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Fxwirepro: Usd/krw Strongly Holds 1190 Mark, Downside Limited





USD/KRW is currently trading around 1190 levels.
It made intraday high at 1192 and low at 1185 marks.
Pair is moving in a firm range from 1185 to 1195 marks.
Intraday bias remains neutral till the time pair holds key resistance at 1195 marks.
A daily close above 1194 is required to drag the parity higher towards key resistances at 1195, 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
Alternatively, a sustained close below 1182 will tests key supports at 1172, 1162, 1153 (November 2015 low) /1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively.
Daily chart showing the 20D EMA has crossed over 30D and 55D EMA, which signals bullish trend. In addition, a sustained close above 1194(high as on May 24, 2016) is also required to confirm the same.
We prefer to take long position in USD/KRW only above 1194, stop loss 1177 and target 1209 marks.


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Apple Services Resume after Two-Hour Outage





Some of Apple Inc.'s services including its Apple Store experienced a two-hour outage on Thursday. Services resumed after the outage, but some services connected to iCloud and photo applications are still unavailable to several users. Apple's U.S. support page provided a timeline that showed that the issues started to manifest at around 4 p.m. U.S. EDT. The App Store service was back at around 6:30 p.m. EDT. No additional comment or information was released by Apple regarding the incident. The company stated on its website that they are investigating the issue and will provide updates when more information becomes available.


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Fxwirepro: Usd/jpy Stabilises Around Fresh -5 Week Low After Nfp Job Results, 105.54 Mark in Focus





USD/JPY is currently trading around 106.71 marks.
It made intraday high at 106.87 and low at 106.35 levels.
Intraday bias remains bearish till the time pair holds key resistance at 107.94 marks.
A daily close above 107.94 is required to take the parity higher towards key resistances around 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
On the other side, a sustained break below 106.13 will drag the parity down towards key supports at 105.71, 105.45 and 104.55 levels respectively.


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Asian Shares Rise as Dollar Wanes After Jobs Slowdown





Asian shares rose on Monday while the dollar sagged near its lowest in almost a month. The decline in the dollar comes after data shows the slowest job growth in U.S. in non-farm payrolls in a span of more than five years, lowering the chances of an expected near-term U.S. interest increase. U.S. non-farm payrolls recorded its lowest increase since 2010, with only an increase of 38, 000 last month, far from the expected 164, 000 by economists. There was an increase of 0.4% of MSCI's broadest index of Asia-Pacific shares outside Japan, while Japan's Nikkei stock index dropped by 1.6%. This is after the dollar dropped 2% against the yen last Friday. On Wall Street, S&P 500 ended within just 1.5% of its record closing high on Friday. The dollar index moved up by 0.1% to 94.112 .DXY, but stayed not higher than Friday's recorded low of 93.855, its lowest since May 2012. A poll shows that all top banks on Wall Street are expecting the U.S. Federal Reserve during its June 14-15 policy meeting to let the interest rates remain unchanged.


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Moody's Assigns Aa3 to Chino Basin Desalter Authority (ca) Revenue Bonds





Desalter Revenue Refunding Bonds, Series 2016A; Rating: Aa3; Rating Type: Underlying LT; Sale Amount: $67,690,000; Expected Sale Date:
06/22/2016; Rating Description: Revenue: Government


Enterprise Summary Rating Rationale
Moody's Investors Service has assigned an Aa3 rating to the Chino Basin Desalter Authority (CDA) Revenue Refunding Bonds, Series 2016A. The bonds have an expected par value of $67.7 million. We have also affirmed the rating on the Authority's existing $76.1 million of outstanding revenue bonds.


The rating reflects the Chino Basin's satisfactory debt service coverage from pledged revenues, sound liquidity, stable water supply availability, and largely standard legal covenants with the exception of a weaker than typical additional bonds test.


Rating Outlook
Outlooks are usually not assigned to local government credits with this amount of debt outstanding.
Factors that Could Lead to an Upgrade
Significant and sustained improvement of debt service coverage
Materially improved liquidity
Factors that Could Lead to a Downgrade
Weakening of debt service coverage
Material deterioration of cash
Water supply pressures
Legal Security
The bonds are secured by the CDA's pledge of revenues from its water purchase agreements, Metropolitan Water District rebates, and interest income. The water purchase agreements are take-or-pay contracts from program participants who pay their share of costs as part of their individual operations and maintenance.


Use of Proceeds
Proceeds of the sale will be used to refund the CDA's Series 2008A Revenue Bonds.


Obligor Profile
The authority is a joint exercise of powers agency by and among JCSD, SARWC, the cities of Chino, Chino Hills, Norco and Ontario, and IEUA with the power, among others, to design, finance, lease, purchase, acquire, construct, operate, maintain, sell, hypothecate or otherwise dispose of the Project for the purposes of the production, treatment and distribution of water to the Project Participants. In 2008, WMWD was added as member of the authority.


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Crumble hurdles for foreign entities, US tells China





Senior US officials implored China to downscale hindrances for foreign businesses, saying woes have escalated because of a more complicated regulatory environment. After numerous government probes hitting foreign entities and the implementation of a national security law curbing the usage of technology, foreign business sentiment has dwindled. American business groups also expressed their exasperation regarding new Chinese rulings favoring local firms, making it harder to run business in the country. US Treasury Secretary Jacob Lew said the two countries are responsible for ensuring better commercial, investment, and trade collaboration.


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08-Jun-2016 - Fitch: Korea's Low Rates Prevent Repeat of High Policy Payments





South Korea's life insurers are unlikely to repeat the mistake of providing high guaranteed rates to gain market share that had saddled them with a decades-old negative-spread burden that lingers today, particularly under the current low-interest-rate environment, Fitch Ratings says in a new report. The Bank of Korea has not adjusted the base interest rate since cutting it to 1.5% in June 2015, from 1.75% in March 2015. The low-interest-rate environment makes it less likely for insurers to clear their negative-spread burden - which arose in the 1990s when actual investment returns fell below the guaranteed interest rates of 8%-9% they had offered on endowment policies - in the short term, Fitch says. Persistent low-interest rates affect insurers differently, suppressing one insurer's investment yields, reducing another's funding costs, and improving valuation gains for bond investments. Meanwhile, a wave of M&As has swept the market in 2015 and 2016 to date as foreign insurers look to expand their business operations into more Asian markets. Korea's rapidly ageing population is supporting continued business growth in the insurance sector, especially for protection type, pension, and healthcare-related products. Growth is occurring at a modest pace of 5-10% as the market gets more mature and saturated.


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Oil glides near eight-month peaks on woes over Nigeria's crude industry





Oil prices inched closer to its highest in around eight months, bolstered by anxieties over Nigeria's oil industry and data indicating bigger than anticipated drawdown in US crude inventories. An American Petroleum Institute data showed commercial oil inventories declined by 3.6 million barrels in the previous week. Analysts noted worries regarding global supply disruptions boosted the market, which surfaced when militants assaulted southern Delta swamps in Nigeria. Brent crude for August settlement remained at $51.44 per barrel, while NYMEX crude for July settlement closed at $50.40 per barrel, up 4 cents.


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Fxwirepro: South Korea's Won Turns Weaker After Surprise Central Bank Rate Cut





USD/KRW is currently trading around 1154 levels. It made intraday high at 1160 and low at 1152 marks.
Today BOK cuts base rate by 25 bps to record-low 1.25 pct vs 1.50 pct previous release.
Intraday bias remains bullish till the time pair holds key support at 1152 marks.
A sustained close below 1152 will tests key supports at 1142 (20D EMA)/ 1134/1127 (October 2015 low) /1121/1115 levels respectively. Alternatively, reversal from key support will drag the parity higher towards key resistances at 1168, 1176, 1182, 1196 (June 01, 2016 high), 1201, 1209 (20D EMA) and 1220 (March 03, 2016 high) marks respectively.
In addition, South Korea’s finance minister said, ‘BOK rate cut seen positive for economy’.
We prefer to take long position in USD/KRW only above 1158, stop loss 1152 and target 1176/ 1182 marks.


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Nike stands pat on Sharapova amid two-year suspension





Nike Inc. announced it would continue sponsoring Maria Sharapova although she got a two-year suspension as a drug test found her positive for using a prohibited medicine. The sports company stressed it would stay behind Russian-born tennis player, reiterating the International Tennis Federation ascribed to a faulty procedure to decide on the issue. Earlier this year, the Tennis Anti-Doping Programme found Sharapova positive for using the banned drug. The endorser will attempt to appeal the decision. Nike initially held off its relations with Sharapova to watch the probe. But the firm noted the tribunal believed the endorser did not intentionally breached the regulations. Sharapova earlier admitted she only used meldonium for medical reasons and had already apologized for overlooking the new rule.


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