Thread: Forex News from InstaForex

Gold Edges Up, Buoyed by Lower Asian Equities





Gold prices edged up, lifted by the softer dollar and relatively lower Asian equities. Spot gold inched up 0.2 percent to $1,144.36 per ounce.


U.S. gold futures climbed 0.4 percent at $1,145.40 an ounce. The Shanghai Gold Exchange said that it will limit the amount of gold investors are able to trade at a time, a move which analysts claim could restrain the influence of institutional investors towards prices. Investors continue to cut holdings in bullion-backed exchange-traded funds, as assets have been down 1.1 metric tons to 1,778 tons as of Tuesday, the lowest since May, according to Bloomberg data.


Commerzbank AG is one of the banks that has flagged potential support for bullion next year, which remains 7.7 percent higher in 2016 despite its decline in the fourth quarter. According to the lender, uncertainty in association with Trump's presidency and the U.K.'s discussions to leave the European Union could support gold.


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Philippines Manufacturing PMI Slows In December - Nikkei





The manufacturing sector in the Philippines continued to expand in December, although at a slower rate, the latest survey from Nikkei revealed on Tuesday with a PMI score of 55.7.


That's down from 56.3 in November, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.


Individually, output growth quickened while total new orders rose at a slower rate.


Vendor performance deteriorated for the first time in survey history, while input cost inflation was at a survey record high.


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Tesla Postpones Brexit Price Increases for U.K. Buyers





The plans of Tesla Motors Inc. to raise prices by five percent in the U.K. was postponed until Jan. 15 from the initial start of the year deadline, according to its latest statement. Vehicles that were previously ordered and built by mid-April will still have free access to to the firm's Supercharger battery network which is otherwise subject to new fees.


Tesla is raising prices in Britain in regards to the pound's decline since the U.K.'s referendum in June to leave the European Union. The Palo Alto has given clients a week's notice of the change. According to its website, the Model S currently costs 58,900 pounds ($72,400), that claims drivers save nearly 6,500 pounds on gasoline and taxes in a five-year period.


Consumers from the U.K. were hit by price increases from several firms since the June's referendum. Apple Inc. increased the price of a few of its laptops by almost 20 percent, while Tesco Plc pulled out items from its shelves in October as a result of the Brexit-inspired price discord with Unilever Plc.


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Japan Manufacturing Sector Picks Up Steam - Nikkei





The manufacturing sector in Japan continued to expand in December and at a faster rate, the latest survey from Nikkei revealed on Wednesday with a manufacturing PMI score of 52.4.


That's up from 51.3 in November, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.


Individually, operating conditions improved at the sharpest rate since December 2015. Production and new orders both expanded at their quickest rates of the year.


In addition, cost inflationary pressures accelerated to a 17-month high.


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Gold Prices Edge Down as Dollar Hovers Near 14-Year Highs





Gold prices were lower after reaching a three-week peak during the previous session, as the U.S. dollar wavered near 14-year highs against a basket of major currencies. Spot gold was 0.2 percent lower at $1,156.96 per ounce.


U.S. gold futures slid 0.4 percent to $1,157.70 an ounce. The dollar index was last at 103.34 after rising to 103.82 the previous day, its strongest since December 2002. Holdings of the SPDR Gold Trust fell 1.01 percent to 813.87 tonnes. In December, $2.27 billion was pulled out of the world's biggest exchange-traded fund backed by the precious metal. This was the the third consecutive monthly loss and the largest since May 2013.


Platinum futures climbed by over four percent at $944.20 per troy ounce while palladium was 3.9 percent higher at $709.90 per troy ounce. Silver prices closed up 2.6 percent to $16.409 per troy ounce.


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Singapore Private Sector PMI Slows In December - Nikkei





The private sector in Singapore continued to expand in December, albeit at a slower pace, the latest survey from Nikkei revealed on Thursday with a PMI score of 52.0.


That's down from 52.8 in November, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.


Individually, expansion in both output and total new orders continued at slower rates, although employment climbed at a survey record pace.


December also saw the largest recorded monthly increase in changes amid rising costs.


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Gold Reaches 4-Week Peak as Dollar Slips





Gold climbed to its highest level in four weeks as the U.S. dollar fell from its 14-year high it previously touched. Spot gold rose 0.4 percent at $1,167.98 per ounce.


U.S. gold futures were up 0.3 percent to $1,168.70 an ounce. The dollar index edged down 0.5 percent to 102.170. The relatively weaker dollar lifted gold prices higher. The precious metal is priced in dollars and also becomes cheaper for foreign buyers when the U.S. currency weakens. Gold imports to Turkey increased to 36.7 tonnes in December, higher from 4.65 tonnes during the same period in the previous year, according to data from the Istanbul bourse. Perth Mint's sales of gold products climbed in December as sales of silver more than halved.


Holdings of the SPDR Gold Trust fell by nearly 14 percent since the U.S. presidential election in November. It was last unchanged at 813.87 tonnes.


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Australia Trade Surplus A$1.243 Billion In November





Australia posted a seasonally adjusted merchandise trade surplus of A$1.243 billion in November, the Australian Bureau of Statistics said on Friday.


That topped forecasts for a deficit of A$550 million following the upwardly revised A$1.119 billion shortfall in October (originally a deficit of A$1.541 billion).


Exports jumped 8.0 percent on month or A$2.322 billion in November to A$30.083 billion.


Non-rural goods climbed A$2.010 billion (12 percent) and rural goods jumped A$588 million (17 percent). Non-monetary gold fell A$305 million (18 percent).


Net exports of goods under merchanting remained steady at A$5 million, while services credits added A$29 million. Imports were roughly flat, easing A$40 million to A$28.840 billion. Capital goods shed A$137 million (2 percent) and consumption goods fell A$33 million. Intermediate and other merchandise goods gained A$99 million (1 percent) and non-monetary gold climbed A$17 million (4 percent). Services debits gained A$15 million.


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Bitcoin Slides Over 23% After Scaling Record-High Levels





The bitcoin fell as much as 23% after bordering a historic high earlier in the trading session.


According to Coindesk data, the cryptocurrency exchanged as low as $887.47, retreating from the day's peak price of $1, 153.02. The high for the session was close to the $1,165.89 hit on November 30, 2013. The price managed to regain footing from the low to around $973.89.


Still, the digital currency managed to top its high on some cryptocurrency exchanges. In contrast to CoinDesk price index which takes into account a number of bitcoin exchanges, individual exchanges reported their own highest prices were surpassed. Among these was the BTC China.


Experts say the rally surge in bitcoin prices created a 'volatile little bubble' which has now broken down. Despite this, industry experts say the long-term outlook for the e-currency continues to be positive. Bitcoin prices are anticipated to regain footing and steady close to the $850 to $1, 000 range depending on the conditions.


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Australia Building Approvals Climb 7.0% In November





The total number of building approvals in Australia issued in November jumped a seasonally adjusted 7.0 percent on month in November, the Australian Bureau of Statistics said on Monday - coming in at 17,569 while rising for the first time in three months.


The headline figure beat forecasts for an increase of 4.5 percent following the upwardly revised 11.8 percent contraction in October (originally -12.6 percent).


On a yearly basis, approvals were down 4.8 percent - but that also topped expectations for a decline of 5.7 percent following the 24.9 percent decline in the previous month.


Approvals issued for private sector houses fell 0.2 percent and has fallen in two straight months.


Approvals for private sector dwellings excluding houses surged 18.5 percent in November after falling for three straight months.


The value of total building approved rose 2.3 percent in November following a fall of 29.0 percent in the previous month.


The value of residential building rose 5.6 percent after falling for three months, while the value of non-residential building fell 3.7 percent and has fallen for two months.


Also on Monday: . The construction sector in Australia continued to contract in December, albeit at a slower pace, the latest survey from the Australian Industry Group showed with a Performance of Construction Index score of 47.0.


That's up from 46.6 in November, although it remains beneath the boom-or-bust line of 50 that separates expansion from contraction.


Among the individual components of the survey, activity, new orders and employment all contracted. "The lower level of new orders suggests we cannot expect a sustained turnaround over the first few months of 2017," said Ai Group head of policy Peter Burn in a statement. .


The total number of job ads in Australia was down 1.9 percent on month in December after rising 1.7 percent in November, ANZ Bank said.


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