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Asian Stocks mixed As Investors Remain Jittery; Nikkei up 0.44%
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Asian stocks were mixed Thursday in another session that was short on risk appetite as skittish investors evaluated some mediocre U.S. data and mulled the future of the Federal Reserve’s quantitative easing program.
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Forex - Usd/jpy falls Despite Decent Cpi Data
The U.S. dollar traded lower against the Japanese yen during Friday’s Asian session despite some encouraging signs regarding Japan’s long-standing bout with deflation
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Forex - Usd/jpy falls Despite Decent Cpi Data
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The U.S. dollar traded lower against the Japanese yen during Friday’s Asian session despite some encouraging signs regarding Japan’s long-standing bout with deflation
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Euro Steady Ahead Of German Retail Sales
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German retail sales figures for August are due at 2:00 am ET Monday. The euro showed choppy trading against other major currencies before the data.
The euro was trading at 1.3498 against the greenback, 132.12 against the yen, 0.8350 against the pound and 1.2224 against the franc at 1:55 am ET.
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Abe Says Japan Will Increase Sales Tax From April 2014
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Japan's Prime Minister Shinzo Abe said Tuesday that his government will hike the sales tax as planned from April next year to reduce the country's huge debt load.
The government will increase the sales tax to 8 percent from April 2014 from the current 5 percent. At the same time, Abe is expected to announce an economic stimulus package to cushion the impact that the tax hike could have on the economy.
At around 230 percent of gross domestic product, Japan's has the largest debt pile among advanced economies.
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China Non-Manufacturing PMI Rises In September
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China's official non-manufacturing purchasing managers' index increased in September, a survey by the China Federation of Logistics and Purchasing revealed Thursday. The PMI rose to 55.4 in September from 53.9 in August. A PMI reading above 50 indicates expansion of the sector.
The new orders index rose to 53.4 in September from 50.9. New export orders also increased during the month.
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BoJ Keeps Monetary Easing Plan Unchanged
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The Bank of Japan on Friday retained its monetary easing plan unchanged and said the economy is recovering moderately.
At the end of a two-day meeting of the nine-member Policy Board, led by Governor Haruhiko Kuroda, the central bank said it will keep the target of the monetary base expansion at an annual pace of JPY 60-70 trillion.
The Board said that the economy is recovering moderately and the year-on-year change in the core consumer price index is now in the range of 0.5-1 percent. The BoJ expects the economy to continue moderate recovery going forward while the annual rate of change in CPI is seen rising gradually.
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World Bank Cuts Developing East Asia Growth Outlook
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The World Bank on Monday lowered its growth projections for developing East Asia, citing slowing growth in China and other economies in the region.
The lender now forecasts 7.1 percent growth for the region in 2013, less than 7.8 percent growth it predicted in April. Growth in 2014 is seen at 7.2 percent.
The World Bank expects the Chinese economy to expand 7.5 percent this year and 7.7 percent in 2014.
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Yen Off Highs Against Majors
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The Japanese yen retraced early gains against other major currencies in Asian deals on Tuesday.
The yen is worth 91.51 against the aussie, 80.63 against the kiwi, 97.11 against the greenback, 107.28 against the franc, 156.07 against the pound, 131.66 against the euro and 94.01 against the loonie, down from an early high of 91.05, multi-day high of 80.05, near 2-month high of 96.57, multi-week highs of 106.90, 155.40, 131.14 and 93.63, respectively.
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Singapore Dollar Declines To 8-day Low Against U.S. Dollar
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The Singapore dollar fell against the U.S. dollar in Asian deals on Thursday.
The Singapore currency hit 1.2542 against the greenback, a level unseen since October 2. The Singapore dollar may possibly test support at the 1.26 level. At yesterday's close, the pair was worth 1.2498.
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Kuroda Reiterates BoJ Committed To Fight Deflation The Bank of Japan will do whatever necessary to overcome deflation, Governor Haruhiko Kuroda said Thursday. Bond buying plan has been exerting its intended effects and Japan has been steadily moving toward overcoming deflation, Kuroda said at the Council on Foreign Relations in New York. As the economy mired in deflation for the last 15 years, people's deflationary expectations became entrenched, he noted. Persistent deflation encouraged behavior to stay status quo, and this deprived Japan's economy of vitality. Kuroda said the economy is on track and it would be premature to say anything about what additional measures the central bank could take if the economy falter. News are provided by InstaForex.
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Swiss Producer & Import Prices Remain Unchanged In September
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Switzerland's producer and import price index remained unchanged in September compared with a year earlier, data from the Federal Statistical Office revealed Monday.
The price level of the whole range of domestic and imported products increased 0.1 percent on a month-on-month basis.
There was a notable increase in domestic and import prices of petroleum products in September from a month earlier, according to the statistical office.
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Research: Daily Outlook for Eur/usd
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Quotes from UniCredit Research:
-EUR-USD fell below 1.35 for most part of yesterday due to some further position adjustments ahead of the US debt ceiling deadline. We still see more seesawing in the 1.3450-1.3550 band for today, with EMU CPI data unlikely to impact.
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Research: leveraged Funds Should Sell Usd-Cny 12m Ndf
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Quotes from Standard Chartered:
-We recommend that leveraged funds sell USD-CNY 12M NDF. Real-money funds should maintain strategic Overweights on the CNY, KRW, TWD and THB; Underweight on HKD; and Neutral on other AXJ markets.
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Australian Dollar Climbs To 2-day High Against NZ Dollar
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The Australian dollar extended its overnight gains against its Tasman rival on Friday morning in Asia.
The aussie jumped to a 2-day high of 1.1378 against the New Zealand dollar, up from Thursday's NY session close of 1.1356.
Further bullish extension could lead the pair challenging the 1.14 resistance level in the near-term.
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Research: US Rates Review Quotes from Societe Generale Cross Asset Research: -US: 10y swaps near Friday's close of 2.73%. Fed tapering delay and clouded US macro data on shutdown has led to a sharp 21bps correction lower in 10y rates from 2.88% last Wednesday. Will strong nfp tomorrow cause curve steepening to resume? News are provided by InstaForex.
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Malaysian Ringgit At 8-day Low Against U.S. Dollar
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The Malaysian Ringgit lost ground against the U.S. dollar in Asian deals on Tuesday.
The ringgit slipped to 3.1850 against the greenback, a level unseen since October 14. The next downside target for the ringgit is seen around the 3.2 zone. At Monday's close, the pair was worth 3.1685.
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Australian Dollar Declines Against Most Majors
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Reversing direction, the Australian dollar fell against most major currencies in Asia on Wednesday.
The aussie slipped to a 6-day low of 94.07 against the yen and an 8-day low of 1.4267 against the euro, down from an early high of 95.66 and more than 3-month high of 1.4126, respectively.
The aussie was worth 0.9667 against the greenback and 0.9954 against the loonie around 12:25 am ET, retreating from early multi-month highs of 0.9757 and 1.0035, respectively.
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China Manufacturing PMI 50.9 In October - HSBC
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An index measuring manufacturing activity in China came in with a score of 50.9 in October, the latest survey from HSBC and Markit Economics revealed on Thursday.
That topped forecasts for a score of 50.4 and was up from the 50.2 reading in September.
The survey said that new orders were at a seven-month high.
A score above 50 indicates expansion in a sector, while a score below 50 signals contraction.
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Aud underpinned by Strong Stocks
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The Aussie inched up to $0.9600, from a trough of $0.9572 on Friday, underpinned by a 1 percent increase in stock markets in Japan and Australia.
But it was still a fair way off a five-month peak of $0.9758 set last week on expectations the U.S. Federal Reserve will extend its cheap money policies into next year.
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NZ Dollar Falls Against Most Majors
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The New Zealand dollar slipped against most major rivals in Asian trading on Tuesday.
The kiwi declined to 80.51 against the yen, its lowest level in nearly 3 weeks. Against the euro, the kiwi fell to a 4-day low of 1.6683.
On the downside, the kiwi may test support around 79.5 against the yen and 1.68 against the euro.
The kiwi hit 0.8258 against the greenback, a level not seen since October 10. Further downtrend may lead the kiwi to face support around the 0.815 area.
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Australian Dollar Falls Against Canadian Dollar
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The Australian dollar weakened against the Canadian dollar in early Asian deals on Wednesday.
The aussie slipped to 0.9901 against the loonie, not far from Tuesday's lowest level of 0.9897 in 11 days. The next probable support for the aussie-loonie pair is seen around the 0.98 level. The pair finished yesterday's deals at 0.9924.
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U.S. Dollar Rises Against European Majors
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The U.S. dollar edged up against European major counterparts in Asian deals on Thursday.
The greenback reached as high as 0.9014 against the franc, 1.3709 against the euro and 1.6013 against the pound around 11:40 pm ET.
The next probable resistance for the greenback is seen around 0.91 against the franc, 1.365 against the euro and 1.595 against the pound.
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Krw Decline capped by Demand from Exporters -Dealers
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KRW was quoted at 1,062.0 against the dollar as of 0205 GMT, compared with Friday's domestic closing level of 1,060.7.
Exporters continue to sell dollars to convert their contract payments into the local currency, offering firm support for the won. Investors are also reluctant to place aggressive bets before the release of the U.S. October employment report and third-quarter gross domestic product data later this week.
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U.S. Dollar Advances To 4-day High Against Canadian Dollar
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The U.S. dollar strengthened against its Canadian unit in Asian deals on Tuesday.
The greenback hit a 4-day high of 1.0431 against the loonie, up from an early low of 1.0416. The next possible resistance for the greenback-loonie pair lies around the 1.05 zone. At yesterday's close, the pair was worth 1.0423.
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Australia Has A$284 Million Trade Deficit
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Australia saw a merchandise trade deficit of A$284 million in September, the Australian Bureau of Statistics said on Wednesday.
That beat forecasts for a shortfall of A$500 million following the revised 693 million deficit in August (originally A$815 million).
Exports were roughly flat on month at A$27.309 billion, up marginally from A$27.185 billion in the previous month.
Imports dipped 1.0 percent to A$27.593 billion, down from A$27.878 billion a month earlier.
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Taiwan Will Allow Chinese Companies to Issue Yuan Bonds by the End of This Year
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China Development Bank (CDB) expected to issue the first such bonds, a local newspaper reported on Thursday, citing Taiwan's top financial regulator William Tseng.
CDB has received a quota to sell between 4 billion and 6 billion yuan in bonds, and the total amount for such bonds in Taiwan this year will exceed 10 billion yuan ($1.6 billion), the Commercial Times added, citing unidentified sources.
The move is the latest sign that Taiwan is aiming to become an offshore yuan center to tap the Chinese currency's globalization.
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Australian Dollar Ticks Up After China Trade Data
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The Australian dollar inched higher against its major counterparts after a report showed that China's trade balance nearly doubled to reach $31.1 billion in September from $15.1 billion surplus in the previous month. Economists had expected a $24.8 billion surplus.
The Australian dollar was trading at 1.1362 against the New Zealand dollar and 1.4146 against the euro immediately following the report, up from previous lows of 1.1331 and 1.4216, respectively. The aussie also climbed to 93.11 against the yen and 0.9481 against the greenback from previous lows of 92.60 and 0.9431, respectively.
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Swiss Franc At 4-day Lows Against Euro, Pound
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The Swiss franc slipped against the euro and the British pound in Asian deals on Monday.
The franc fell to 4-day lows of 1.4776 against the pound and 1.2323 against the euro, compared to last week's closing quotes of 1.4752 and 1.2313, respectively. The next probable downside target for the franc is seen around 1.49 against the pound and 1.24 against the euro.
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South Korea Export Prices -1.9% In October
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South Korea's export price index was down 1.9 percent in October compared to the previous month, the Bank of Korea said on Tuesday. That follows the 2.4 percent contraction in September.
On a yearly basis, export prices dropped 4.6 percent after shedding 4.7 percent in the previous month.
Import prices dropped 2.4 percent on month and 7.3 percent on year after losing 2.3 percent on month and 8.1 percent on year in September.
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Yen Weakens Ahead Of Japan Final Industrial Production
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Japan's final industrial production data for September is due on Thursday's Asian session at 11:30 pm ET. Ahead of the data, the yen slipped against other major currencies.
The yen traded at 99.67 against the greenback, 159.78 against the pound, 108.91 against the franc and 134.23 against the euro around at 11:25 pm ET.
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Kiwi up 0.5 Pct
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The New Zealand dollar caught its breath at $0.8283 after a volatile week saw it as low as $0.8166 and as high as $0.8355. It was still on course for a 0.5 percent gain since Monday.
Support was seen at $0.8230 and then $0.8200 with resistance at $0.8300 before $0.8360.
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Speculators Add Long Dollar Bets in Latest Week, Hit Two-Month High
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Speculative bets favored the U.S. dollar in the latest week, posting their highest long position in two months, according to the latest data from the Commodity Futures Trading Commission released on Friday.
The value of the dollar's net longs totaled $14.46 billion in the week ended Nov. 12, up from a long position of $7.02 billion in the week ended Nov. 5. Speculators were long for a second straight week and the latest week showed the contract total at its largest since the week of Sept. 10.
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China House Prices Rise In October
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House prices in all Chinese cities except Wenzhou increased in October as the government abstained from initiating new property curbs.
House prices rose in 69 out of 70 cities tracked by the government, data published by the National Bureau of Statistics showed Monday.
On a yearly basis, prices surged 20.2 percent in Shenzhen and 17.8 percent in Shanghai. And it gained 16.4 percent in Beijing.
Month-on-month, house prices increased in 65 cities in October. Prices remained unchanged in three cities and declined in two.
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NZ Dollar Declines To 4-day Low Versus Euro
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The New Zealand dollar fell against the European currency in Asian deals on Tuesday.
The kiwi hit a 4-day low of 1.6252 against the euro, compared to Monday's closing value of 1.6199. The kiwi may seek support around the 1.635 level.
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Bernanke Making more Dovish Comments, Fiscal Plug Needed
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Recommends less restrictive fiscal stance, focus on longer-term issues.
Reiterates Fed will remain easy for longer, till good economic evidence.
Efforts to up jobs being made, must reduce inequalities.
Fed bond buys have benefited Wall Street but no necessarily Main Street.
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China HSBC Manufacturing Index Slides To 50.4
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An index measuring manufacturing activity in China came in with a score of 50.4 in November, flash survey results from HSBC and Markit Economics revealed on Thursday.
That was well shy of forecasts for 50.8 and down from 50.9 in October.
A score above 50 means expansion in a sector, while a reading below 50 signals contraction.
The data also showed that the flash China Manufacturing Output Index came in 51.3 in November, up from 51.1 in October.
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Pound At New 2-week High Against Franc
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The British currency climbed against the Swiss franc in early Asian deals on Friday.
The pound spiked up to 1.4800 against the franc, its highest since November 7. At yesterday's close, the pair was worth 1.4786. The next upside target for the pound-franc pair lies around the 1.49 area.
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Canadian Dollar Hits Near 4-week Low Versus Euro
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The Canadian dollar drifted lower against the European currency in early Asian trading on Monday.
The loonie touched 1.4303 against the euro, its lowest level since October 31. On the downside, the loonie may eye support around the 1.45 area. The pair was worth 1.4260 at Friday's close.
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Philippine Imports Surge 7.2% In September
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The Philippines imported goods worth $5.711 billion in September, an increase of 7.2 percent from a year earlier, data from the National Statistics Office showed Tuesday.
Total external trade in goods reached $10.756 billion during the month, representing a 6.1 percent increase from last year. Exports grew 4.9 percent annually.
Thus, the balance of trade in goods for the country registered a deficit of $666 million, higher than $516 million deficit in the same period last year.
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