Thread: Forex News from InstaForex

Oil Headed for Weekly Loss on Prospect of Oil Glut Persistence





Oil is set for a weekly loss on outlook that a global crude will continue as halted supply production resumed and as demand expansion slumped.


Oil futures dropped by 0.6% in New York, adding up the weekly losses to 4.9%. Oil producers Libya and Nigeria, whose supplies have been cut back by local conflicts, are getting ready to bolster exports in the following weeks. The International Energy Agency said on Tuesday that the oil oversupply will persist as demand growth slows and as supply sustains its momentum.


U.S. W.T.I. dropped by 26 cents to $43.65 per barrel while the benchmark Brent dropped by as much as 0.8% to $46.23 per barrel.


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Fxwirepro: South Korean Won Opens Onshore Trade at 1,125.5 Per U.s. Dollar, Consistent Break Above Targets 1,142





USD/KRW is currently trading around 1,123 levels.


It made intraday high at 1,125 and low at 1,107 marks.

Intraday bias remains bearish till the time pair holds key resistance at 1,127 levels.


A daily close above 1,127 will drag the parity higher towards key resistances at 1,142, 1,152, 1,162, 1,176, 1,182, 1,196, 1,201, 1,209 (20D EMA) and 1,220 (March 03, 2016 high) marks respectively.


On the other side, a sustained close below 1,122 will test key supports at 1,107/1,090/1,078/1,063/1,044 levels respectively.
In addition, South Korea’s Kospi was trading around 0.40 percent higher at 2,007.62 points.
We prefer to go short on USD/KRW around 1,125 with stop loss at 1,132 and target of 1,1




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Dollar Gains after U.S. Data Boosts Bets on Fed Rate Increase





The U.S. dollar reached a two-week high against a basket of major currencies as U.S. consumer prices increased more than initially expected during August, which boosted expectations regarding a potential Federal Reserve interest rate hike this 2016. The dollar index last traded as high as 96.108, its strongest level since Sept. 1.


The data regarding the increase in U.S. consumer prices indicated a steady rise of inflation which makes the Fed eligible for a Fed rate hike this year. The core CPI was up by 2.3 percent in the 12 months until August. U.S. short-term interest rate futures are currently indicating a 55 percent likelihood of an interest rate hike by December, according to CME Group's FedWatch Tool.


The U.S. dollar against the Japanese yen eased by 0.1 percent to 102.20 yen while the euro was steady at $1.1160.


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Australia House Prices Rise 2.0% In Q2





House prices in Australia were up 2.0 percent on quarter in the second quarter of 2016, the Australian Bureau of Statistics said on Tuesday.


That missed forecasts for 3.0 percent following the 0.2 percent decline in the previous three months.


By region, capital city residential property price indexes rose in Sydney (+2.8 percent), Melbourne (+2.7 percent), Brisbane (+1.1 percent), Canberra (+2.2 percent), Adelaide (+0.8 percent) and Hobart (+0.7 percent) and fell in Perth (-1.2 percent) and Darwin (-2.4 percent).


On a yearly basis, house prices advanced 4.1 percent - also missing estimates for 5.2 percent and down from 6.8 percent in the three months prior.


Annually, residential property prices rose in Melbourne (+8.2 percent), Canberra (+6.0 percent), Hobart (+4.9 percent), Brisbane (+4.3 percent), Sydney (+3.6 percent) and Adelaide (+3.5 percent) and fell in Darwin (-6.5 percent) and Perth (-4.8 percent).


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Asian Stocks Flat while Traders Await Prior to Central Bank Meeting





Asian stocks were flat while Japanese shares fluctuated prior to the policy meetings from the Bank of Japan and the Federal Reserve. The MSCI Asia Pacific Index declined by less than 0.1 percent.


Japan's Tokyo index increased by 0.1 percent while the yen traded at 101.87 against the dollar. Australia's S&P/ASX 200 Index was down by 0.1 percent while New Zealand's S&P/NZX 50 climbed by 0.2 percent. The South Korean Kospi index slipped by 0.2 percent. Futures on the FTSE A50 Index was down by 0.2 percent during the most current trading, as the Hang Seng Index jumped by 0.1 percent. The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong gained by 1.6 percent. The Shanghai Composite Index climbed by 0.8 percent as the Hang Seng Index was up by 0.9 percent.


Uncertainty regarding the monetary policy has sparked volatility in global markets during the past two weeks, as traders were divided on what the BOJ's action would be in its review.


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Fxwirepro: Usd/sgd Hits Fresh 2-Week Low at 1.3510, Consistent Break Below Targets 1.3462





USD/SGD is currently trading around 1.3530 marks.

It made intraday high at 1.3546 and low at 1.3510 levels.


Intraday bias remains bearish till the time pair holds key resistance at 1.3605 marks.


A daily close below 1.3510 will drag the parity down towards key supports at 1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.


Alternatively, a sustained close above 1.3605 will test key resistances at 1.3698, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).


Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.


We prefer to go short on USD/SGD only below 1.3510 with stop loss at 1.3605 and target of 1.3462/1.3391.


Read more: https://www.instaforex.com/forex-new...ent_break.html


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Asian Stocks Rally After Fed





Asian stocks rallied, South Korea's won firmed while regional bonds increased following the central banks' announcement. The MSCI Asia Pacific excluding Japan Index increased by 1.3 percent.


Producers of raw-materials were the largest gainers on the MSCI index of Asian shares outside of Japan. The won increased the most while the dollar held losses from the last session. Hong Kong Kong's Hang Seng Index gained by 1.4 percent while the Hang Seng China Enterprises Index climbed by 2.1 percent. New Zealand's 10-year bonds increased by one percent, pulling down the yield by 11 basis points to 2.50 percent.


Ten-year bond yields in Australia declined by 2.06 percent while the 10-year bond of South Korea was down 1.53 percent.


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Yahoo Confirms Data Hack Affecting 500 Million Users





Yahoo Inc. said on Thursday that the data of around 500 million of its accounts were hacked in 2014 in what is allegedly a state-sponsored attack and theft that is believed to be the biggest cyber-breach in the world so far.


The company said that cyber attackers may have stolen personal information, including names, telephone numbers, birthdates and encrypted passwords. But Microsoft assured that sensitive and valuable information such as bank account data and credit card information were not compromised in the breach.


Yahoo did not disclose the identity of the “state-sponsored actor”, or a hacker working on behalf of a foreign government, that carried out the attack. On Thursday, upon confirming that the data breach was bigger than initially estimated, the firm urged its users to change their passwords if they had not done so since 2014, but did not require it.


The attack comes after telecom company Verizon bought Yahoo for $4.8 billion in July. The FBI has reported it is investigating the data breach.


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Oil Bounces Back After Algeria Says All Options Possible at OPEC Meeting





Oil prices rebounded after Algeria's energy minister Noureddine Bouterfa stated that all options were possible for an oil production cut or freeze during this week's informal meeting of OPEC members. The statement comes after oil prices fell by 4% on Friday amid indications that Saudi Arabia and Iran were making little headway in reaching a preliminary agreement to halt production.


U.S. WTI crude futures had risen 42 cents to $44.90 per barrel after sliding by 4% or $1.84 in the last session. U.S. crude advanced 4% in the previous week.


Brent crude futures climbed by 42 cents to $46.31 after losing $1.76 or 3.7% at the previous close and gained 0.3% in the prior week.


OPEC members will hold an informal meeting on the sidelines of the International Energy Forum in Algiers on September 26-28, where they will talk regarding a possible output-restricting deal.


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Turkey’s Lira Extends Decline After Moody’s Slashes Rating to Junk





Turkish lira continued to fall after Moody's Investors Services on Friday downgraded Turkey's credit rating to junk, citing the growing risks from external financing and a slowing economy that will gradually weaken credit fundamentals over the next two to three years.


While Moody's lowered the Turkish government's long-term issuer and senior unsecured bond ratings debt from Baa3 to Ba1, the agency maintained the country's outlook as stable, stating its resilient $720 billion economy and solid financial track record will alleviate the pressure from the balance-of-payments problem it faces.


The lira fell by 0.7% to 2.9907 per dollar, adding to the 0.9% drop recorded on Friday.


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