8.3 percent to $26.81 after it posted a larger-than-expected loss. Chipmaker Analog Devices rose 5.2 percent at $83.72 after its quarterly earnings and forecast surpassed expectations.

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**InstaForex Gertrude** · 04-09-17, 06:10

Stock Futures Drop on North Korea Tensions

U.S. equity index futures fell at the open on Sunday, with stock traders being cautious after news that North Korea had raised diplomatic tensions by conducting what it claimed was a test of a hydrogen bomb for a long-range missile.

On Sunday, Pyongyang conducted its sixth and most powerful nuclear test, in what appears to be a tense escalation of North Korea's stand-off with the United States and its allies.

S&P 500 e-mini futures dropped 0.36 percent as electronic trading resumed on Sunday evening. The decline revealed that traders are cautious but not completely threatened by news on North Korea. Volumes were higher than average, as 30,2000 contracts changed hands.

The 10-year Treasury futures were 0.16 percent higher on the day.

“Traders have been burned by overreacting to the news out of North Korea multiple times over the last month – most recently after missiles were shot over Japanese territory,” according to Nicholas Young, a partner at Conventus Capital LLC in New York. “Unless we get a real response from the U.S., the market seems desensitized to these items.”

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**InstaForex Gertrude** · 07-09-17, 04:24

Wall Street Advanced as Trump Signals Support for Debt Limit

U.S. stocks climbed after two top Democratic leaders said President Donald Trump will support a debt ceiling extension and government funding plan. Energy shares were also higher as stocks rebounded from a day-earlier selloff.

The Dow Jones industrial average gained 0.25 percent to 21,807.64, as Home Depot and Chevron contributed the most gains. The S&P 500 rose 0.31 percent to 2,465.54, with energy and consumer discretionary among the best performers. The Nasdaq composite climbed 0.28 percent to 6,393.31, with some large-cap stocks, such as Netflix and Facebook, regaining ground.

The energy sector climbed 1.6 percent, for its largest single-day gain in two months, as oil prices increased. Oil majors Exxon Mobil and Chevron both gained two percent which buoyed the S&P 500 and the Dow.

Financials were up 0.2 percent following their biggest one-day decline since mid May. Nine of 11 major sectors closed in the green.

Vacation and timeshare stocks also dropped as investors focused on Category 5 Hurricane Irma. Shares of Hilton Grand Vacations fell 1.44 percent and Marriott also dropped nearly one percent.

United Continental Holdings and Newell Brands were among the worst performers in the S&P 500.

Airline company United trimmed its unit revenue and pre-tax margin guidance for this quarter, citing Hurricane Harvey. Newell Brands wrote in a statement that “nearly all” of its resin suppliers in Louisiana and Texas are shut down due to Hurricane Harvey.

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**InstaForex Gertrude** · 13-09-17, 04:59

Wall Street Gains as Dow, S&P 500 and Nasdaq End at Records

U.S. equities advanced to all-time peaks on Tuesday as financials received a lift from rising yields. Wall Street also priced in comments from Treasury Secretary Steven Mnuchin on tax reform.

Investors paid attention to Washington after Treasury Secretary Mnuchin said he is “hopeful” that tax reform will be accomplished by year's end and that the administration is contemplating on backdating reform to Jan. 1.

The Dow Jones industrial average ended at 22,118.86, notching a record finish. Goldman Sachs contributed the most to advances, with DowDuPont being among the best-performing stocks in the index, finishing 2.5 percent higher.

The S&P 500 advanced 0.3 percent, hitting intraday and closing records. The index ended the session at 2,496.48. The Nasdaq composite rose 0.3 percent at 6,454.28, a record closing peak, after briefly declining.

Financials climbed over one percent, with six major lenders higher between 1.5 percent and 2.6 percent, after Goldman Sachs revealed a growth plan that could contribute almost $5 billion in revenue annually.

Shares of McDonald's dropped over three percent on a report that a research company had raised concerns regarding its third-quarter sales.

Apple held its annual consumer products event, where it unveiled three new iPhone models and an Apple watch. Its shares fell 0.4 percent, after fluctuating between gains and losses for most of the session. For the year, Apple soared around 40 percent.

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**InstaForex Gertrude** · 14-09-17, 04:23

European Stocks Flat as Miners Drop, Apple Suppliers Add Pressure

European markets finished relatively flat on Wednesday, as a mixed performance from overseas markets and a sharp drop in mining stocks added pressure on the region.

The pan-European Stoxx 600 closed 0.02 percent lower, while sectors pointed in different directions. The French CAC 40 and German DAX finished on a high, ending 0.17 and 0.23 percent respectively. A decline in London-listed miners weighed on the FTSE 100, which ended 0.28 percent lower.

Basic resources stocks led declines, as profit-taking hit metal prices. The sector dropped 1.75 percent after commodity traders claim an emergence of funds offloaded copper and had failed to carry into the market, according to a report from Reuters.

Anglo American, Antofagasta, BHP Billiton and Glencore all closed lower by two percent or more, on the back of a drop in copper and nickel prices.

Chipmakers supplying to Apple were among the worst performers, with AMS falling 3.9 percent, Dialog Semiconductor dropped 1.6 percent and STMicro rose 0.1 percent.

Traders said their shares were weighed down by Apple's new $999 iPhone X that will ship later than expected, on November 3. The price tag could also pull down demand for the device in markets like China.

Chipmakers have been the best performing among tech stocks this 2017, accounting for a large part of the sector's outperformance. Shares of AMS have gained 165 percent year-to-date.

Looking to media stocks, France's Vivendi, jumped towards the top of the benchmark after UBS upgraded its stock rating for the company to "buy" from "neutral". Vivendi shares rose 2.78 percent.

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**InstaForex Gertrude** · 18-09-17, 06:29

Northrop Grumman Nears Agreement to Procure Orbital - Source

Defense contractor Northrop Grumman Corp. is near a deal to purchase Orbital ATK Inc. for over $7.5 billion, according to a report from the Wall Street Journal, citing sources familiar with the transaction. An announcement could come as soon as Monday, as stated in the report.

Northrop Grumman declined to comment and Orbital did not immediately respond to a request for comment.

A merger could expand Northrop's portfolio of aerospace and defense electronics while supporting its expertise in composites and rocket propulsion as it goes up against Boeing Co. to replace the U.S. ground-based nuclear defense system.

Northrop is valued at $46.5 billion, while Orbital is valued at $6.3 billion. The acquisition price could not be immediately specified, but could surpass $7.5 billion if a typical premium was attached to it, according to Wall Street Journal.

Orbital competes to lift payloads to space with SpaceX Exploration Technologies Corp.'s Falcon 9 and United Launch Alliance's Atlas family of rockets.

The potential transaction comes as growing tensions with North Korea have put more attention on defense systems.

Northrop Chief Executive Officer Wesley Bush told investors in its second-quarter earnings call in July that he was looking for acquisition opportunities to broaden the contractor's business. It would mark a change in direction for a company that has focused on shareholder returns through stock buybacks and dividends.

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**InstaForex Gertrude** · 26-09-17, 04:56

U.S. Stocks Declined over North Korea Tensions, Tech Selloff

Wall Street dropped on Monday, as a selloff in technology shares weighed on the Nasdaq, while North Korea's recent warnings to Washington contributed to a cautious tone.

The CBOE Volatility index, a broadly followed measure of market anxiety, notched a 2-week peak of 11.21 and last stood 1.12 points higher at 10.71.

The Dow Jones industrial average fell 0.24 percent at 22,296.09. McDonald's, Visa and Boeing were the worst performers on the index, followed by Apple. Home Depot, Exxon Mobil and Walt Disney outperformed.

Information technology had its worst day since August 17, declining 1.4 percent as the largest loser in the S&P 500, which fell 0.22 percent to 2,496.66. Energy led six sectors up and finished almost 1.5 percent.

The Nasdaq composite briefly dropped over one percent but finished 0.99 percent lower at 6,370.59 in its worst day since September 5.

Tech names like Facebook, was down 4.81 percent, Microsoft, dropped 1.89 percent, while Apple, lost 1.11 percent. Other tech-related stocks also fell. Amazon.com declined 1.6 percent and Netflix tumbled 4.7 percent.

Shares of Apple dropped for the fourth consecutive day. The stock declined five percent the previous week, its worst week in over a year, following the launch of the iPhone 8 and some other products in stores. The stock remains almost 30 percent higher for 2017.

Social media giant Facebook fell 4.5 percent in their worst day of the year. It dropped a proposal to issue a new class of shares that will allow CEO Mark Zuckerberg to maintain voting control and fund the firm's philanthropic efforts.

The declines in tech were counterbalanced partly by a sharp rise in the energy sector, which climbed 1.5 percent. The sector was poised for its sixteenth advance in the previous 18 sessions.

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**InstaForex Gertrude** · 04-10-17, 06:59

Trump’s Tax Overhaul Plan Hit with New Criticism

President Donald Trump's plan to revamp the U.S. tax code came under fire once more on Tuesday from two renowned Wall Street figures, including Warren Buffet who raised the Republican push to reduce the U.S. corporate rate.

Buffett and BlackRock Inc. CEO Larry Fink both indicated in separate interviews that the corporate rate may not have to be reduced as deeply as proposed by the White House and top Republicans in Congress.

In an interview with CNBC, the chairman and CEO of Berkshire Hathaway Inc. said the corporate tax rate did not affect the competitiveness of U.S. businesses.

Meanwhile, Fink said a corporate rate as high as 27 percent could still give U.S. businesses' some breathing room, while preventing the widening in the federal budget deficit. During an interview on Bloomberg TV, Fink said that the current proposal will mean a big expansion of the country's deficits.

The Republican tax plan outlined last month calls for reducing the corporate income tax rate to 20 percent from the current level of 35 percent, which majority of multinational firms are avoiding by taking advantage of loopholes in the tax code.

Buffett added that the planned elimination of the estate tax under the Republican's plan is a 'terrible mistake'. Given that it only impacts a small percentage of Americans, scrapping the tax would not have widespread effects, he said.

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**InstaForex Gertrude** · 11-10-17, 07:17

Gold Prices Climb on Weaker Dollar

Gold prices increased for a fourth day on Wednesday, after notching a two-week peak in the session earlier, as the dollar weakened.

Spot gold rose 0.2 percent at $1,290.56 per ounce. It hit its highest level since Sept. 27 in the session earlier.

U.S. gold futures for December delivery was flat at $1,293 an ounce.

The dollar weakened against its peers and pulled back from a 10-week peak set recently amid speculation that U.S. President Donald Trump's tax overhaul plan would stall. A firm euro also weighed on the greenback.

Fed funds futures showed that traders implied almost a 90 percent likelihood of a December rate hike.

"The only news holding down the price of course are the impending rate hikes from the Federal Reserve but if these political issues grow much worse you can bet that $1,300 will not be the top," according to Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York, citing concerns surrounding Spain and North Korea.

The London Metal Exchange sees three more clearing members to join its precious metals contract by the end of 2017 and is also looking to expand trading around its gold and silver reference prices, Chief Executive Matthew Chamberlain said.

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**InstaForex Gertrude** · 12-10-17, 07:09

Fed Minutes show Policymakers’ Support for December Rate Hike

The minutes of the Federal Reserve meeting on September 19-20 showed that members of the FOMC had a prolonged discussion regarding the prospects of inflation's growth and slowing the rate of future interest rate hikes if it failed to pick-up.

Record of the most recent policy meeting showed that Fed officials see the economy growing at a steady rate. The minutes also show that policymakers expect inflation will reach the targeted 2 percent, with FOMC members anticipating that factors weakening inflation are temporary.

Several members said that they would focus on the incoming inflation data over the next few months when deciding regarding the future of interest rate moves.

It also indicated that an interest rate hike later this year is almost certain, despite some divisions regarding the outlook for the direction of inflation. According to the summary of the meeting, many members thought that another rate hike in the target range later this year, presumably in December, was likely to be warranted if the medium-term outlook continued to be unchanged.

In the end, the FOMC ruled against an interest rate hike at the meeting, choosing instead to announced that in October it would start to reduce its massive balance sheet, which will be done by allowing small part of the proceeds from its maturing bonds to roll off.

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**InstaForex Gertrude** · 13-10-17, 07:22

U.S. Producer Prices Strengthens in September

U.S. producer inflation increased in September as gasoline prices notched its biggest increase over two years amid hurricane-linked production issues at Texas oil refineries.

At an annual rate, the PPI jumped 2.6 percent, the biggest jump since February 2012 and came after a 2.4 percent rise in August. The rise is driven by the strong increase in wholesale gasoline prices, which jumped 10.9 percent in September

According to the Labor Department, the higher energy prices most likely resulted from the reduced refining capacity in refineries in the Gulf Coast area that was devastated by Hurricane Harvey. The increase in gasoline prices due to the storm is seen to be only temporary as a supply glut persists in the markets.

The producer price index for final demand rose 0.4 percent, the Labor Department reported, also lifted by the rise in services. Wholesale prices in August rose 0.2 percent.

Other data released by the government agency showed filings for unemployment benefits declined to a more than one-month low in the previous week as the boost to the applications in Texas and Florida due to Hurricane Harvey and Irma continued to decline.

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**InstaForex Gertrude** · 17-10-17, 06:26

Gold Steady Amid Strong Dollar

Gold prices held steady early on Tuesday after dropping below $1,300 per ounce in the session earlier, while the dollar was firm on strong U.S. Treasury yields.

Spot gold was flat at $1,293.60 per ounce. The precious metal declined 0.8 percent in the session earlier.

U.S. gold futures for December delivery dropped to $1,296 an ounce. The dollar held gains versus the yen and the euro on Tuesday, buoyed by an increase in Treasury yields following a report that U.S. President Donald Trump preferred a policy hawk as the next head of the Federal Reserve. He is set to meet with Fed Chair Janet Yellen on Thursday as part of his search for a new candidate for her position, according to a source familiar with the matter.

Among other metals, palladium previously tumbled 1.6 percent at $972.10 per ounce after hitting its highest since February 2001 at $1,010.50.

Some investors had been wary when the metal, mostly used for auto catalysts to clean pollution from exhaust fumes, broke above $1,000 on Sept. 6, as a result of concern regarding weak global auto sales.

However, these concerns have been put aside after the world's largest auto market China recently posted sales growth of 5.7 percent in September.

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**InstaForex Gertrude** · 19-10-17, 03:22

European Markets Advanced on Third-Quarter Earnings Reports

European markets finished higher on Wednesday as investors focused on the recent batch of earnings and economic data releases.

The pan-European Stoxx 600 rose nearly 0.29 percent, with most sectors and major bourses in positive territory.

Politics continued to persist in the background, as investors await recent news on Brexit and Catalonia.

Spain's IBEX stretched out losses following news reports that showed Catalonia refuses to give in to the Spanish government's demand of renouncing its independence.

Autos, food and beverages and media stocks were among the best performers on Wednesday.

UK consumer goods maker Reckitt Benckiser dropped over one percent after it trimmed its full-year comparable sales forecast and announced a company overhaul following a "soft" third quarter.

The UK's second largest grocer Sainsbury's declined 1.2 percent after Sky News reported that the company will cut 2,000 store and back office jobs in an effort to cut costs amid rising competition.

Dutch chemicals group Akzo Nobel reported its third-quarter results, with the company expecting upbeat developments for the EMEA region (except for the U.K.) and North America going forward. However, it revealed that "headwinds" are expected to continue. Shares of Azko Nobel fell 1.84 percent.

The U.S. Securities and Exchange Commission recently charged Australian-British miner Rio Tinto and two of its former top executives with fraud. The SEC said that the execs had inflated the value of coal assets in Mozambique, which was acquired for $3.7 billion and sold years later for $50 million, according to a report from Reuters. Rio Tinto shares dropped nearly three percent.

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**InstaForex Gertrude** · 24-10-17, 07:30

AUD/JPY profit target reached perfectly, prepare to buy

The price has dropped perfectly and reached our profit target. We now prepare to buy above major support at 88.39 (Multiple Fibonacci retracements, horizontal overlap support) for a push up to at least 89.10 resistance (Multiple Fibonacci retracements, recent swing high resistance).

Stochastic (21,3,1) is seeing support above 1.2% where we expect a corresponding bounce from.

Buy above 88.39. Stop loss is at 88.17. Take profit is at 89.10.

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**InstaForex Gertrude** · 26-10-17, 07:13

Gary Cohn Out of Running to Become Next Fed Head

Export prices in Australia were down 3.0 percent on quarter in the third quarter of 2017, the Australian Bureau of Statistics said on Thursday.

That beat forecasts for a decline of 4.0 percent following the 5.7 percent drop in the three months prior.

Import prices were down 1.6 percent on quarter, missing slightly forecasts for a decline of 1.5 percent following the 0.1 percent contraction in the second quarter.

On a yearly basis, export prices were up 14.2 percent and import prices dipped 0.4 percent.

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