Thread: Forex News from InstaForex

Australia New Motor Vehicle Sales Slip 1.3% In July





The total number of new motor vehicle sales in Australia was down a seasonally adjusted 1.3 percent on month in July, the Australian Bureau of Statistics said on Tuesday, coming in at 98,062.


That follows the upwardly revised 3.5 percent increase in June (originally 3.1 percent).


Individually, sales for passenger vehicles added 0.4 percent on month and sales for other vehicles fell 0.4 percent. Sales for sports utility vehicles were flat.


On a yearly basis, new motor vehicle sales were up 1.6 percent after climbing an upwardly revised 2.3 percent in the previous month (originally 2.1 percent).


News are provided byInstaForex.

Gold Increases Due to Weak Dollar and Economic Data from Japan





Gold prices increased as the weak U.S. dollar and the poor economic data from Asia aided in reversing early losses. Gold for December delivery closed by 0.3 percent with $1,347.50 per troy ounce on the Comex division of the New York Mercantile Exchange.


The data which has shown that Japan's economy has stalled during the second quarter by expanding by an annualized 0.2 percent also supported the precious metal according to ETF Securities' commodities strategist Nitesh Shah. Gold is seen as a haven from currency weakness and inflation and so loose monetary policy will likely increase the demand for the precious metal.


Gold had momentarily increased above $1,360 on Friday following the reporting of the weak U.S. retail sales figures, and had settled lower.


News are provided byInstaForex.

Australia Jobless Rate Falls To 5.7% In JulyThe unemployment rate in Australia was a seasonally adjusted 5.7 percent in July, the Australian Bureau of Statistics said on Thursday. That beat forecasts for 5.8 percent, which would have been unchanged from the June reading. The Australian economy added 26,200 jobs in July, blowing past expectations for a gain of 10,000 jobs following the increase of 7,900 jobs in the previous month. The participation rate came in at 64.9 percent - unchanged and in line with expectations.News are provided byInstaForex.

Several FOMC Policymakers Suggest Interest Rate Hike Needed Soon - Fed Minutes





Federal Reserve officials have kept their choices open during the July policy meeting, as some members expect that an increase in U.S. interest rates is needed again soon. According to the Fed's meeting, the consensus is that further data is needed before making a final decision with some officials expecting that economic conditions would soon justify extracting policy accommodation.


The meeting has shown that officials of the U.S. Central Bank's Federal Open Market Committee were mostly upbeat regarding the U.S. economic outlook as well as the labor market, however several claim that a slowdown in the pace of hiring for the future may argue against a near-term hike. The broader group of policymakers have conveyed their concern regarding low interest rates as it could affect financial stability.


Major U.S. stock averages closed flat, which was slightly higher prior to the Fed minutes' publication while the U.S. dollar reached a session low against the yen at around 100.15 yen. Yields were pushed lower as longer-dated U.S. Treasury prices surged to session highs.


News are provided byInstaForex.

Fxwirepro: Usd/sgd Exhibits Range Bound Movement, Intraday Bias Remains Neutral





USD/SGD is currently trading around 1.3415 marks.
It made intraday high at 1.3419 and low at 1.3383 levels. Intraday bias remains neutral till the time pair holds key resistance at 1.3475 marks.
A daily close below 1.3391 will drag the parity down towards key supports at 1.3347/1.3313/1.3302/ 1.3271 levels. Alternatively, a sustained close above 1.3475 will test key resistances at 1.3537, 1.3638, 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 in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.


News are provided byInstaForex.

Gold Ends Four-Day Winning Streak on Fed Official Comment





Gold prices declined, ending its four-day gain streak while the dollar regained its strength as a hawkish stance from San Francisco Fed President John Williams revived expectations of a U.S. central bank rate increase.


Spot gold lost 0.3% and traded at $1, 348,26 while U.S. gold fell by 0.3% at $1,1353.50. Meanwhile, the index of the dollar versus its major peers gained 0.2% at 94. 296.


Williams indicated his support for a rate hike in his comments on Thursday, stating that waiting too long can have dire consequences for the economy.


News are provided byInstaForex.

Fxwirepro: Usd/krw Hits Fresh 4-Week High at 1,123- Stay Bullish





USD/KRW is currently trading around 1,122 levels.
It made intraday high at 1,124 and low at 1,121 levels. Intraday bias remains bullish till the time pair holds key support at 1,107 levels.
A sustained close below 1,107 will test key supports at 1,092/1,078/1,063/1044 levels respectively.
Alternatively, current up trend will drag the parity higher towards key resistances at 1,124, 1,138, 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.
In addition, South Korea’s Kospi was trading around 0.48 percent lower at 2,046 points.
South Korea August 1-20 exports -0.3 pct y/y, imports -0.7 pct y/y -customs agency.
We prefer to take long position in USD/KRW around 1,120 with stop loss at 1,092 and target of 1,142/1,152.


News are provided byInstaForex.

Stanley Fischer Indicates 2016 Rate Increase as U.S. Economy Nears Fed Goal





Stanley Fischer, the Federal Reserve's Vice Chairman has indicated that a 2016 increase in interest rates is under consideration, further stating that the U.S. economy is near in reaching the central bank's goal with further growth. GDP is expected to grow in the upcoming quarters, with investment regaining its momentum and the dollar appreciation predicted to lessen.


Investors are currently looking for indicators from central bankers regarding the time of the potential rate hike amidst stable economic growth, firm job gains and the steady increase in inflation. Fischer claims that the central bank's approved price benchmark, minus energy and food costs is at 1.6 percent, as most Federal Reserve officials predict that inflation would rise to a two percent target rate. During his speech, he noted the slowdown in worker output or productivity and that it had increased to 1.25 percent per year on average from 2006 to 2015 in comparison to 1949 to 2005's 2.5 percent.


Fed officials have increased the benchmark lending rate to in between 0.25 to 0.5 percent by December. As stated in the prices of federal funds futures contracts, investors predict a 50-50 probability of a rate hike by the latter part of the year.


News are provided byInstaForex.

Fitch: Indonesia's 2016 Car Sales to rise As Outlook Brightens





Fitch Ratings believes Indonesia's car sales will increase between 3% and 5% in 2016, buoyed by new product launches, a more positive macroeconomic environment, increased liquidity and more relaxed financing terms.


Fitch believes the country's domestic car sales will reach about 1.05 million units this year. Car sales in the first seven months of 2016 rose 2% yoy to 594,514 units, according to the Indonesian Automotive Industry Association (Gaikindo). PT Toyota Astra Motor (TAM) continues to lead with a 52% market share through leading brands Toyota and Daihatsu; the low-cost-green-car (LCGC) segment is also gaining momentum, and contributed 18% to total car sales in 7M16. Gaikindo forecasts car sales will rise by at least 5% this year.


This year, TAM has introduced the new version of its SUV product - Toyota Fortuner - and launched a new product - Toyota Sienta, which is a seven-seater multi-purpose vehicle (MPV) that will compete with the Honda Freed. Recently, TAM and PT Astra Daihatsu Motor also introduced the Toyota Calya and Daihatsu Sigra, respectively. The Toyota Calya and Daihatsu Sigra are both seven-seater LCGCs that target the low-cost segment; both are in the price range of IDR110m-150m.


Fitch believes Indonesia will maintain GDP growth of 5.1% yoy in 2016, supported by monetary policy easing, government programmes to accelerate infrastructure spending, and a tax amnesty plan. The government expects GDP to grow by 5.3% in 2016, compared with 2015 GDP growth of 4.8%.


The tax amnesty programme should bolster government revenue and allow for increased public capex, in Fitch's view, while the repatriated funds should boost liquidity in Indonesia. Bank Indonesia (BI) has cut its reference rate by a total of 100bp since the end of last year to 6.50% in July 2016 (along with cuts in the reserve requirement ration). BI is also in discussions to further relax the loan-to-value ratios for auto financing. This, along with lower interest rates, would support auto-loans financing; about two-thirds of car purchases in Indonesia are made using car loans.


News are provided byInstaForex.

Baltic Exchange Board and SGX Agrees on Bid for London Firm





Singapore Exchange and the Baltic Exchange announced on Monday that they have agreed on SGX's bid of 160.41 pounds per share and 19.30 pounds per share as a final dividend, higher than the initial 18.80 pounds per share dividend extended two weeks prior. The deal puts the market value of the London exchange firm at around 87 million pounds.


SGX looks to grow its presence in Europe through its acquisition of the Baltic Exchange. The takeover is part of SGX's ambition to further delve into the market for shipping finance with the Baltic's membership that is dominated by European shipowners.


The deal is seen to be completed by November if a vote of shareholders backs the takeover.


News are provided byInstaForex.