Thread: Forex News from InstaForex

Asia-Pacific Summit Calls for Free Trade





The leaders of the 21-Asia Pacific nation called for the resistance against protectionism amidst indications of raised free-trade speculation, emphasized by Donald Trump's win in the U.S. presidential election. The Asia Pacific Economic Cooperation forum also ended with a joint pledge to work on a new free trade agreement which will include all 21 members despite the political climate.


APEC has mentioned the "rising skepticism over trade" in between the uneven recovery since the financial crisis and stated that "the benefits of trade and open markets need to be communicated to the wider public more effectively, emphasizing how trade promotes innovation, employment and higher living standards." U.S. President Barack Obama said that one of the ways to address income inequality and to produce jobs is by coming up with a trade policy and agreements like the Trans-Pacific Partnership pact that can raise exports to the Pacific rim countries.


The statement of APEC has also mentioned that the members will conform to the carbon reduction goals to focus on climate change, a concern which they called a threat to food production and food security.


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Fxwirepro: Usd/sgd Rejects Key Resistance at 1.4289, Short Term Trend Reversal Likely





USD/SGD is currently trading around 1.4218 marks.
It made intraday high at 1.4243 and low at 1.4201 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4289 marks.
A sustained close above 1.4289 will test key resistances at 1.4336, 1.4443 and 1.4481 levels respectively.
Alternatively, a consistent close below 1.4216 will drag the parity down towards key supports at 1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
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 correction only.
We prefer to go short on USD/SGD around 1.4225 with stop loss at 1.4289 and target of 1.4132.


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Dollar Retreats From 10-Day Rally





The dollar declined as investors gained profits on its longest rally in four years. The WSJ Dollar index fell 0.5 percent to 91.21.


The dollar rose for 10-straight sessions, its longest winning streak since May 2012. The greenback has jumped since the presidential election, with investors betting that President-elect Donald Trump's plans to raise fiscal spending and reduce taxes will bolster U.S. growth. Investors are growing more confident that the U.S. Federal Reserve will increase interest-rates in December. Fed-funds futures has shown a 95 percent likelihood of an interest-rate hike next month, according to CME Group data.


Emerging-market currencies rebounded against the dollar following a sharp sell off. The dollar fell 0.9 percent versus the Brazilian real, one percent versus the Mexican peso and 0.2 percent versus the Singapore dollar.


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Australia Construction Work Slides 4.9% In Q3





The total value of construction work done in Australia was down a seasonally adjusted 4.9 percent on quarter in the third quarter of 2016, the Australian Bureau of Statistics said on Wednesday - coming in at A$46.147 billion.


That follows the 3.7 percent decline in the previous three months.


On a yearly basis, the value of construction work tumbled 11.1 percent.


The value of building work was down 5.7 percent on quarter and up 1.4 percent on year to A$25.886 billion.


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Dollar Borders on 13 ½-year peak, Lifted by Rate Hike Outlook





The dollar nears a 13 ½-year high, boosted by upbeat U.S. housing data which further sealed expectations for a Federal Reserve raise in rates by year-end as well as more tightening in 2017. The greenback was at 100.98 against a basket of six major currencies.


Latest U.S. data has shown that home resales in the previous month climbed to its highest level in over 9 ½ years. The dollar has increased broadly in the past couple of weeks, buoyed by expectations that Donald Trump's administration will raise fiscal spending. The greenback was flat against the Japanese yen at 111.07. The euro last traded at $1.0631, having reached a near one-year low of $1.0569 during the previous week.


Fed funds futures have shown a 94 percent likelihood that the Fed will increase rates in December, according to CME Group data.


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Japan Manufacturing Sector Slows In November - Nikkei





The manufacturing sector in Japan continued to expand in November, albeit at a slower pace, the latest survey from Nikkei showed on Thursday with a manufacturing PMI score of 51.1.


That's down from 51.4 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.


Among the individual components, output, new orders, new export orders, employment, input prices and stocks of purchases all were in expansion territory.


Backlogs of work, stocks of finished goods and quantities of purchases contracted.


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Dollar Strengthens after Positive U.S. Data





The dollar strengthened following the latest U.S. upbeat data that has shown economic growth early in the fourth quarter, raising the chances of the Federal Reserve tightening monetary policy. The dollar index climbed 0.1 percent to 101.79.


Investors are implying in almost a 100 percent likelihood of a December Fed rate hike, according to CME FedWatch. Latest U.S. data has shown new orders for U.S. manufactured capital goods rebounded in October due to increasing demand for equipment and machinery. The dollar rose 0.1 percent at 112.56 against the Japanese yen.


The euro brushed off the positive reading on business activity and fell 0.1 percent to $1.0540.


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Fxwirepro: Yen Hits Lowest Level Since Late March After Japan’s Core Cpi Datal





USD/JPY is currently trading around 113.67 marks.


It made intraday high at 113.79 and low at 113.18 levels.


Intraday bias remains bullish till the time pair holds key support at 112.35 levels.


A daily close above 113.30 will take the parity higher towards key resistances around 114.55, 115.32 and 117.25 levels respectively.


On the other side, a sustained break below 113 will drag the parity down towards key supports around 112.35, 110.85, 109.72, 106.72, 106.03 and 104.96 levels respectively.


Japan’s November CPI, overall Tokyo increase to 0.5 % vs previous 0.1 %.


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Japan’s Consumer Prices Extends Decline in October





Japan's consumer prices logged its eighth consecutive month of annual declines in October, highlighting how far the country is from overcoming deflation.


Official government data showed core consumer price index fell 0.4% in October year-on-year after a 0.5% decline in September. The October figures also matched estimates. Meanwhile, overall CPI edged up 0.1% as a rise in fresh food prices offset the continued decline in energy costs.


Prices of fresh food rose 11.4% in October due to calamities and unfavorable summer weather, which attributed almost 0.5 percentage point to the increase in total CPI. However, energy costs fell 7.9%, pulling down inflation by around 0.6 percentage point.While declining prices of gasoline and electricity continued to pressure inflation rates, almost 60% of all items composing the index saw an increase in prices, data revealed.


Core-core Inflation Index, which does not include the volatile prices of food and energy, advanced 0.2% in October from a year-prior period, higher than the forecast of a 0.1% rise. However, soft domestic activity raises doubt on the possibility of a sustained recovery.


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Fxwirepro: Singapore Dollar Gains in Early Hours of Asia, Intraday Bias Remains Bearish





USD/SGD is currently trading around 1.4239 marks.
It made intraday high at 1.4283 and low at 1.4236 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4345 marks.
A sustained close above 1.4280 will test key resistances at 1.4345, 1.4443, 1.4481 and 1.4556 levels respectively.
Alternatively, a consistent close below 1.4280 will drag the parity down towards key supports at 1.4201/1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
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 around 1.4250 with stop loss at 1.4345 and target of 1.4201/1.4128.


News are provided byInstaForex.